Short-term Borrowings and Long-term Debt |
9 Months Ended |
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Sep. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| Short-term Borrowings and Long-term Debt | Short-term Borrowings and Long-term Debt Short-term Borrowings Revolving Credit Facility The Revolving Credit Facility provides syndicated, unsecured revolving loans with a total borrowing capacity of up to $1.5 billion. Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to the applicable benchmark rate, including but not limited to , plus an applicable margin ranging from 0.75% to 1.25%. The Revolving Credit Facility contains customary affirmative and negative covenants, including certain financial covenants. During the nine months ended September 30, 2026, we borrowed $750 million under the Revolving Credit Facility for general operating purposes. In September 2026, we repaid the $750 million outstanding balance on the Revolving Credit Facility. As of September 30, 2026, there was no balance outstanding on the Revolving Credit Facility. Other Credit Facilities During 2026, certain of our Korean subsidiaries entered into new unsecured revolving credit facilities and amended an existing credit arrangement, each with maturity dates in 2027. These facilities are available for general working capital purposes and provide for aggregate borrowing capacity of approximately $661 million. Borrowings bear interest at floating rates ranging from the Korean certificate of deposit rate plus 0.94% to plus 1.55%. These revolving credit facilities contain customary terms and conditions, including certain affirmative and negative covenants. As of September 30, 2026, there were no amounts outstanding under any of these facilities. During the nine months ended September 30, 2026, certain other subsidiaries entered into various unsecured borrowing arrangements under other revolving credit facilities, all of which mature within twelve months. These credit facilities contain customary affirmative and negative covenants, including certain financial covenants. Under all other credit facilities, total borrowing capacity at September 30, 2026 was $1.7 billion and aggregate outstanding borrowings totaled $988 million with a weighted average interest rate of 2.87%. Long-term Debt Our long-term debt is recorded at amortized cost. The fair value is estimated using Level 2 inputs based on our current interest rates for similar types of borrowing arrangements. The carrying amount of long-term debt approximates its fair value as of September 30, 2026 and December 31, 2025 due primarily to the interest rates approximating market interest rates. We were in compliance with the financial covenants for each of our borrowings and debt agreements as of September 30, 2026.
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