v3.26.1
Debt and Credit Arrangements
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt and Credit Arrangements

5. Debt and Credit Arrangements

Debt consists of the following:

(in millions)

 

March 31, 2026

 

 

December 31, 2025

 

Short-term:

 

 

 

 

 

 

Subordinated debentures maturing February 3, 2027

 

 

50.1

 

 

 

—

 

Senior debentures maturing April 15, 2026

 

 

—

 

 

 

375.0

 

Total short-term debt

 

 

50.1

 

 

 

375.0

 

 

 

 

 

 

 

 

Long-term:

 

 

 

 

 

 

Senior debentures maturing September 1, 2035

 

 

500.0

 

 

 

500.0

 

Senior debentures maturing September 1, 2030

 

 

300.0

 

 

 

300.0

 

Subordinated debentures maturing February 3, 2027

 

 

—

 

 

 

50.1

 

Total long-term debt principal

 

 

800.0

 

 

 

850.1

 

Unamortized debt issuance costs

 

 

(6.3

)

 

 

(6.8

)

Total long-term debt

 

 

793.7

 

 

 

843.3

 

Total debt

 

$

843.8

 

 

$

1,218.3

 

On January 15, 2026, the Company used a portion of the net proceeds of its August 21, 2025 debt issuance to redeem its outstanding $375.0 million par value of 4.50% unsecured senior debentures that were issued on April 8, 2016. For a discussion of the August 21, 2025 debt issuance, see Note 5 – “Debt and Credit Arrangements” in the Notes to Consolidated Financial Statements in the Company’s 2025 Annual Report on Form 10-K.

At March 31, 2026, the Company was in compliance with the covenants associated with its debt indentures and credit arrangements.