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Debt | 6 Months Ended
--- | ---
Jun. 30, 2024
Debt |
Debt | Note 6. Debt ​ Debt consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​
​ | June 30, | ​ | December 31,
​ | 2024 |  | 2023
​ | (in millions)
Unsecured revolving credit facility maturing September 3, 2025 | $ | — | ​ | $ | —
Senior unsecured notes, interest payable semi-annually at 1.30%, effective rate of 1.53%, maturing August 15, 2025 | ​ | 400.0 | ​ | ​ | 400.0
Senior unsecured notes, interest payable semi-annually at 2.15%, effective rate of 2.27%, maturing August 15, 2030 | ​ | 500.0 | ​ | ​ | 500.0
Senior unsecured notes, interest payable semi-annually at 6.85%, effective rate of 6.91%, maturing November 15, 2036 | ​ | 250.0 | ​ | ​ | 250.0
Other notes | ​ | 1.4 | ​ | ​ | 1.4
Total | ​ | 1,151.4 | ​ | ​ | 1,151.4
Less: unamortized discount and debt issuance costs | ​ | (7.8) | ​ | ​ | (9.2)
Less: amounts due within one year | ​ | (0.3) | ​ | ​ | (0.3)
Total long-term debt | $ | 1,143.3 | ​ | $ | 1,141.9
​ The weighted average effective interest rate on the Company’s outstanding borrowings as of June 30, 2024 and December 31, 2023 was 3.02%. ​ Unsecured Credit Facility ​ On September 3, 2020, we entered into a $1.5 billion unsecured five-year Amended and Restated Credit Agreement that amended and restated our then-existing $1.5 billion unsecured revolving credit facility. As of June 30, 2024, borrowings under the Credit Agreement were available at variable rates based on the Secured Overnight Financing Rate (“SOFR”) plus 1.10% or the bank prime rate and we currently pay a commitment fee at an annual rate of 0.175% on the unused portion of the revolving credit facility. The applicable margins over SOFR and base rate borrowings, along with commitment fees, are subject to adjustment every quarter based on our leverage ratio, as defined in the Credit Agreement. All borrowings under the Credit Agreement may be prepaid without penalty. ​ As of June 30, 2024 and December 31, 2023, we had no outstanding borrowings on the revolving credit facility. We had $1.4 million of letters of credit outstanding under the revolving credit facility as of June 30, 2024 and December 31, 2023. ​ Senior Unsecured Notes ​ Under the indentures for each series of our senior notes (the “indentures”), the notes are senior unsecured obligations and rank equally in right of payment with all of our existing and future unsecured and unsubordinated obligations. If we experience a change in control accompanied by a downgrade in our credit rating, we will be required to make an offer to repurchase each series of the notes at a price equal to 101% of their principal amount plus accrued and unpaid interest. ​ Other Notes, Revolving Credit and Letter of Credit/Letters of Guarantee Facilities ​ A revolving credit facility with a credit limit of $7.5 million is in place for an operation in Asia with no outstanding balance as of June 30, 2024 and December 31, 2023. ​ Various industrial revenue bonds had combined outstanding balances of $1.4 million as of June 30, 2024 and December 31, 2023 and have maturities through 2027. ​ We have a $50.0 million standby letters of credit/letters of guarantee agreement with one of the lenders under our Credit Agreement. A total of $42.6 million and $40.9 million were outstanding under this facility as of June 30, 2024 and December 31, 2023, respectively. ​ Covenants ​ The Credit Agreement and the indentures include customary representations, warranties, covenants and events of default provisions. The covenants under the Credit Agreement include, among other things, two financial maintenance covenants that require us to comply with a minimum interest coverage ratio and a maximum leverage ratio. We were in compliance with all financial maintenance covenants in our Credit Agreement at June 30, 2024.

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