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Long-Term Debt | 9 Months Ended
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Sep. 30, 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):
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Revolving Credit Facility due July 29, 2027 (a) |  | $ | 5,000 |  |  | $ | 5,000 |  |  | $ | 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 |  |  |  | 495,295 |  |  |  | 500,000 |  |  |  | 475,920 |
3.46% senior notes due January 19, 2033 |  |  | 60,000 |  |  |  | 54,562 |  |  |  | 60,000 |  |  |  | 49,955 |
3.51% senior notes due January 19, 2033 |  |  | 240,000 |  |  |  | 219,082 |  |  |  | 240,000 |  |  |  | 200,698 |
Credit line due June 30, 2026 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Bank notes payable |  |  | 8,174 |  |  |  | 8,174 |  |  |  | 8,068 |  |  |  | 8,068 |
|  |  | 983,174 |  |  |  | 952,113 |  |  |  | 1,022,068 |  |  |  | 948,641 |
Unamortized debt discounts and issuance costs |  |  | (4,581 | ) |  |  | — |  |  |  | (5,473 | ) |  |  | — |
|  | $ | 978,593 |  |  | $ | 952,113 |  |  | $ | 1,016,595 |  |  | $ | 948,641 |
(a) Variable interest rate o f 6.1% at September 30, 2024 and 6.8% at December 31, 2023. On July 29, 2022, the Company entered into a 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. In October 2024, the Company repaid $10.0 million under the 2027 Term Loan prior to scheduled maturities. As a result, no repayments are required until September 30, 2025. Future repayments under the 2027 Term Loan are excluded from short term liabilities because the Company intends to use availability under the 2027 Revolving Credit Facility to repay these amounts upon maturity. Outstanding letters of credit under the 2027 Revolving Credit Facility were $6,000 and available borrowing capacity was $495.0 million as of September 30, 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 $15 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, 2026. Outstanding letters of credit under the Credit Line were $6.8 million and available borrowing capacity was $8.2 million as of September 30, 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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