v3.25.2
Subsequent Events
6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
The Company has evaluated subsequent events through the date on which this Form 10-Q was filed, the date on which these financial statements were issued, and identified the items below for discussion.

In July and August 2025 through the date this Form 10-Q was filed, the Company had the following activity:

The Company issued $400,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for proceeds net of discount and underwriting fees of approximately $394,888,000, before considering the impact of other offering costs. The notes mature in August 2035 and were issued at a 5.00% interest rate. The effective interest rate of the notes is 5.05%, considering the net proceeds and including the impact of offering costs and hedging activity.

On July 11, 2025, the Company filed a motion for judgement on the pleadings to dismiss the D.C. Antitrust Litigation as it pertains to the Company. See Note 7, "Commitments and Contingencies," for further discussion of the D.C. Antitrust Litigation.

On July 29, 2025, the Company filed a motion to dismiss the New Jersey Antitrust Litigation as it pertains to the Company. See Note 7, "Commitments and Contingencies," for further discussion of the New Jersey Antitrust Litigation.

On August 1, 2025, the Company amended the Credit Facility to extend the applicability of its sustainability-linked pricing component, which provides for interest rate margin and commitment fee reductions or increases related to certain environmental sustainability targets. The reductions or increases can range from (0.02)% to 0.02% to the interest rate margin and (0.005)% to 0.005% to the commitment fee. All other terms of the Credit Facility, including its maturity date of April 2030, remain unchanged. See Note 3, "Debt," for further discussion of the Credit Facility.

On August 1, 2025, the Company amended the Term Loan to (i) to exercise its full accordion option to increase the amount of its Term Loan by $100,000,000 to $550,000,000 and (ii) extend the applicability of its sustainability-linked pricing component, which provides for interest rate margin reductions or increases related to certain environmental sustainability targets that can range from (0.02)% to 0.02% in the aggregate. The additional borrowing was hedged with interest rate swaps entered into in July 2025. Including the total borrowing of $550,000,000 and the impact of all swaps and transaction costs, assuming the Term Loan will be fully drawn until maturity and the Company's current borrowing spread to SOFR, the effective interest rate on borrowings under the Term Loan is 4.44%. All other terms of the Term Loan, including its maturity date of April 2029, remain unchanged. See Note 3, "Debt," for further discussion of the Term Loan.

On August 6, 2025, the Company amended each of the forward contracts related to the September 2024 Equity Offering to extend the settlement of the forward contracts to a date no later than December 31, 2026. See Note 4, "Equity," for further discussion of the September 2024 Equity Offering.