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v3.25.1

Debt | 3 Months Ended
--- | ---
Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt | DEBT Debt is composed of the following obligations.
($ in millions) | March 31, 2025 | December 31, 2024
Short-term debt: |  |
Local overdraft facilities | $ | 17.0 |  | 18.9 |
Other short-term borrowings | 71.3 |  | 134.9 |
Commercial paper, net of debt issuance costs of $1.7 and $0.7 | 898.3 |  | 199.3 |
Total short-term debt, net of debt issuance costs | $ | 986.6 |  | 353.1 |
Credit facility, net of debt issuance costs of $10.7 and $11.4 | 409.3 |  | 88.6 |
Long-term senior notes, 1.96%, face amount of €175.0, due June 2027, net of debt issuance costs of $0.3 and $0.3 | 188.7 |  | 181.2 |
Long-term senior notes, 6.875%, face amount of $400.0, due December 2028, net of debt issuance costs of $5.3 and $5.6 | 394.7 |  | 394.4 |
Long-term senior notes, 2.21%, face amount of €175.0, due June 2029, net of debt issuance costs of $0.4 and $0.5 | 188.7 |  | 181.1 |
Total debt, net of debt issuance costs | $ | 2,168.0 |  | 1,198.4 |
Commercial Paper Program We maintain a commercial paper program (the "Program") in which we may issue up to $2.5 billion of short-term, unsecured and unsubordinated commercial paper notes at any time. Amounts available under the Program may be borrowed, repaid and re-borrowed from time to time. Notes issued under the Program will be sold under customary market terms in the U.S. commercial paper market at par less a discount representing an interest factor or, if interest bearing, at par. The maturities of the Program notes may vary but may not exceed 397 days from the date of issuance. We intend to use net proceeds of the Program for general corporate purposes, including the repayment of outstanding borrowings under our credit facilities. Credit Facilities We have a $3.3 billion unsecured revolving credit facility (the "Facility") that matures on November 3, 2028. Undiscounted pricing on the Facility ranges from Adjusted Term Secured Overnight Financing Rate ("SOFR") plus 0.875% to 1.35%, with pricing including facility fees, as of March 31, 2025 at Adjusted Term SOFR plus 0.86%. In addition, we have an uncommitted credit agreement (the "Uncommitted Facility"), which allows for discretionary short-term liquidity of up to $400.0 million. Interest and fees are set at the time of utilization and calculated on a 360-day basis. Between quarter-end dates, we intend to use the proceeds to reduce indebtedness under the Facility at a lower interest rate. As such, the Uncommitted Facility had no outstanding balance as of both March 31, 2025 and December 31, 2024. The following table provides additional information on our Program, Facility and Uncommitted Facility, collectively.
|  | Three Months Ended March 31,
($ in millions) |  |  | 2025 | 2024
Average outstanding borrowings |  |  | $ | 1,003.3 |  | 1,056.7 |
Average effective interest rate |  |  | 5.0 | % | 6.1 | %
We will continue to use the Facility for, but not limited to, business acquisitions, working capital needs (including payment of accrued incentive compensation), co-investment activities, share repurchases and capital expenditures. Short-Term and Long-Term Debt In addition to our credit facilities, we have the capacity to borrow up to an additional $44.1 million under local overdraft facilities. Amounts outstanding are presented in the debt table above. As of March 31, 2025, our issuer and senior unsecured ratings are investment grade: Baa1 from Moody’s Investors Service, Inc. and BBB+ from Standard & Poor’s Ratings Services. Covenants Our Facility and senior notes are subject to customary financial and other covenants, including cash interest coverage ratios and leverage ratios, as well as event of default conditions. We remained in compliance with all covenants as of March 31, 2025. Warehouse Facilities We maintain our Warehouse facilities with third-party lenders for the purpose of funding mortgage loans that will be resold (Warehouse receivables). The following table shows our gross cash activity related to Warehouse receivables as well as the corresponding, and largely offsetting, net change of our Warehouse facilities. This activity, in aggregate, is reflected as net cash flows from operating activities in our Consolidated Statements of Cash Flows.
| Three Months Ended March 31,
(in millions) | 2025 | 2024
Origination of mortgage loans | $ | (1,824.1) |  | (1,587.3) |
Proceeds from the sales of mortgage loans | 2,064.3 |  | 1,929.4 |
Net decrease in Warehouse facilities | (240.3) |  | (340.5) |
The following table provides details regarding our Warehouse facilities lines of credit.
| March 31, 2025 |  | December 31, 2024
($ in millions) | Outstanding Balance | Maximum Capacity |  | Outstanding Balance | Maximum Capacity
Warehouse facilities: |  |  |  |  |
SOFR plus 1.40%, expires September 15, 2025 | $ | 85.2 |  | 700.0 |  |  | 341.3 |  | 700.0 |
SOFR plus 1.30%, expires September 13, 2025 | 348.4 |  | 1,200.0 |  |  | 416.5 |  | 2,100.0 |
SOFR plus 1.40%, expires October 23, 2025 | 167.7 |  | 400.0 |  |  | 8.8 |  | 400.0 |
Fannie Mae ASAP(1) program, SOFR plus 1.25% | — |  | n/a |  | 75.3 |  | n/a
Gross warehouse facilities | 601.3 |  | 2,300.0 |  |  | 841.9 |  | 3,200.0 |
Debt issuance costs | (0.6) |  | n/a |  | (0.9) |  | n/a
Total warehouse facilities | $ | 600.7 |  | 2,300.0 |  |  | 841.0 |  | 3,200.0 |
(1) As Soon As Pooled ("ASAP") funding program We have lines of credit established for the sole purpose of funding our Warehouse receivables. These lines of credit exist with financial institutions and are secured by the related Warehouse receivables. Pursuant to these facilities, we are required to comply with certain financial covenants regarding (i) minimum net worth, (ii) minimum servicing-related loans and (iii) minimum adjusted leverage ratios. We remained in compliance with all covenants under our facilities as of March 31, 2025.

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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 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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