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, 2026					December 31, 2025
	Carrying Value			Fair Value		Carrying Value			Fair Value
Revolving Credit Facility due March 26, 2031 (a)	$	235,000		$	235,000	$	45,000		$	45,000
Term Loan due July 29, 2027 (b)		—			—		70,000			70,000
4.2% senior notes due March 1, 2028		500,000			502,011		500,000			506,089
3.46% senior notes due January 19, 2033		60,000			54,387		60,000			55,093
3.51% senior notes due January 19, 2033		240,000			218,255		240,000			221,128
Credit line due June 30, 2028		—			—		—			—
Bank notes payable		5,950			5,950		7,357			7,357
		1,040,950			1,015,603		922,357			904,667
Unamortized debt discounts and issuance costs		(3,602	)		—		(3,076	)		—
	$	1,037,348		$	1,015,603	$	919,281		$	904,667

On March 26, 2026, the Company entered into an amended and restated credit agreement (the “2031 Credit Agreement”) with JPMorgan Chase Bank, N.A. (“JPMorgan”), as administrative agent, and certain lenders and issuing banks party thereto. The 2031 Credit Agreement amends and restates in its entirety the Company’s existing credit agreement, dated as of July 29, 2022 (the “2027 Credit Agreement”), extending the term of the facility to March 26, 2031 (the “Maturity Date”), increasing the revolving credit facility commitments to $750 million, and removing the term loan credit facility. Under the 2031 Credit Agreement, the Company has the option, subject to customary conditions and consent of the participating lenders, to increase the size of the revolving credit facility commitments and to add term loan commitments up to an aggregate additional $500 million.

Borrowings under the 2031 Credit Agreement bear interest at a rate per annum equal to, at the Company’s option, either a Secured Overnight Financing Rate (“SOFR”) or a base rate, plus an interest rate margin which ranges from 87.5 to 150 basis points for SOFR loans and 0 to 50 basis points for base rate loans based on the Company’s credit rating. The commitment fee on the unused available credit ranges from 7 to 20 basis points based on the Company’s credit rating. The Maturity Date may be extended for up to two additional one-year periods with the consent of the Company and lenders holding at least 50 percent of the commitments under the 2031 Credit Agreement. The 2031 Credit Agreement contains customary provisions regarding permitted uses, events of default, and covenants substantively similar to those in the 2027 Credit Agreement, including the maintenance of an interest coverage ratio of no less than 2.5 to 1.0 and a debt to capitalization of no more than or equal to 60 percent (with all calculations based on definitions contained in the 2031 Credit Agreement). Outstanding letters of credit under the 2031 Revolving Credit Facility were $6,000 and available borrowing capacity was $515.0 million as of June 30, 2026.

The Company has a $20 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, 2028. Outstanding letters of credit under the Credit Line were $8.0 million and available borrowing capacity was $12.0 million as of June 30, 2026.