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Fair Value Disclosures (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured to Fair Value on Recurring Basis
The table below presents the fair value of certain financial assets and liabilities that are recorded at fair value and measured on a recurring basis in the Company’s Consolidated Balance Sheets (in thousands).
December 31,
Description20242023
Assets:  
Values based on Level 1 inputs:
Deferred compensation plan assets (1)$18,089 $10,290 
Total Level 1 inputs18,089 10,290 
Values based on Level 2 inputs:
Deferred compensation plan assets (1)128,670 104,555 
Foreign currency forward contracts (2)1,852 1,646 
Interest rate swap contract (3)3,095 7,059 
Total Level 2 inputs133,617 113,260 
Total Assets$151,706 $123,550 
Liabilities:  
Values based on Level 2 inputs:
Deferred compensation plan liabilities (1) $148,564 $121,708 
Foreign currency forward contracts (2)1,868 1,466 
Total Level 2 inputs150,432 123,174 
Total Liabilities$150,432 $123,174 
(1)The Company has a deferred compensation plan for the benefit of certain highly compensated officers, managers and other key employees (see Note 15 — Employee Benefits). The assets consist of investments in money market funds, mutual
funds and company-owned life insurance contracts. The money market funds consist of cash equivalents while the mutual fund investments consist of publicly-traded and quoted equity shares. The Company considers the fair values of these assets to be based on Level 1 inputs, and such assets had fair values of $18.1 million and $10.3 million as of December 31, 2024 and 2023, respectively. The carrying amounts of the life insurance contracts equal their cash surrender values. Cash surrender value represents the estimated amount that the Company would receive upon termination of a contract, which approximates fair value. The Company considers life insurance contracts to be valued based on Level 2 inputs, and such assets had fair values of $128.7 million and $104.6 million at December 31, 2024 and 2023, respectively. The related deferred compensation plan liabilities are recorded at fair value, or the estimated amount needed to settle the liability, which the Company considers to be a Level 2 input.
(2)The Company enters into foreign currency forward exchange contracts to hedge the effects of adverse fluctuations in foreign currency exchange rates (see Note 13 — Derivatives and Hedging). Valuation of these contracts is based on observable foreign currency exchange rates in active markets, which the Company considers to be a Level 2 input.
(3)The Company has interest rate swap contracts that hedge the risk of variability from interest payments on its borrowings (see Note 6 — Debt). The fair values of interest rate swaps are based on mark-to-market valuations prepared by a third-party broker. Those valuations are based on observable interest rates from recently executed market transactions and other observable market data, which the Company considers to be Level 2 inputs. The Company independently corroborates the reasonableness of the valuations prepared by the third-party broker by using an electronic quotation service.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The table below presents the carrying amounts (net of deferred financing costs) and fair values of financial instruments that are not recorded at fair value in the Company’s Consolidated Balance Sheets (in thousands). The estimated fair value of the financial instruments was derived from quoted market prices provided by an independent dealer, which the Company considers to be a Level 2 input.
 
Carrying AmountFair Value
December 31,December 31,
Description2024202320242023
2028 Notes$795,296 $794,088 $780,544 $759,040 
2029 Notes595,669 594,794 558,840 543,408 
2030 Notes794,089 793,189 732,200 709,600 
Total$2,185,054 $2,182,071 $2,071,584 $2,012,048