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Fair Values of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Summary of Methods and Assumptions Used in Estimating Fair Value | The below methods and assumptions were used by the Company in estimating the fair values of its financial instruments. There were no transfers of assets or liabilities between levels in any period presented.
Financial Instrument |  | Fair Value Level |  | Methods and Assumptions
Deferred compensation plan assets and liabilities |  | Level 1 |  | The fair value of the Company’s nonqualified deferred compensation plan for certain executives and other highly compensated employees is based on the fair values of associated assets and liabilities, which are held in mutual funds and are based on the quoted market prices of the securities held within the mutual funds.
Pension plan assets |  | Level 1 |  | The fair values of the Company’s Level 1 pension plan assets, which are equity securities and fixed income investment vehicles, are valued using the quoted market prices of those securities which are actively traded on national exchanges.
Short-term investments |  | Level 1 |  | The fair values of the Company’s Level 1 short-term investments, which are U.S. Treasury securities, corporate bonds and asset-backed securities, are based on the quoted market prices of those securities which are actively traded on national exchanges.
Pension plan assets |  | Level 2 |  | The fair values of the Company’s Level 2 pension plan assets, which are investments that are pooled with other investments in a commingled fund, are valued using the net asset value produced by the fund manager. The assets within the commingled funds have a readily determinable fair market value.
Short-term investments |  | Level 2 |  | The fair values of the Company’s Level 2 short-term investments, which are commercial paper instruments, are based on estimated current market prices and have readily determinable fair market values.
Commodity derivative instruments |  | Level 2 |  | The fair values of the Company’s commodity derivative instruments are based on current settlement values at each balance sheet date, which represent the estimated amounts the Company would have received or paid upon termination of those instruments. The Company’s credit risk related to the commodity derivative instruments is managed by requiring high standards for its counterparties and periodic settlements. The Company considers nonperformance risk in determining the fair values of commodity derivative instruments.
Debt |  | Level 2 |  | The carrying amounts of the Company’s variable rate debt approximate the fair values due to variable interest rates with short reset periods. The fair values of the Company’s fixed rate debt are based on estimated current market prices.
Acquisition related contingent consideration |  | Level 3 |  | The fair value of the Company’s acquisition related contingent consideration is based on internal forecasts and the WACC derived from market data.
Summary of Deferred Compensation Plan Commodity Hedging Agreements and Acquisition Related Contingent Consideration | The following tables summarize the carrying amounts and the fair values by level of the Company’s deferred compensation plan assets and liabilities, short-term investments, pension plan assets, commodity derivative instruments, debt and acquisition related contingent consideration:
|  | December 31, 2024
(in thousands) |  | Carrying Amount |  | Total Fair Value |  | Fair Value Level 1 |  | Fair Value Level 2 |  | Fair Value Level 3
Assets: |  |  |  |  |  |  |  |  |  |
Deferred compensation plan assets |  | $ | 81,123 |  |  | $ | 81,123 |  |  | $ | 81,123 |  |  | $ | — |  |  | $ | — |
Short-term investments |  | 301,210 |  |  | 301,210 |  |  | 283,547 |  |  | 17,663 |  |  | — |
Pension plan assets |  | 49,617 |  |  | 49,617 |  |  | 34,655 |  |  | 14,962 |  |  | — |
Commodity derivative instruments |  | 2,472 |  |  | 2,472 |  |  | — |  |  | 2,472 |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |
Deferred compensation plan liabilities |  | 81,123 |  |  | 81,123 |  |  | 81,123 |  |  | — |  |  | — |
Debt |  | 1,786,348 |  |  | 1,803,500 |  |  | — |  |  | 1,803,500 |  |  | — |
Acquisition related contingent consideration |  | 654,191 |  |  | 654,191 |  |  | — |  |  | — |  |  | 654,191 |
|  | December 31, 2023
(in thousands) |  | Carrying Amount |  | Total Fair Value |  | Fair Value Level 1 |  | Fair Value Level 2 |  | Fair Value Level 3
Assets: |  |  |  |  |  |  |  |  |  |
Deferred compensation plan assets |  | $ | 64,769 |  |  | $ | 64,769 |  |  | $ | 64,769 |  |  | $ | — |  |  | $ | — |
Pension plan assets |  | 47,321 |  |  | 47,321 |  |  | 24,153 |  |  | 23,168 |  |  | — |
Commodity derivative instruments |  | 3,747 |  |  | 3,747 |  |  | — |  |  | 3,747 |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |
Deferred compensation plan liabilities |  | 64,769 |  |  | 64,769 |  |  | 64,769 |  |  | — |  |  | — |
Debt |  | 599,159 |  |  | 579,000 |  |  | — |  |  | 579,000 |  |  | — |
Acquisition related contingent consideration |  | 669,337 |  |  | 669,337 |  |  | — |  |  | — |  |  | 669,337 |
Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | A summary of the Level 3 activity is as follows:
|  | Fiscal Year
(in thousands) |  | 2024 |  | 2023
Beginning balance - Level 3 liability |  | $ | 669,337 |  |  | $ | 541,491 |
Payments of acquisition related contingent consideration |  | (64,312) |  |  | (28,208) |
Reclassification to current payables |  | (10,000) |  |  | (3,300) |
Increase in fair value |  | 59,166 |  |  | 159,354 |
Ending balance - Level 3 liability |  | $ | 654,191 |  |  | $ | 669,337 |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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