Financing |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Debt Disclosure [Abstract] | |
| Financing | Financing Notes and Debentures As of June 30, 2025, and December 31, 2024, the Company had principal amounts of notes and debentures outstanding of $3.3 billion, with a weighted-average interest rate of 4.95%. The indentures governing the notes and debentures have restrictive covenants which provide that, with certain exceptions, neither the Company nor any of its subsidiaries may create, assume or suffer to exist any lien upon any property to secure any indebtedness unless the debentures and notes shall be equally and ratably secured. All of the Company's debt obligations are unsecured. As of June 30, 2025, the Company and its subsidiaries were in compliance with their covenants under the indentures. The Company has included $550.0 million of notes which mature in less than one year as long-term debt on its Condensed Consolidated Balance Sheets as of June 30, 2025. The Company has the intent to refinance the notes on a long-term basis, and as of June 30, 2025, has the ability to refinance the notes through the available borrowing capacity under its revolving credit facility. Revolving Credit Facility As of June 30, 2025, and December 31, 2024, the Company had no outstanding borrowings under its revolving credit facility and had the full borrowing capacity of $1.0 billion available. The revolving credit facility has a borrowing capacity of $1.0 billion through May 27, 2027, and a borrowing capacity of $912.2 million from May 28, 2027, to May 26, 2028. The Company and its subsidiaries were in compliance with the covenants under the revolving credit facility as of June 30, 2025.
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