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v3.25.1

DEBT | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
DEBT | DEBT Debt is detailed as follows:
in millions | Effective Interest Rates | March 31 2025 | December 31 2024 | March 31 2024
Bank line of credit expires 2029 1 |  | $ | 0.0 |  | $ | 0.0 |  | $ | 0.0 |
Commercial paper expires 2029 1 |  | 0.0 |  | 0.0 |  | 0.0 |
Total short-term debt |  | $ | 0.0 |  | $ | 0.0 |  | $ | 0.0 |
Bank line of credit expires 2029 1 |  | $ | 0.0 |  | $ | 0.0 |  | $ | 0.0 |
Commercial paper expires 2029 1 |  | 550.0 |  | 550.0 |  | 550.0 |
4.50% notes due 2025 |  | 0.0 |  | 400.0 |  | 400.0 |
3.90% notes due 2027 | 4.00% | 400.0 |  | 400.0 |  | 400.0 |
4.95% notes due 2029 | 5.17% | 500.0 |  | 500.0 |  | 0.0 |
3.50% notes due 2030 | 3.94% | 750.0 |  | 750.0 |  | 750.0 |
5.35% notes due 2034 | 5.48% | 750.0 |  | 750.0 |  | 0.0 |
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 |
5.70% notes due 2054 | 5.82% | 750.0 |  | 750.0 |  | 0.0 |
Other notes |  | 0.6 |  | 1.0 |  | 1.0 |
Total long-term debt - face value |  | $ | 4,990.7 |  | $ | 5,391.1 |  | $ | 3,391.1 |
Unamortized discounts and debt issuance costs |  | (82.3) |  | (83.7) |  | (59.9) |
Total long-term debt - book value |  | $ | 4,908.4 |  | $ | 5,307.4 |  | $ | 3,331.2 |
Current maturities |  | (0.5) |  | (400.5) |  | (0.5) |
Total long-term debt - reported value |  | $ | 4,907.9 |  | $ | 4,906.9 |  | $ | 3,330.7 |
Estimated fair value of long-term debt |  | $ | 4,794.5 |  | $ | 4,762.6 |  | $ | 3,205.2 |
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. Discounts and debt issuance costs are amortized using the effective interest method over the terms of the respective notes resulting in $1.4 million and $3.5 million of net interest expense for these items for the three months ended March 31, 2025 and 2024, respectively. LINE OF CREDIT AND COMMERCIAL PAPER PROGRAM Our $1,600.0 million commercial paper program was established in August 2022 and matures in November 2029. Commercial paper borrowings bear interest at rates determined at the time of borrowing and as agreed between us and the commercial paper investors. As of March 31, 2025, we had $550.0 million in long-term commercial paper borrowings with a 4.69% effective interest rate. Our $1,600.0 million unsecured line of credit was amended in November 2024 to extend the maturity date from August 2027 to November 2029. Our line of credit contains covenants customary for an unsecured investment-grade facility. As of March 31, 2025, we were in compliance with the line of credit 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 March 31, 2025, 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 March 31, 2025, our available borrowing capacity under the line of credit was $1,576.1 million. Utilization of the borrowing capacity was as follows: ▪None was borrowed ▪$23.9 million was used to support standby letters of credit TERM DEBT All of our $4,990.7 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 March 31, 2025, we were in compliance with all term debt covenants. In November 2024, we issued $500.0 million of 4.95% senior notes due 2029, $750.0 million of 5.35% senior notes due 2034 and $750.0 million of 5.70% senior notes due 2054. Total proceeds of $1,975.0 million (net of discounts and transaction costs), together with cash on hand, were used to provide liquidity for acquisitions in 2024 and debt maturing in 2025. In March 2025, we redeemed the $400.0 million senior notes due April 2025 using cash on hand. 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. Except for $9.6 million of letters of credit related to acquisitions completed in 2024, 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 March 31, 2025 are summarized by purpose in the table below:
in millions |
Risk management insurance | $ | 10.1 |
Reclamation/restoration requirements | 23.4 |
Total standby letters of credit | $ | 33.5 |

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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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