FAIR VALUE OF FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 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 June 30, 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.

	June 30, 2024				December 31, 2023
(In thousands)	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
3.85% Senior notes due 2025	$	90,000	$	88,979	$	90,000	$	88,243
4.24% Senior notes due 2026	200,000		194,089		200,000		195,556
4.05% Senior notes due 2028	67,500		64,108		67,500		64,801
4.11% Senior notes due 2028	90,000		84,874		90,000		85,999
3.10% Senior notes due 2030	150,000		129,919		150,000		131,942
3.20% Senior notes due 2032	150,000		124,759		150,000		127,649
4.49% Senior notes due 2032	200,000		182,491		200,000		187,584
4.64% Senior notes due 2034	100,000		90,311		100,000		92,961
Total debt	1,047,500		959,530		1,047,500		974,735
Debt issuance costs, net	(1,434)		(1,434)		(1,541)		(1,541)
Unamortized interest rate swap proceeds	3,589		3,589		4,403		4,403
Total debt, net	$	1,049,655	$	961,685	$	1,050,362	$	977,597