Note 5. Debt and Interest Expense

At March 31, 2026, the carrying value of our total debt was $3,772.0 million. Excluding deferred issuance costs, our total borrowings at March 31, 2026 consisted of $3,100.0 million outstanding under our fixed-rate senior unsecured notes, $343.0 million drawn and outstanding under our $1.0 billion five-year revolving credit facility and $355.0 million outstanding under our $400.0 million five-year Term Loan A facility. The revolving credit facility and the Term Loan A facility mature in July 2027.

At March 31, 2026, the fair value of our total debt was approximately $3,789.0 million, based on Level 2 inputs in the fair value measurement hierarchy. The carrying value of the amounts under the Term Loan A facility and the revolving credit facility at March 31, 2026, approximated their fair value. Any changes in interest rates do not impact cash outflows associated with fixed rate interest payments or settlement of debt principal, unless a debt instrument is repurchased prior to maturity.