Financing (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Short-term Debt

Our Revolving Credit Facility and CP Program, which are classified as Notes payable on the Consolidated Balance Sheets, had the following borrowings, outstanding letters of credit, and available capacity as of:


	June 30, 2025			December 31, 2024
	(dollars in millions)
Amount outstanding	$	123.7		$	133.8
Letters of credit (a)		3.5			3.5
Available capacity		622.8			612.7
Weighted average interest rates		4.58	%		4.74	%

(a)

Letters of credit are off-balance sheet commitments that reduce the borrowing capacity available on our corporate Revolving Credit Facility.

Revolving Credit Facility and CP Program borrowing activity was as follows:


	Six Months Ended June 30,
	2025			2024
	(dollars in millions)
Maximum amount outstanding (based on daily outstanding balances)	$	157.8		$	—
Average amount outstanding (based on daily outstanding balances)		80.4			—
Weighted average interest rates		4.60	%	N/A

Summary of ATM Activity

ATM activity was as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
June 16, 2023 ATM Program	(in millions, except Average price per share amounts)
Proceeds, (net of issuance costs of $0.0, $(0.4), $(0.5), and $(0.7), respectively)	$	—		$	41.8		$	45.7		$	73.0
Number of shares issued		—			0.8			0.8			1.4

May 8, 2025 ATM Program
Proceeds, (net of issuance costs of $(0.2), $0.0, $(0.2), and $0.0, respectively)	$	19.6		$	—		$	19.6		$	—
Number of shares issued		0.3			—			0.3			—

Total activity under both ATM Programs
Proceeds, (net of issuance costs of $(0.2), $(0.4), $(0.7), and $(0.7), respectively)	$	19.6		$	41.8		$	65.3		$	73.0
Number of shares issued		0.3			0.8			1.1			1.4
Average price per share	$	58.28		$	55.02		$	59.78		$	53.92