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Debt and Credit Arrangements | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Debt and Credit Arrangements | 5. DEBT AND CREDIT ARRANGEMENTS Debt consists of the following:
DECEMBER 31 |  | 2025 |  |  | 2024 |
(in millions) |  |  |  |  |  |
Short-term: |  |  |  |  |  |
Senior debentures maturing April 15, 2026 |  | $ | 375.0 |  |  | $ | — |
Senior debentures maturing October 15, 2025 |  |  | — |  |  |  | 61.8 |
Total short-term debt |  |  | 375.0 |  |  |  | 61.8 |
Long-term: |  |  |  |  |  |
Senior debentures maturing September 1, 2035 |  |  | 500.0 |  |  |  | — |
Senior debentures maturing April 15, 2026 |  |  | — |  |  |  | 375.0 |
Senior debentures maturing September 1, 2030 |  |  | 300.0 |  |  |  | 300.0 |
Subordinated debentures maturing February 3, 2027 |  |  | 50.1 |  |  |  | 50.1 |
Long-term debt principal |  |  | 850.1 |  |  |  | 725.1 |
Unamortized debt issuance costs |  |  | (6.8 | ) |  |  | (2.8 | )
Total long-term debt |  |  | 843.3 |  |  |  | 722.3 |
Total debt |  | $ | 1,218.3 |  |  | $ | 784.1 |
On August 21, 2025, the Company issued $500.0 million aggregate principal amount of 5.50% unsecured senior debentures maturing on September 1, 2035. Net proceeds (before expenses) of the debt issuance were $496.7 million. The Company used a portion of these net proceeds to repay $61.8 million of outstanding 7.625% senior debentures on their maturity date of October 15, 2025. The Company also held $375.0 million par value of 4.50% unsecured senior debentures at December 31, 2025 and 2024, that were issued on April 8, 2016, and mature on April 15, 2026. On January 15, 2026, the Company used a portion of the proceeds from the August 21, 2025 debt issuance to redeem these senior debentures. In addition, the Company held $300.0 million aggregate principal amount of 2.50% unsecured senior debentures, issued on August 24, 2020 and maturing September 1, 2030 at December 31, 2025 and 2024. All of the Company’s outstanding senior debentures are subject to certain restrictive covenants, including limitations on the issuance or disposition of stock of restricted subsidiaries and limitations on liens, and pay interest semi-annually. The Company also held subordinated debentures with a par value of $50.1 million as of December 31, 2025 and 2024, maturing February 3, 2027, and pay cumulative dividends semi-annually at 8.207%. Membership in the FHLB provides the Company with access to additional short-term liquidity based on the level of investment in FHLB stock and pledged collateral. Total holdings of FHLB stock were $6.1 million at December 31, 2025 and 2024, respectively. At December 31, 2025 and 2024, the Company had pledged government agency securities with a fair value of $339.2 million and $130.9 million, respectively, as collateral for periodic short-term borrowings with the FHLB. There were no borrowings outstanding with the FHLB at December 31, 2025 or 2024. In July 2023, the Company entered into a $150.0 million credit agreement that provides for a five-year unsecured revolving credit facility. The Company had no borrowings under this credit agreement as of and during the years ended December 31, 2025 and 2024. Interest expense was $43.2 million in 2025 and $34.1 million in both 2024 and 2023. At December 31, 2025, the Company was in compliance with the covenants associated with all of its debt indentures and credit arrangements.

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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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