v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt DEBT
Debt is composed of the following obligations.
($ in millions)June 30, 2026December 31, 2025
Short-term debt:
Local overdraft facilities$20.2 2.8 
Other short-term borrowings63.2 89.9 
Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.2 and $—
199.9 — 
Commercial paper, net of debt issuance costs of $0.0 and $0.2
420.0 (0.2)
Total short-term debt, net of debt issuance costs$703.3 92.5 
Credit facility, net of debt issuance costs of $7.0 and $8.5
338.0 (8.5)
Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $— and $0.2
— 205.1 
Long-term senior notes, 6.875%, face amount of $400.0, due December 2028, net of debt issuance costs of $3.4 and $4.1
396.6 395.9 
Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.2 and $0.4
199.8 204.9 
Total debt, net of debt issuance costs$1,637.7 889.9 
Commercial Paper Program
We maintain a commercial paper program (the "Program") in which we may issue up to $2.5 billion of short-term, unsecured and unsubordinated commercial paper notes at any time. Amounts available under the Program may be borrowed, repaid and re-borrowed from time to time. Notes issued under the Program will be sold under customary market terms in the U.S. commercial paper market at par less a discount representing an interest factor or, if interest bearing, at par. The maturities of the Program notes may vary but may not exceed 397 days from the date of issuance. We intend to use net proceeds of the Program for general corporate purposes.
Credit Facilities
We have a $3.3 billion unsecured revolving credit facility (the "Facility") that matures on November 3, 2028. Undiscounted pricing on the Facility ranges from Adjusted Term Secured Overnight Financing Rate ("SOFR") plus 0.875% to 1.35%, with pricing including facility fees, as of June 30, 2026 at Adjusted Term SOFR plus 0.93%.
In addition, prior to June 30, 2026, we had access to an uncommitted credit agreement (the "Uncommitted Facility"), which allowed for discretionary short-term liquidity of up to $400.0 million. Interest and fees were set at the time of utilization and calculated on a 360-day basis. Between quarter-end dates, we periodically used the proceeds to reduce indebtedness under the Facility at a lower interest rate. The Uncommitted Facility was terminated on June 30, 2026, and had no outstanding balance as of December 31, 2025, and June 30, 2026. We last used the Uncommitted Facility in June of 2025.
The following table provides additional information on our Program, Facility and Uncommitted Facility, collectively.
Three Months Ended June 30,Six Months Ended June 30,
($ in millions)2026202520262025
Average outstanding borrowings $1,222.6 1,573.5 $842.6 1,290.0 
Average effective interest rate4.3 %5.0 %4.3 %5.0 %
We will continue to use the Facility for, but not limited to, business acquisitions, working capital needs (including payment of accrued incentive compensation), co-investment activities, share repurchases and capital expenditures.
Short-Term and Long-Term Debt
In addition to our credit facilities, we have the capacity to borrow up to $58.0 million as of June 30, 2026, under local overdraft facilities. Amounts outstanding are presented in the debt table above.
As of June 30, 2026, our issuer and senior unsecured ratings are investment grade: Baa1 from Moody's Investors Service, Inc. and BBB+ from Standard & Poor's Ratings Services.
Covenants
Our Facility and senior notes are subject to customary financial and other covenants, including cash interest coverage ratios and leverage ratios, as well as event of default conditions. We remained in compliance with all covenants as of June 30, 2026.
Warehouse Facilities
We maintain our Warehouse facilities with third-party lenders for the purpose of funding mortgage loans that will be resold, included in Warehouse receivables. The following table shows our gross cash activity related to Warehouse receivables as well as the corresponding, and largely offsetting, net change of our Warehouse facilities. This activity, in aggregate, is reflected as net cash flows from operating activities in our Consolidated Statements of Cash Flows.
Six Months Ended June 30,
(in millions)20262025
Origination of mortgage loans$(4,246.7)(4,324.9)
Proceeds from the sales of mortgage loans4,304.7 3,938.4 
Net (decrease) increase in Warehouse facilities(58.8)382.5 
The following table provides details regarding our Warehouse facilities lines of credit.
June 30, 2026December 31, 2025
($ in millions)Outstanding BalanceMaximum CapacityOutstanding BalanceMaximum Capacity
Warehouse facilities:
SOFR plus 1.40%, expires September 14, 2026
$122.6 700.0 114.2 700.0 
SOFR plus 1.30%, expires September 11, 2026
196.4 600.0 185.6 600.0 
SOFR plus 1.40%, expires October 22, 2026
355.7 1,100.0 338.0 1,100.0 
Fannie Mae ASAP(1) program, SOFR plus 1.25%
25.8 n/a122.0 n/a
Gross warehouse facilities700.5 2,400.0 759.8 2,400.0 
Debt issuance costs(0.2)n/a(0.7)n/a
Total warehouse facilities$700.3 2,400.0 759.1 2,400.0 
(1) As Soon As Pooled ("ASAP") funding program
We have lines of credit established for the sole purpose of funding our Warehouse receivables. These lines of credit exist with financial institutions and are secured by the related Warehouse receivables. Pursuant to these facilities, we are required to comply with certain financial covenants regarding (i) minimum net worth, (ii) minimum servicing-related loans and (iii) minimum adjusted leverage ratios. We remained in compliance with all covenants under our facilities as of June 30, 2026.
We are party to a master repurchase agreement with a maximum capacity of $1.1 billion. Transactions executed under this agreement are accounted for as secured borrowings.