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DEBT | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
DEBT | DEBT Debt is detailed as follows:
in millions | Effective Interest Rates | September 30 2024 | December 31 2023 | September 30 2023
Bank line of credit expires 2027 1 |  | $ | 0.0 |  | $ | 0.0 |  | $ | 0.0 |
Commercial paper expires 2027 1 |  | 0.0 |  | 0.0 |  | 0.0 |
Total short-term debt |  | $ | 0.0 |  | $ | 0.0 |  | $ | 0.0 |
Bank line of credit expires 2027 1 |  | $ | 0.0 |  | $ | 0.0 |  | $ | 0.0 |
Commercial paper expires 2027 1 |  | 550.0 |  | 550.0 |  | 550.0 |
4.50% notes due 2025 2 | 4.65% | 400.0 |  | 400.0 |  | 400.0 |
5.80% notes due 2026 |  | 0.0 |  | 550.0 |  | 550.0 |
3.90% notes due 2027 | 4.00% | 400.0 |  | 400.0 |  | 400.0 |
3.50% notes due 2030 | 3.94% | 750.0 |  | 750.0 |  | 750.0 |
7.15% notes due 2037 | 8.05% | 129.2 |  | 129.2 |  | 129.2 |
4.50% notes due 2047 | 4.59% | 700.0 |  | 700.0 |  | 700.0 |
4.70% notes due 2048 | 5.42% | 460.9 |  | 460.9 |  | 460.9 |
Other notes | 0.37% | 1.0 |  | 1.4 |  | 1.5 |
Total long-term debt - face value |  | $ | 3,391.1 |  | $ | 3,941.5 |  | $ | 3,941.6 |
Unamortized discounts and debt issuance costs |  | (61.4) |  | (63.4) |  | (64.7) |
Fair value adjustments 3 |  | 0.0 |  | (0.3) |  | (2.1) |
Total long-term debt - book value |  | $ | 3,329.7 |  | $ | 3,877.8 |  | $ | 3,874.8 |
Less current maturities |  | (0.5) |  | (0.5) |  | (0.5) |
Total long-term debt - reported value |  | $ | 3,329.2 |  | $ | 3,877.3 |  | $ | 3,874.3 |
Estimated fair value of long-term debt |  | $ | 3,286.9 |  | $ | 3,798.0 |  | $ | 3,597.6 |
1 Borrowings on the bank line of credit and commercial paper are classified as short-term if we intend to repay within twelve months and as long-term if we have the intent and ability to extend payment beyond twelve months. 2 We have the intent and ability to refinance these notes due April 2025 on a long-term basis. 3 See Note 6 for additional information on our fair value hedging strategy. Discounts and debt issuance costs are amortized using the effective interest method over the terms of the respective notes resulting in $5.5 million and $5.0 million of net interest expense for these items for the nine months ended September 30, 2024 and 2023, respectively. DELAYED DRAW TERM LOAN, LINE OF CREDIT AND COMMERCIAL PAPER PROGRAM In June 2021, we entered into a $1,600.0 million unsecured delayed draw term loan which was fully drawn in August 2021 upon the acquisition of U.S. Concrete. The delayed draw term loan was paid down to $1,100.0 million in September 2021 with cash on hand, paid down to $550.0 million in August 2022 using the proceeds from the issuance of commercial paper as described below and fully repaid in March 2023 using proceeds from the issuance of 5.80% senior notes as described below. In 2022, we established a $1,600.0 million commercial paper program through which we borrowed $550.0 million that was used to partially repay the delayed draw term loan. As of September 30, 2024, we had $550.0 million in long-term commercial paper borrowings. Commercial paper borrowings bear interest at rates determined at the time of borrowing and as agreed between us and the commercial paper investors. Our $1,600.0 million unsecured line of credit matures in August 2027 and contains covenants customary for an unsecured investment-grade facility. As of September 30, 2024, we were in compliance with the covenants. Borrowings on the line of credit bear interest, at our option, at either SOFR plus a margin or Truist Bank’s base rate plus a margin. The margins are determined by our credit ratings. Standby letters of credit, which are issued under the line of credit and reduce availability, are charged a fee equal to the margin for SOFR borrowings plus 0.175%. We also pay a commitment fee on the daily average unused amount of the line of credit that ranges from 0.090% to 0.225% determined by our credit ratings. As of September 30, 2024, the margin for SOFR borrowings was 1.125%, the margin for base rate borrowings was 0.125% and the commitment fee for the unused amount was 0.100%. As of September 30, 2024, our available borrowing capacity under the line of credit was $1,504.8 million. Utilization of the borrowing capacity was as follows: ▪None was borrowed ▪$95.2 million was used to support standby letters of credit TERM DEBT All of our $3,391.1 million (face value) of term debt (which includes $550.0 million of commercial paper) is unsecured. All of the covenants in the debt agreements are customary for investment-grade facilities. As of September 30, 2024, we were in compliance with all term debt covenants. In March 2023, we issued $550.0 million of 5.80% senior notes due 2026. Total proceeds of $546.6 million (net of discounts and transaction costs), together with cash on hand, were used to repay the $550.0 million delayed draw term loan. We redeemed these notes at par in March 2024 using cash on hand and recognized noncash expense of $2.3 million with the acceleration of unamortized deferred debt issuance costs. STANDBY LETTERS OF CREDIT We provide, in the normal course of business, certain third-party beneficiaries with standby letters of credit to support our obligations to pay or perform according to the requirements of an underlying agreement. Such letters of credit typically have an initial term of one year, renew automatically and can only be modified or canceled with the approval of the beneficiary. Our standby letters of credit are issued by banks that participate in our $1,600.0 million line of credit and reduce the borrowing capacity thereunder. Our standby letters of credit as of September 30, 2024 are summarized by purpose in the table below:
in millions |
Risk management insurance | $ | 80.3 |
Reclamation/restoration requirements | 14.9 |
Total standby letters of credit | $ | 95.2 |

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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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