Subsequent Events

12 Months Ended

Dec. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

On January 29, 2025, the parent company issued $1.0 billion of senior fixed-to-floating rate notes with a maturity date of January 29, 2031 (the “2031 Senior Notes”) and $1.75 billion of senior fixed-to-floating rate notes with a maturity date of January 29, 2036 (the “2036 Senior Notes”). Interest is payable on the 2031 Senior Notes semi-annually at a fixed rate of 5.222% per annum, on January 29 and July 29 of each year, beginning on July 29, 2025. Beginning on January 29, 2030, interest is payable on the 2031 Senior Notes quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index as described in the Prospectus Supplement), plus 1.072%, on April 29, 2030, July 29, 2030, October 29, 2030 and at the maturity date. Interest is payable on the 2036 Senior Notes semi-annually in arrears at a fixed rate of 5.575% per annum, on January 29 and July 29 of each year, beginning on July 29, 2025. Beginning on January 29, 2035, interest is payable on the 2036 Senior Notes quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index as described in the Prospectus Supplement), plus 1.394%, on April 29, 2035, July 29, 2035, October 29, 2035 and at the maturity date.