Financing |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| Financing | Financing Notes and Debentures As of September 30, 2026, and December 31, 2025, the Company had principal amounts of notes and debentures outstanding of $3.3 billion and $3.8 billion, with weighted-average interest rates of 4.83% and 5.03%. The indentures governing the notes and debentures have restrictive covenants which provide that, with certain exceptions, neither the Company nor any of its subsidiaries may create, assume or suffer to exist any lien upon any property to secure any indebtedness unless the debentures and notes shall be equally and ratably secured. All of the Company's debt obligations are unsecured. As of September 30, 2026, the Company and its subsidiaries were in compliance with their covenants under the indentures. The Company has included $600.0 million of notes which mature in less than one year as long-term debt on its Condensed Consolidated Balance Sheets as of September 30, 2026. The Company has the intent to refinance the notes on a long-term basis, and as of September 30, 2026, has the ability to refinance the notes through the available borrowing capacity under its revolving credit facility. Redemption of Notes On March 1, 2026, the Company redeemed the outstanding $550.0 million aggregate principal amount of Boardwalk Pipelines 5.95% notes due June 1, 2026, at a redemption price equal to par plus unpaid and accrued interest. The redemption was funded from the net proceeds of the November 2025 issuance of $550.0 million Boardwalk Pipelines 5.375% notes due 2036. Revolving Credit Facility The Company has a revolving credit facility that has aggregate lending commitments of $1.0 billion and a maturity date of November 10, 2030. As of September 30, 2026, and December 31, 2025, the Company had no outstanding borrowings under its revolving credit facility. As of September 30, 2026, the Company had $16.2 million in outstanding letters of credit under its revolving credit facility, which reduced the available borrowing capacity to $983.8 million. The Company and its subsidiaries were in compliance with the covenants under the revolving credit facility as of September 30, 2026.
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