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Long-Term Debt
 12 Months Ended
Dec. 31, 2023
Text Block [Abstract]  
Long-Term Debt LONG-TERM DEBT
Our outstanding long-term debt is shown below:
As of December 31,
(in thousands)20232022
Uncollateralized Senior Notes:
5.93% notes, due October 31, 2023$— $3,000 
5.68% notes, due June 30, 20268,700 11,600 
6.43% notes, due May 2, 20283,500 4,200 
3.73% notes, due December 16, 202810,000 12,000 
3.88% notes, due May 15, 202930,000 35,000 
3.25% notes, due April 30, 203259,500 66,500 
       3.48% notes, due May 31, 203850,000 50,000 
       3.58% notes, due November 30, 203850,000 50,000 
       3.98% notes, due August 20, 2039100,000 100,000 
       2.98% notes, due December 20, 203470,000 70,000 
3.00% notes, due July 15, 203550,000 50,000 
2.96% notes, due August 15, 203540,000 40,000 
2.49% notes, due January 25, 203750,000 50,000 
2.95% notes, due March 15, 204250,000 50,000 
5.43% notes, due March 14, 203880,000 — 
6.39% notes, due December 2026100,000 — 
6.44% notes, due December 2027100,000 — 
6.45% notes, due December 2028100,000 — 
6.62% notes, due December 2030100,000 — 
6.71% notes, due December 2033100,000 — 
6.73% notes, due December 203850,000 — 
Equipment security note
2.46% note, due September 24, 20317,633 8,517 
Less: debt issuance costs(3,753)(946)
Total long-term debt1,205,580 599,871 
Less: current maturities(18,505)(21,483)
Total long-term debt, net of current maturities$1,187,075 $578,388 
Terms of the Senior Notes
All of our outstanding Senior Notes set forth certain business covenants to which we are subject when any note is outstanding, including covenants that limit or restrict our ability, and the ability of our subsidiaries, to incur indebtedness, or place or permit liens and encumbrances on any of our property or the property of our subsidiaries.
Senior Notes
On November 20, 2023, we issued Senior Notes in the aggregate principal amount of $550.0 million at an average interest rate of 6.54 percent that were used to partially finance our acquisition of FCG which closed during the fourth quarter of 2023. These notes have varying maturity dates of between three and 15 years, and the outstanding principal balance of the notes will be due on their respective maturity dates with interest payments payable semiannually until the principal has been paid in full. These Senior Notes have similar covenants and default provisions as our other Senior Notes.
On March 14, 2023 we issued 5.43 percent Senior Notes due March 14, 2038 in the aggregate principal amount of $80.0 million and used the proceeds received from the issuances of the Senior Notes to reduce short-term borrowings under our Revolver and to fund capital expenditures. These Senior Notes have similar covenants and default provisions as our other Senior Notes, and have an annual principal amortization payment beginning in the sixth year after the issuance.
Annual Maturities
Annual maturities and principal repayments of long-term debt are as follows:
Year20242025202620272028ThereafterTotal
(in thousands)
Payments$18,505 $25,528 $134,551 $131,674 $136,699 $762,376 $1,209,333 
Shelf Agreements
We have entered into Shelf Agreements with Prudential and MetLife, whom are under no obligation to purchase any unsecured debt. In February 2023, we amended these Shelf Agreements, which expanded the total borrowing capacity and extended the term of the agreements for an additional three years to 2026. The following table summarizes the current available capacity under our Shelf Agreements at December 31, 2023:
(in thousands)Total Borrowing CapacityLess Amount of Debt IssuedLess Unfunded CommitmentsRemaining Borrowing Capacity
Shelf Agreements (1)
Prudential Shelf Agreement$405,000 $(300,000)$— $105,000 
MetLife Shelf Agreement200,000 (50,000)— 150,000 
Total$605,000 $(350,000)$— $255,000