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DEBT (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of 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.
Schedule of Standby Letters of Credit | 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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