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Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
Credit Facility
In April 2021, the Company entered into a $250.0 million credit facility agreement with a syndicate of banks. In July 2024, the Company entered into a supplement to the credit facility agreement, which increased the aggregate revolving commitments available under the credit facility from $250.0 million to $290.0 million. The credit facility has a maturity date of April 30, 2026. The Company had no amounts outstanding under its credit facility and was in compliance with the financial covenants as of September 30, 2025. The amount available under the credit facility as of September 30, 2025 was $287.4 million, which is the credit limit less letters of credit outstanding of $2.6 million.
Senior Unsecured Notes
On January 12, 2022, the Company issued an aggregate principal amount of $550.0 million senior unsecured Notes in a private placement. The Notes will mature on January 15, 2030 and bear interest at a rate of 5% per year. Interest on the Notes is payable semi-annually in arrears on January 15 and July 15 of each year. Unpaid interest amounts are included within accrued interest in the Company’s condensed consolidated balance sheets. At its sole discretion, the Company has the option to redeem the Notes at any time in whole or in part at specified redemption prices.
The Company includes its Notes, net of debt issuance costs, within long-term borrowings in its condensed consolidated balance sheets. As of September 30, 2025, the Company had a carrying amount of approximately $5.5 million of debt issuance costs related to the Notes.
For the three months ended September 30, 2025 and 2024, the Company recognized $7.2 million and $7.1 million, respectively, in interest expense related to the Notes. Such interest expense includes $0.3 million related to the amortization of debt issuance costs for both the three months ended September 30, 2025 and 2024. For the nine months ended September 30, 2025 and 2024, the Company recognized $21.5 million and $21.4 million, respectively, in interest expense related to the Notes. Such interest expense includes $0.8 million related to the amortization of debt issuance costs for both the nine months ended September 30, 2025 and 2024. The Notes had an effective interest rate of 5.4% for all periods.