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Financing Agreement
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Financing Agreement Financing Agreements
The carrying value of debt, finance lease obligations, and notes payable and the average related interest rates were as follows (in millions):
Average interest rate as of June 30, 2021MaturityJune 30, 2021December 31, 2020
Revolving loan facility—%June 2026$— $— 
Term loan facility1.23%June 2026900.0 940.0 
Senior notes—fixed rate4.60%May 2021— 75.0 
Senior notes—fixed rate4.23%July 2028350.0 350.0 
Finance lease obligations5.23%Various through 202914.8 16.2 
Notes payable and other4.25%Various through 203073.8 75.0 
Debt issuance costs(7.3)(5.5)
Total debt, finance lease obligations, and notes payable$1,331.3 $1,450.7 
Less: current maturities53.1 142.1 
Total long-term debt, finance lease obligations, and notes payable$1,278.2 $1,308.6 
In December 2010, the Company entered an unsecured Master Note Purchase Agreement, which has been amended and supplemented, under which it has issued senior notes. In May 2011 , the Company issued $75 million of unsecured senior notes due May 2021. The Senior Notes were were fully repaid in May 2021. In July 2018, the Company issued $350 million of unsecured senior notes due July 2028 which remain outstanding.
The Company maintains an unsecured credit facility which consists of a term loan facility (the “Term Loan Facility”) and a revolving loan facility (the “Revolving Loan Facility”). In July 2018, the Company amended its unsecured credit facility to increase its Term Loan Facility to $1,180 million, of which $900 million was outstanding as of June 30, 2021. In June 2021, the Company further amended its unsecured credit facility to increase its Revolving Loan Facility to $1.0 billion and extend the expiration date to June 2026. Interest is charged at rates based on a LIBOR or “prime” base rate. The Company is required to make principal payments under the Term Loan Facility of $45 million over the next 12 months. These payments are classified as current maturities in the consolidated balance sheets.
The credit facility and the Master Note Purchase Agreement contain covenants that require the Company to maintain certain financial ratios, including minimum interest coverage and maximum leverage ratios. The agreements also require the Company to maintain an interest coverage ratio of not less than 3.00 to 1.00 and a leverage ratio of not more than 3.50 to 1.00 on a rolling four quarter basis. The Company was in compliance with all such covenants as of June 30, 2021.
Debt issuance costs are recognized as a reduction in the carrying value of the related long-term debt in the consolidated balance sheets and are being amortized to interest expense in the consolidated statements of income over the expected remaining terms of the related debt.
As a component of the Boat Holdings merger agreement, the Company has committed to make a series of deferred payments to the former owners following the closing date of the merger through July 2030. The original discounted payable was for $76.7 million, of which $66.5 million was outstanding as of June 30, 2021. The outstanding balance is included in long-term debt and current portion of long-term debt in the consolidated balance sheets.
The Company has a mortgage note payable agreement for land, on which the Company built the Huntsville, Alabama manufacturing facility in 2016. The original mortgage note payable was for $14.5 million, of which $7.3 million was outstanding as of June 30, 2021. The outstanding balance is included in long-term debt and current portion of long-term debt in the consolidated balance sheets. The payment of principal and interest for the note payable is forgivable if the Company satisfies certain job commitments over the term of the note. The Company has met the required commitments to date.