Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Derivative Instrument Detail [Abstract]

Fair Value Measurements

NOTE 11. FAIR VALUE MEASUREMENTS

Carrying amounts and estimated fair values of our financial instruments as of December 31 are as follows:

	2024						2023
(in thousands)	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Derivative assets related to interest rate swaps (Level 2)	$	138,354		$	138,354		$	129,125		$	129,125
Long-term debt, including current portion (Level 2):
Term loans	$	(1,036,569	)	$	(1,035,608	)	$	(969,919	)	$	(965,718	)
Revenue bonds		—			—			(65,735	)		(64,786	)
Total long-term debt1	$	(1,036,569	)	$	(1,035,608	)	$	(1,035,654	)	$	(1,030,504	)
Company owned life insurance (Level 3)	$	6,026		$	6,026		$	5,220		$	5,220

1. The carrying amount of long-term debt includes principal and unamortized discounts.

The fair value of interest rate swaps is determined using a discounted cash flow analysis based on third-party sources on the expected cash flows of each derivative. The analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate forward curves.

The fair value of our long-term debt is estimated based upon quoted market prices for similar debt issues or estimated based on average market prices for comparable debt when there is no quoted market price.

The contract value of our company owned life insurance is based on the amount at which it could be redeemed and, accordingly, approximates fair value.

We believe that our other financial instruments, including cash and cash equivalents, restricted cash, receivables and payables have net carrying value that approximates their fair value with only insignificant differences. This is primarily due to the short-term nature of these instruments.