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v3.23.2

Notes and Contracts Payable (Narrative) (Detail) - USD ($) |  | 1 Months Ended | 6 Months Ended |
--- | --- | --- | --- | ---
Feb. 01, 2023 | May 31, 2023 | Jun. 30, 2023 | Apr. 30, 2023
Debt Instrument [Line Items] |  |  |  |
Line Of Credit Facility Maximum Increase In Revolving Credit Expansion Option |  | $ 450,000,000 |  |
Long-term Line of Credit |  |  | $ 0 |
Revolving loans, interest rate description |  |  | At the Company’s election, borrowings of revolving loans under the credit agreement bear interest at (a) the Alternate Base Rate plus the applicable spread, (b) the Adjusted Term SOFR Rate plus the applicable spread, or (c) the Adjusted Daily Simple SOFR plus the applicable spread (in each case as defined in the credit agreement). The Company may select interest periods of one, three or six months for Adjusted Term SOFR Rate borrowings of loans. The applicable spread varies depending upon the Debt Rating assigned by Moody’s Investor Service, Inc., Standard & Poor's Rating Services and/or Fitch Ratings Inc. The minimum applicable spread for Alternate Base Rate borrowings is 0.125% and the maximum is 0.75%. The minimum applicable spread for Adjusted Term SOFR Rate and Adjusted Daily Simple SOFR borrowings is 1.125% and the maximum is 1.75%. The Alternate Base Rate is subject to a floor of 1.00% and the Adjusted Term SOFR Rate and the Adjusted Daily Simple SOFR are each subject to a floor of 0.00%. The rate of interest on any term loans incurred in connection with the expansion option will be established at or about the time such loans are made and may differ from the rate of interest on revolving loans. |
Line of Credit Facility, Covenant Compliance |  |  | The credit agreement includes representations and warranties, reporting covenants, affirmative covenants, negative covenants, financial covenants and events of default customary for financings of this type. Upon the occurrence of an event of default the lenders may accelerate the loans. Upon the occurrence of certain insolvency and bankruptcy events of default the loans will automatically accelerate. As of June 30, 2023, the Company was in compliance with the financial covenants under the credit agreement. |
2.40% unsecured notes |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Debt repaid | $ 250,000,000 |  |  |
Fixed interest rate | 4.30% |  |  |
Base Rate |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  |  | 1.00% |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  |  | 0.00% |
Maximum | Base Rate |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  |  | 0.75% |
Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  |  | 1.75% |
Minimum | Base Rate |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  |  | 0.125% |
Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  |  | 1.125% |
JPMorgan Chase Bank, N.A | Unsecured Debt |  |  |  |
Debt Instrument [Line Items] |  |  |  |
Line of Credit Facility, Maximum Borrowing Capacity |  | $ 900,000,000 |  | $ 700,000,000
Line of Credit Facility, Expiration Date |  | May 17, 2028 |  |

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- Definition The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1 + Details
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