Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Carrying Values and Fair Values of Debt Outstanding

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, 2022					December 31, 2021
	Carrying Value			Fair Value		Carrying Value			Fair Value
Revolving Credit Facility due July 29, 2027 (a)	$	20,000		$	20,000	$	—		$	—
Term Loan due July 29, 2027 (a)		250,000			250,000		—			—
Term Loan due March 27, 2024 (b)		—			—		315,000			315,000
3.29% senior notes due February 27, 2023		350,000			348,431		350,000			358,390
4.2% senior notes due March 1, 2028		500,000			470,370		500,000			549,239
Credit line due June 30, 2024		—			—		—			—
Bank notes payable		3,599			3,599		1,934			1,934
		1,123,599			1,092,400		1,166,934			1,224,563
Unamortized debt discounts and issuance costs (c)		(5,140	)		—		(3,567	)		—
	$	1,118,459		$	1,092,400	$	1,163,367		$	1,224,563

(a)Variable interest rate of 4.5% at September 30, 2022.

(b)Variable interest rate of 1.5% at December 31, 2021.

(c)Excludes $1.4 million attributable to the 2024 Revolving Credit Facility included in other assets at December 31, 2021.

Borrowings and Payments Under the Bank Credit Facilities

The following table presents borrowings and payments under the bank credit facilities (in thousands):

	Nine Months Ended September 30,
	2022			2021
Borrowings on bank credit facilities	$	171,884		$	4,795
Payments on bank credit facilities		(150,220	)		(252,852	)
	$	21,664		$	(248,057	)

At the beginning of the third quarter of 2022, the Company had an amended and restated credit agreement (the “2024 Credit Agreement”) with a group of commercial banks, with JPMorgan Chase Bank, N.A. as the administrative agent bank, that allowed for an $850 million unsecured revolving credit facility (the “2024 Revolving Credit Facility”) and an unsecured term loan (the “2024 Term Loan”) with a maturity date of March 27, 2024. The 2024 Term Loan was prepayable, in whole or in part, without penalty.