FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

Interest Rate Risks and Related Strategies

The Corporation’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Corporation’s policy is to manage interest cost using a mix of fixed and variable rate debt.

Debt

The estimated fair value amounts were determined by the Corporation using available market information that is primarily based on quoted market prices for the same or similar issuances as of March 31, 2024. Accordingly, all of the Corporation’s debt is valued as a Level 2 financial instrument.  The fair values described below may not be indicative of net realizable value or reflective of future fair values.  Furthermore, the use of different methodologies to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

	March 31, 2024				December 31, 2023
(In thousands)	Carrying Value		Estimated Fair Value		Carrying Value	Estimated Fair Value
3.85% Senior notes due 2025	90,000		88,655		90,000	88,243
4.24% Senior notes due 2026	200,000		194,444		200,000	195,556
4.05% Senior notes due 2028	67,500		64,289		67,500	64,801
4.11% Senior notes due 2028	90,000		85,213		90,000	85,999
3.10% Senior notes due 2030	150,000		130,433		150,000	131,942
3.20% Senior notes due 2032	150,000		125,714		150,000	127,649
4.49% Senior notes due 2032	200,000		184,346		200,000	187,584
4.64% Senior notes due 2034	100,000		91,533		100,000	92,961
Total debt	1,047,500		964,627		1,047,500	974,735
Debt issuance costs, net	(1,487)		(1,487)		(1,541)	(1,541)
Unamortized interest rate swap proceeds	3,996		3,996		4,403	4,403
Total debt, net	$	1,050,009	$	967,136	1,050,362	977,597