DEBT

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

DEBT

DEBT

    During the three months ended March 31, 2025, the Company repaid in full the outstanding indebtedness under the Company's $600 million of 3.50% senior notes, which matured on March 30, 2025.

    The Company is party to a $600 million secured receivables credit facility (the “Secured Receivables Credit Facility”) which matures in November 2026. The entire facility can be used for borrowings. The facility includes an additional $200 million uncommitted accordion which, if utilized, brings the total capacity under the facility to $800 million. Additionally, the Company can choose to utilize up to $150 million of such capacity to issue letters of credit (see Note 11). Issued letters of credit reduce the available borrowing capacity under the facility. Interest on borrowings under the facility is based on either commercial paper rates for highly-rated issuers or the adjusted Term Secured Overnight Financing Rate ("Term SOFR"), plus a spread of 0.80%. Borrowings under the Secured Receivables Credit Facility are collateralized by certain domestic receivables. The Secured Receivables Credit Facility is subject to customary affirmative and negative covenants and certain financial covenants with respect to the receivables that comprise the borrowing base and secure the borrowings under the facility. As of March 31, 2025, there were $215 million of outstanding borrowings under the Secured Receivables Credit Facility, all of which were included in long-term debt in the Company's consolidated balance sheet. There were no outstanding borrowings under the facility as of December 31, 2024. For further details regarding the Secured Receivables Credit Facility, see Note 13 to the audited consolidated financial statements in the Company's 2024 Annual Report on Form 10 K.