Senior Notes, Convertible Notes and Trust Preferred Securities

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Senior Notes, Convertible Notes and Trust Preferred Securities

Senior Notes, Convertible Notes and Trust Preferred Securities

The Company had the following Senior Notes outstanding as of December 31, 2021 and 2020:

Issue Date	December 31, 2021		December 31, 2020		Interest Rate		Maturity Date	Issue Price
August 2021	$	400,000	$	—	2.375	%	October 2031	99.758	%
August 2020	400,000		400,000		2.70	%	September 2030	99.233	%
May 2014	198,932		198,932		4.40	%	June 2024	99.883	%
June 2013	—		188,756		4.25	%	June 2023	99.026	%
	998,932		787,688
Unamortized debt discount	(3,655)		(3,491)
Unamortized debt issuance cost	(7,346)		(4,922)
	$	987,931	$	779,275

Each series of the Senior Notes is unsecured and pays interest semi-annually in arrears. The Company may redeem the notes at its option at any time prior to maturity in whole or in part by paying the principal amount of the notes being redeemed plus a make-whole premium.

In August 2021, the Company issued $400,000 aggregate principal amount of 2.375% Senior Notes due 2031 ("2031 Senior Notes") at an issuance price of 99.758% of the principal amount. The Company issued the 2031 Senior Notes at an initial discount of $968 which is being recognized as additional interest expense over the term of the 2031 Senior Notes. The Company used a portion of the net proceeds from the offering of the 2031 Senior Notes to redeem the $188,756 aggregate principal balance of its outstanding 4.25% Senior Notes due 2023 ("2023 Senior Notes"). The consideration paid included a make-whole premium of $12,191 and $2,028 of accrued and unpaid interest. The Company recognized a $12,948 debt satisfaction loss related to the aggregate redemptions.

In August 2020, the Company issued $400,000 aggregate principal amount of 2.70% Senior Notes due 2030 ("2030 Senior Notes") at an issuance price of 99.233% of the principal amount. The Company issued the 2030 Senior Notes at an initial discount of $3,068 which is being recognized as additional interest expense over the term of the 2030 Senior Notes. The Company used the proceeds from the offering of the 2030 Notes to repurchase $61,244 and $51,068 aggregate principal balance of its outstanding 2023 Senior Notes and 4.40% Senior Notes 2024, respectively through a tender offer. The Company recognized a $10,119 debt satisfaction loss related to the aggregate repurchases, which included a write-off of the proportionate amount of unamortized discount and debt issuance costs related to the 2023 and 2024 senior notes.

During 2007, the Company issued $200,000 original principal amount of Trust Preferred Securities. The Trust Preferred Securities, which are classified as debt, are due in 2037, are open for redemption at the Company's option, bear interest at a variable rate of three month LIBOR plus 170 basis points through maturity. The interest rate at December 31, 2021 was 1.832%. As of December 31, 2021 and 2020, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,525 and $1,625, respectively, of unamortized debt issuance costs.

Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows:

Year ending December 31,	Total
2022	$	—
2023	—
2024	198,932
2025	—
2026	—
Thereafter	929,120
	1,128,052
Unamortized debt discounts	(3,655)
Unamortized debt issuance costs	(8,871)
	$	1,115,526