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NOTES PAYABLE - DIRECT CORPORATE OBLIGATIONS
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
NOTES PAYABLE - DIRECT CORPORATE OBLIGATIONS NOTES PAYABLE - DIRECT CORPORATE OBLIGATIONS
The following notes payable were direct corporate obligations of the Company as of March 31, 2025 and December 31, 2024 (dollars in millions):
March 31,
2025		December 31,
2024
6.450% Senior Notes due June 2034
$700.0 $700.0 
5.125% Subordinated Debentures due 2060
150.0 150.0 
5.250% Senior Notes due May 2029
500.0 500.0 
5.250% Senior Notes due May 2025
500.0 500.0 
Unamortized discount on 6.450% Senior Notes due June 2034
(2.2)(2.2)
Unamortized debt issue costs(13.6)(14.3)
Direct corporate obligations$1,834.2 $1,833.5 

Revolving Credit Agreement

The $250.0 million revolving credit agreement (the "Revolving Credit Agreement"), among other things, (i) requires the Company to maintain (each as calculated in accordance with the Revolving Credit Agreement): (i) a debt to total capitalization ratio (excluding hybrid securities, except to the extent that the aggregate amount outstanding of all such hybrid securities exceeds an amount equal to 15 percent of total capitalization) of not more than 35.0 percent (such ratio was 31.3 percent at March 31, 2025); and (ii) a minimum consolidated net worth of not less than the sum of (x) $2,674.0 million plus (y) 25.0 percent of the net equity proceeds received by the Company from the issuance and sale of equity interests in the Company (the Company's consolidated net worth was $3,769.6 million at March 31, 2025 compared to the minimum requirement of $2,699.9 million). The maturity date of the Revolving Credit Agreement is July 16, 2026. The Revolving Credit Agreement contains certain other restrictive covenants with which the Company must comply. The interest rate applicable to loans under the Revolving Credit Agreement is calculated as the Secured Overnight Financing Rate ("SOFR") (plus a credit spread adjustment of 0.10 percent for all available interest periods) or the base rate (as defined in the Revolving Credit Agreement), at the Company's option, plus a margin based on the Company's unsecured debt rating. The margins under the Revolving Credit Agreement range from 1.375 percent to 2.125 percent, in the case of loans at the SOFR, and 0.375 percent to 1.125 percent, in the case of loans at the base rate. The commitment fee under the Revolving Credit Agreement is based on the Company's unsecured debt rating. There were no amounts outstanding under the Revolving Credit Agreement during the three months ended March 31, 2025.