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Debt | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
DEBT | DEBT 2026 and 2031 Senior Notes On March 5, 2021, we issued $1.0 billion aggregate principal amount of senior notes (collectively, the “Senior Notes”), consisting of $500.0 million aggregate principal amount of 1.0% notes due March 15, 2026 (the “2026 Senior Notes”) and $500.0 million aggregate principal amount of 2.2% notes due March 15, 2031 (the “2031 Senior Notes”), in an underwritten registered public offering. The Senior Notes are senior unsecured obligations and rank equally with each other in right of payment and with our other outstanding obligations. We may redeem the Senior Notes at any time in whole or in part for cash, at specified redemption prices that include accrued and unpaid interest, if any, and a make-whole premium. However, no make-whole premium will be paid for redemptions of the 2026 Senior Notes on or after February 15, 2026, or the 2031 Senior Notes on or after December 15, 2030. Interest on the Senior Notes is payable on March 15 and September 15 of each year, beginning on September 15, 2021. The 2026 Senior Notes were recorded as current portion of long-term debt and the 2031 Senior Notes were recorded as long-term debt as of September 30, 2025 and both of the Senior Notes were recorded as long-term debt as of December 31, 2024, net of discount and issuance costs, which are amortized to interest expense over the respective contractual terms of these notes using the effective interest method. The total outstanding debt is summarized below (in millions, except percentages):
| Maturity |  | Coupon Rate |  | Effective Interest Rate |  | September 30, 2025 |  | December 31, 2024
Debt |  |  |  |  |  |  |  |  |
2026 Senior Notes | March 2026 |  | 1.0% |  | 1.3% |  | $ | 500.0 |  |  | $ | 500.0 |
2031 Senior Notes | March 2031 |  | 2.2% |  | 2.3% |  | 500.0 |  |  | 500.0 |
Total debt |  |  |  |  |  |  | 1,000.0 |  |  | 1,000.0 |
Less: Unamortized discount and debt issuance costs |  |  |  |  |  |  | 4.1 |  |  | 5.7 |
Less: Current portion of long-term debt |  |  |  |  |  |  | $ | 499.4 |  |  | $ | — |
Total long-term debt |  |  |  |  |  |  | $ | 496.5 |  |  | $ | 994.3 |
As of September 30, 2025 and December 31, 2024, we accrued interest payable of $0.7 million and $4.7 million, respectively, and there are no financial covenants with which we must comply. During the three months ended September 30, 2025 and 2024, we recorded $4.5 million of total interest expense in relation to these Senior Notes in each period. During the nine months ended September 30, 2025 and 2024, we recorded $13.5 million of total interest expense in relation to these Senior Notes in each period. No interest costs were capitalized for the nine months ended September 30, 2025 and 2024, as the costs that qualified for capitalization were not material. The total estimated fair value of the outstanding Senior Notes was approximately $939.4 million, including accrued and unpaid interest, as of September 30, 2025. The fair value was determined based on observable market prices of identical instruments in less active markets. The estimated fair values are based on Level 2 inputs.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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