Debt |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| Debt | Debt Unsecured Revolving Credit Facility On October 30, 2020, we entered into a $1.5 billion Syndicated Facility Agreement (as amended, the "Unsecured Revolving Credit Facility"). On March 20, 2025, we amended the Unsecured Revolving Credit Facility to expand the borrowing capacity from $1.5 billion to $2.0 billion and extend the maturity date to March 20, 2030. We had no outstanding borrowings under the Unsecured Revolving Credit Facility as of September 30, 2026 and $600 million outstanding as of December 31, 2025. Term Loan A Facilities On April 28, 2026, we amended our Unsecured Revolving Credit Facility to establish an initial Term Loan A Facility in an aggregate principal amount of $500 million and a Delayed Draw Term Loan Facility in an aggregate principal amount of $500 million (together, the “Term Loan A Facilities”). The Term Loan A Facilities mature on October 28, 2027. As of September 30, 2026, the Term Loan A Facilities were fully drawn, with an aggregate outstanding balance of $1.0 billion. Commercial Paper Program On November 29, 2023, we established a commercial paper program that allows us to issue unsecured commercial paper notes up to $1.5 billion outstanding. We amended our commercial paper program on March 27, 2025 to expand the maximum borrowing capacity from $1.5 billion to $2.0 billion. The maturities of the commercial paper notes vary but may not exceed 364 days from the date of issuance. The commercial paper notes are sold under customary terms in the commercial paper market and rank pari passu with unsecured and unsubordinated indebtedness. The notes are issued at par less a discount representing an interest factor or, if interest bearing, at par. We had $389 million outstanding under our commercial paper program as of September 30, 2026 and $343 million outstanding borrowings as of December 31, 2025, presented in short-term borrowings on the Condensed Consolidated Balance Sheet. Covenants Certain borrowings require us to comply with a financial covenant with respect to a maximum debt to EBITDA ratio. At September 30, 2026, we were in compliance with all such covenants.
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