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):


	June 30, 2025					December 31, 2024
	Carrying Value			Fair Value		Carrying Value			Fair Value
Revolving Credit Facility due July 29, 2027 (a)	$	245,000		$	245,000	$	—		$	—
Term Loan due July 29, 2027 (a)		70,000			70,000		70,000			70,000
4.2% senior notes due March 1, 2028		500,000			502,539		500,000			491,923
3.46% senior notes due January 19, 2033		60,000			54,459		60,000			52,956
3.51% senior notes due January 19, 2033		240,000			218,629		240,000			212,650
Credit line due June 30, 2026		—			—		—			—
Bank notes payable		6,433			6,433		8,226			8,226
		1,121,433			1,097,060		878,226			835,755
Unamortized debt discounts and issuance costs		(3,668	)		—		(3,278	)		—
	$	1,117,765		$	1,097,060	$	874,948		$	835,755

(a)

Variable interest rate of 5.6% at June 30, 2025 and December 31, 2024.

On July 29, 2022, the Company entered into a credit agreement (the “2027 Credit Agreement”) with a group of commercial banks, with JPMorgan Chase Bank, N.A. as the administrative agent bank that allows for a $500 million unsecured revolving credit facility (the “2027 Revolving Credit Facility”) and a $250 million unsecured term loan (the “2027 Term Loan”) with a maturity date of July 29, 2027. In the fourth quarter of 2022, the Company repaid $80 million under the 2027 Term Loan prior to scheduled maturities. In the fourth quarter of 2024, the Company repaid $100 million under the 2027 Term Loan prior to scheduled maturities. As a result, no repayments are required until March 31, 2027. Future repayments under the 2027 Term Loan are excluded from short term liabilities because the Company intends to use availability under the 2027 Revolving Credit Facility to repay these amounts upon maturity. Outstanding letters of credit under the 2027 Revolving Credit Facility were $6,000 and available borrowing capacity was $255.0 million as of June 30, 2025.

On February 3, 2022, the Company entered into a note purchase agreement for the issuance of $300 million of unsecured senior notes with a group of institutional investors, consisting of $60 million of 3.46% series A notes (“Series A Notes”) and $240 million of 3.51% series B notes (“Series B Notes”), each due January 19, 2033 (collectively, the “2033 Notes”). The Series A Notes were issued on October 20, 2022, and the Series B Notes were issued on January 19, 2023. No principal payments will be required until maturity.

The Company has a $15 million line of credit (“Credit Line”) with Bank of America, N.A. (“Bank of America”) for short-term liquidity needs and letters of credit, with a maturity date of June 30, 2026. Outstanding letters of credit under the Credit Line were $6.8 million and available borrowing capacity was $8.2 million as of June 30, 2025.