XML 38 R26.htm IDEA: XBRL DOCUMENT v3.24.2
Fair Values of Financial Instruments
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Values of Financial Instruments Fair Values of Financial Instruments
The carrying values of cash, cash equivalents and restricted cash, trade receivables and accounts payable approximate fair value due to the short-term maturity of these items. These fair value estimates are considered Level 1 fair value estimates in the fair value hierarchy of fair value accounting.
The estimated fair value of our outstanding debt balances as of June 30, 2024 and December 31, 2023 is set forth below (in thousands):
June 30, 2024December 31, 2023
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
3.95% Senior Notes Due 2028
$482,505 $453,763 $482,505 $450,540 
5.15% Senior Notes Due 2029
344,895 334,350 344,895 329,032 
7.15% Senior Notes Due 2033
400,000 423,487 400,000 424,946 
Equipment Loans Due 202512,622 12,649 18,686 18,766 
Total debt$1,240,022 $1,224,249 $1,246,086 $1,223,284 
The fair values of the 2028 Notes, the 2029 Notes and the 2033 Notes at June 30, 2024 and December 31, 2023 are based on quoted market prices, which are considered Level 1 fair value estimates in the fair value hierarchy of fair value accounting. The fair value of the Equipment Loans is based on a 5.25% stated rate of interest, which is considered a Level 2 fair value estimate in the fair value hierarchy of fair value accounting.
The implied market rates of interest used to determine the fair value of our outstanding debt balances as of June 30, 2024 and December 31, 2023 are set forth below:
June 30, 2024December 31, 2023
3.95% Senior Notes Due 2028
5.81 %5.79 %
5.15% Senior Notes Due 2029
5.82 %6.10 %
7.15% Senior Notes Due 2033
6.30 %6.28 %
Equipment Loans Due 20255.82 %5.36 %