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v3.25.1

Debt and Letters of Credit | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt and Letters of Credit | Debt and Letters of Credit Debt consisted of the following:
(in millions) | March 31, 2025 |  | December 31, 2024
Borrowings under credit facility | $ | — |  |  | $ | — |
Senior Notes |  |  |
2028 Notes (4.250% Senior Notes) | 525 |  |  | 543 |
Unamortized discount and deferred financing costs | (2) |  |  | (2) |
2029 Notes (1.125% Convertible Senior Notes) | 575 |  |  | 575 |
Unamortized deferred financing costs | (11) |  |  | (12) |
Total debt | $ | 1,087 |  |  | $ | 1,104 |
Credit Facility As of March 31, 2025, letters of credit totaling $465 million were outstanding under our $2.2 billion credit facility, which matures in February 2028. This credit facility contains customary financial covenants, including a debt-to-capitalization ratio that cannot exceed 0.60 to 1.00, a limitation on the aggregate amount of debt of the greater of $750 million or €750 million for our subsidiaries, and a minimum liquidity threshold of $1.2 billion, all as defined in the amended credit facility, which may be reduced to $1.0 billion upon the repayment of debt. The credit facility also contains provisions that will require us to provide collateral to secure the facility should we be downgraded to BB by S&P and Ba2 by Moody's, such collateral consisting broadly of our U.S. assets. Borrowings under the facility, which may be denominated in USD, EUR or GBP, bear interest at a base rate, plus an applicable borrowing margin. As of March 31, 2025, we had not made any borrowings under our credit facility line and maintained a borrowing capacity of $856 million. Uncommitted Lines of Credit As of March 31, 2025, letters of credit totaling $941 million were outstanding under uncommitted lines of credit. Redemption of 2028 Notes During the 2025 and 2024 Quarters, we redeemed $18 million and $10 million, respectively, of the aggregate outstanding 2028 Notes, with an immaterial impact on earnings in both periods.

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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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