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Long-Term Debt | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Long-Term Debt | (5) Long-Term Debt The following table presents the carrying value and fair value (determined using inputs characteristic of a Level 2 fair value measurement) of debt outstanding (in thousands):
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Revolving Credit Facility due July 29, 2027 (a) |  | $ | 87,000 |  |  | $ | 87,000 |  |  | $ | 44,000 |  |  | $ | 44,000 |
Term Loan due July 29, 2027 (a) |  |  | 170,000 |  |  |  | 170,000 |  |  |  | 170,000 |  |  |  | 170,000 |
4.2% senior notes due March 1, 2028 |  |  | 500,000 |  |  |  | 479,689 |  |  |  | 500,000 |  |  |  | 475,920 |
3.46% senior notes due January 19, 2033 |  |  | 60,000 |  |  |  | 51,900 |  |  |  | 60,000 |  |  |  | 49,955 |
3.51% senior notes due January 19, 2033 |  |  | 240,000 |  |  |  | 208,452 |  |  |  | 240,000 |  |  |  | 200,698 |
Credit line due June 30, 2024 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Bank notes payable |  |  | 8,643 |  |  |  | 8,643 |  |  |  | 8,068 |  |  |  | 8,068 |
|  |  | 1,065,643 |  |  |  | 1,005,684 |  |  |  | 1,022,068 |  |  |  | 948,641 |
Unamortized debt discounts and issuance costs |  |  | (5,178 | ) |  |  | — |  |  |  | (5,473 | ) |  |  | — |
|  | $ | 1,060,465 |  |  | $ | 1,005,684 |  |  | $ | 1,016,595 |  |  | $ | 948,641 |
(a) Variable interest rate o f 6.6% at March 31, 2024 and 6.8% at December 31, 2023. On July 29, 2022, the Company entered into a new credit agreement (the “2027 Credit Agreement”) with a group of commercial banks, with JPMorgan Chase Bank, N.A. as the administrative agent bank that allows for a $500 million unsecured revolving credit facility (the “2027 Revolving Credit Facility”) and a $250 million unsecured term loan (the “2027 Term Loan”) with a maturity date of July 29, 2027. No repayments are required until June 30, 2025. Outstanding letters of credit under the 2027 Revolving Credit Facility were $6,000 and available borrowing capacity was $413.0 million as of March 31, 2024. On February 3, 2022, the Company entered into a note purchase agreement for the issuance of $300 million of unsecured senior notes with a group of institutional investors, consisting of $60 million of 3.46% series A notes (“Series A Notes”) and $240 million of 3.51% series B notes (“Series B Notes”), each due January 19, 2033 (collectively, the “2033 Notes”). The Series A Notes were issued on October 20, 2022, and the Series B Notes were issued on January 19, 2023. No principal payments will be required until maturity. The Company has a $10 million line of credit (“Credit Line”) with Bank of America, N.A. (“Bank of America”) for short-term liquidity needs and letters of credit, with a maturity date of June 30, 2024. Outstanding letters of credit under the $10 million credit line were $7.3 million and available borrowing capacity was $2.7 million as of March 31, 2024.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
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