v3.25.2
NOTES PAYABLE AND DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
NOTES PAYABLE AND DEBT NOTES PAYABLE AND DEBT
As of June 30, 2025 and December 31, 2024, the Company had debt outstanding as follows:
(in millions)June 30,
2025		December 31, 2024
5.000% Senior Notes due 10/01/25 ($24 million par value)
$24 $24 
6.750% Senior Notes due 04/15/29 ($525 million par value)
519 518 
6.625% Senior Notes due 10/15/32 ($450 million par value)
444 444 
Finance leases3 2 
Total long-term debt$990 $988 
Less: current portion25 25 
Long-term debt, net of current portion$965 $963 
The Company’s long-term debt includes various covenants, none of which are expected to restrict future operations. The Company was in compliance with all covenants as of June 30, 2025.
As of June 30, 2025, the estimated fair values of the Company’s long-term debt totaled $1,023 million, which is $36 million higher than carrying value for the same period. As of December 31, 2024, the estimated fair value of the Company’s long-term debt totaled $1,007 million, which is $21 million higher than carrying value for the same period. Fair market values of the long-term debt are developed using observable values for similar debt instruments, which are considered Level 2 inputs as defined by ASC Topic 820. The carrying values of the Company’s finance leases approximate fair value. The fair value estimates do not necessarily reflect the values the Company could realize in the current markets.
The Company has a $500 million revolving credit facility (the Revolving Facility) which matures in July 2028. The Revolving Facility contains customary events of default and various financial covenants including debt to EBITDA and interest coverage ratio. The Company was in compliance with the financial covenants as of June 30, 2025. As of June 30, 2025 and December 31, 2024, the Company had no outstanding borrowings under the Revolving Facility, and availability of $499 million.