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Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2022

Carrying Values and Fair Values of Debt Outstanding

The following table presents the carrying value and fair value of debt outstanding (in thousands):


	December 31,
	2022					2021
	Carrying Value			Fair Value		Carrying Value			Fair Value
Revolving Credit Facility due July 29, 2027 (a)	$	—		$	—	$	—		$	—
Term Loan due July 29, 2027 (a)		170,000			170,000		—			—
Term Loan due March 27, 2024 (b)		—			—		315,000			315,000
3.29% senior notes due February 27, 2023		350,000			352,275		350,000			358,390
4.2% senior notes due March 1, 2028		500,000			477,660		500,000			549,239
3.46% senior notes due January 19, 2033		60,000			42,647		—			—
Credit Line due June 30, 2024		—			—		—			—
Bank notes payable		3,292			3,292		1,934			1,934
		1,083,292			1,045,874		1,166,934			1,224,563
Unamortized debt discounts and issuance costs (c)		(3,674	)		—		(3,567	)		—
	$	1,079,618		$	1,045,874	$	1,163,367		$	1,224,563

(a)

Variable interest rate of 5.8% at December 31, 2022.

(b)

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

(c)

Excludes $1.8 million attributable to the 2027 Revolving Credit Facility included in other assets at December 31, 2022 and $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):


	Year Ended December 31,
	2022			2021			2020
Borrowings on bank credit facilities	$	175,545		$	6,162		$	582,277
Payments on bank credit facilities		(174,187	)		(254,267	)		(332,253	)
	$	1,358		$	(248,105	)	$	250,024

Aggregate Payments due on Long-Term Debt

The aggregate payments due on the long-term debt in each of the next five years were as follows (in thousands):


2023		353,292
2024		—
2025		—
2026		—
2027		170,000
Thereafter		560,000
	$	1,083,292