Short-term Borrowings and Long-term Debt |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Debt Disclosure [Abstract] | |
| Short-term Borrowings and Long-term Debt | Short-term Borrowings and Long-term Debt Short-term Borrowings Revolving Credit Facility Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to the applicable benchmark rate, including but not limited to , plus an applicable margin ranging from 0.75% to 1.25%. The Revolving Credit Facility contains customary affirmative and negative covenants, including certain financial covenants. During the three months ended March 31, 2026, we borrowed $750 million under the Revolving Credit Facility for general operating purposes and $750 million was outstanding as of March 31, 2026 and is included in “Short-term borrowings”. Other Credit Facilities During the three months ended March 31, 2026, we entered into various unsecured borrowings under other revolving credit facilities, the majority of which are due in 2026. These credit facilities contain customary affirmative and negative covenants, including certain financial covenants. As of March 31, 2026, aggregate outstanding borrowings under all other credit facilities totaled $928 million with a weighted average interest rate of 3.01%. Long-term Debt Our long-term debt is recorded at amortized cost. The fair value is estimated using Level 2 inputs based on our current interest rates for similar types of borrowing arrangements. The carrying amount of long-term debt approximates its fair value as of March 31, 2026 and December 31, 2025 due primarily to the interest rates approximating market interest rates. We were in compliance with the financial covenants for each of our borrowings and debt agreements as of March 31, 2026.
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