v3.26.1
Long-term Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Long-term Debt Long-term Debt
(in thousands)June 30,
2026		December 31,
2025
Senior notes - 2.70% due 2031 (net of related deferred financing costs)
$395,833 $395,391 
Revolving credit facility309,000 288,000 
Senior notes - 3.78% due 2029
150,000 200,000 
$854,833 $883,391 
Senior Notes - The 2.70% senior notes, which were issued in 2021, are unsecured with an aggregate principal amount of $400 million. The offer and sale of the notes were registered under the Securities Act of 1933, as amended.
The 3.78% senior notes are unsecured and were issued in a 2017 private placement with The Prudential Insurance Company of America and certain other purchasers. We have made two principal payments of $50 million each on January 4, 2025 and January 4, 2026. We have three remaining principal payments of $50 million due January 4 of each year through 2029.
We were in compliance with all covenants under all issuances of senior notes as of June 30, 2026 and December 31, 2025.
Revolving Credit Facility - The revolving credit facility has a borrowing capacity of $900 million, a term of five years, and matures on January 22, 2029. The obligations under the revolving credit facility are unsecured. The average interest rate for borrowings under the revolving credit agreement was 4.8% during the first six months of 2026 and 5.3% during the year ended December 31, 2025.
Outstanding borrowings under the revolving credit facility amounted to $309 million at June 30, 2026 and $288 million at December 31, 2025. Outstanding letters of credit amounted to approximately $2 million at June 30, 2026 and $4 million at December 31, 2025. The unused portion of the revolving credit facility amounted to $589 million at June 30, 2026 and $608 million at December 31, 2025.
We were in compliance with all covenants under the revolving credit facility as of June 30, 2026 and December 31, 2025.