Financing

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Financing

Financing

Notes and Debentures

As of March 31, 2025, and December 31, 2024, the Company had principal amounts of notes and debentures outstanding of $3.3 billion, with a weighted-average interest rate of 4.95%.

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 March 31, 2025, the Company and its subsidiaries were in compliance with their covenants under the indentures.

Revolving Credit Facility

As of March 31, 2025, and December 31, 2024, the Company had no outstanding borrowings under its revolving credit facility and had the full borrowing capacity of $1.0 billion available. The revolving credit facility has a borrowing capacity of $1.0 billion through May 27, 2027, and a borrowing capacity of $912.2 million from May 28, 2027, to May 26, 2028. The Company and its subsidiaries were in compliance with the covenants under the revolving credit facility as of March 31, 2025.