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Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2023
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):

 

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

Revolving Credit Facility due July 29, 2027 (a)

 

$

44,000

 

 

$

44,000

 

 

$

—

 

 

$

—

 

Term Loan due July 29, 2027 (a)

 

 

170,000

 

 

 

170,000

 

 

 

170,000

 

 

 

170,000

 

3.29% senior notes due February 27, 2023

 

 

—

 

 

 

—

 

 

 

350,000

 

 

 

352,275

 

4.2% senior notes due March 1, 2028

 

 

500,000

 

 

 

475,920

 

 

 

500,000

 

 

 

477,660

 

3.46% senior notes due January 19, 2033

 

 

60,000

 

 

 

49,955

 

 

 

60,000

 

 

 

42,647

 

3.51% senior notes due January 19, 2033

 

 

240,000

 

 

 

200,698

 

 

 

—

 

 

 

—

 

Credit Line due June 30, 2024

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Bank notes payable

 

 

8,068

 

 

 

8,068

 

 

 

3,292

 

 

 

3,292

 

 

 

1,022,068

 

 

 

948,641

 

 

 

1,083,292

 

 

 

1,045,874

 

Unamortized debt discounts and issuance costs (b)

 

 

(5,473

)

 

 

—

 

 

 

(3,674

)

 

 

—

 

 

$

1,016,595

 

 

$

948,641

 

 

$

1,079,618

 

 

$

1,045,874

 

 

(a)
Variable interest rate of 6.8% and 5.8% at December 31, 2023 and 2022, respectively.
(b)
Excludes $1.8 million attributable to the 2027 Revolving Credit Facility included in other assets at December 31, 2022.
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):

 

2024

 

$

8,068

 

2025

 

 

32,500

 

2026

 

 

56,250

 

2027

 

 

125,250

 

2028

 

 

500,000

 

Thereafter

 

 

300,000

 

 

$

1,022,068