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 of 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.