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Long-term debt | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Long-term debt | NOTE 4 – Long-term debt Our long-term debt is summarized below (in thousands):
| Sept. 30, 2025 |  |  | Dec. 31, 2024 |
Unsecured notes bearing fixed rate interest at 4.75% due March 2026 | $ | - |  |  | $ | 550,000 |
Unsecured notes bearing fixed rate interest at 7.75% due June 2027 |  | 200,000 |  |  |  | 200,000 |
Unsecured notes bearing fixed rate interest at 7.25% due September 2027 |  | 240,000 |  |  |  | 240,000 |
Unsecured notes bearing fixed rate interest at 4.625% due March 2028 |  | 1,000,000 |  |  |  | 1,000,000 |
Unsecured notes bearing fixed rate interest at 5.00% due September 2029 |  | 1,100,000 |  |  |  | 1,100,000 |
Total outstanding principal |  | 2,540,000 |  |  |  | 3,090,000 |
Debt issuance costs |  | (12,698 | ) |  |  | (17,285 | )
Unamortized discounts |  | 2,713 |  |  |  | 3,736 |
Total long-term debt, net | $ | 2,530,015 |  |  | $ | 3,076,451 |
On July 2, 2025, we utilized available cash on hand to repay $250 million of our $550 million unsecured notes that were scheduled to mature in March 2026. We also paid $3.5 million of accrued interest and wrote off $0.5 million of unamortized debt issuance costs related to the early partial payoff of these notes. On September 22, 2025, we utilized available cash on hand to repay the remaining $300 million of our $550 million unsecured notes that were scheduled to mature in March 2026. We also paid $0.3 million of accrued interest and wrote off $0.4 million of unamortized debt issuance costs related to the early payoff of these notes. As of September 30, 2025, cash and cash equivalents totaled $232.8 million and we had $11.8 million of letters of credit outstanding and unused borrowing capacity of $738.2 million under our $750 million revolving credit facility, which expires in Ja nuary 2029. We were in compliance with all covenants, including the leverage ratio (our one financial covenant) contained in our debt agreements and revolving credit facility. We believe, based on our current financial forecasts and trends, that we will remain compliant with all covenants for the foreseeable future.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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