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Debt | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt |
Debt | Note 10. Debt ​ Debt consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​
​ | December 31, | ​ | December 31,
​ | 2024 |  | 2023
​ | (in millions)
Unsecured revolving credit facility maturing September 10, 2029 | $ | — | ​ | $ | —
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 | ​ | 1.1 | ​ | ​ | 1.4
Total | ​ | 1,151.1 | ​ | ​ | 1,151.4
Less: unamortized discount and debt issuance costs | ​ | (8.6) | ​ | ​ | (9.2)
Less: amounts due within one year | ​ | (399.7) | ​ | ​ | (0.3)
Total long-term debt | $ | 742.8 | ​ | $ | 1,141.9
​ The weighted average effective interest rate on the Company’s outstanding borrowings as of December 31, 2024 and 2023 was 3.02%. ​ Unsecured Credit Facility ​ On September 10, 2024, we entered into a $1.5 billion unsecured five-year Second Amended and Restated Credit Agreement (“Credit Agreement”) that amended and restated our then-existing $1.5 billion unsecured revolving credit facility. As of December 31, 2024, borrowings under the Credit Agreement were available at variable rates based on the Secured Overnight Financing Rate (“SOFR”) plus 1.00% or the bank prime rate and we currently pay a commitment fee at an annual rate of 0.10% 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 total net leverage ratio, as defined in the Credit Agreement. All borrowings under the Credit Agreement may be prepaid without penalty. ​ As of December 31, 2024 and 2023, we had no outstanding borrowings on the revolving credit facility. We had $1.1 million and $1.4 million of letters of credit outstanding under the revolving credit facility as of December 31, 2024 and December 31, 2023, respectively. ​ 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 wholly owned subsidiary in China has a revolving credit facility with a credit limit of $7.5 million as of December 31, 2024 with no outstanding balance as of December 31, 2024 and 2023. ​ Various industrial revenue bonds had combined outstanding balances of $1.1 million and $1.4 million as of December 31, 2024 and 2023, respectively, bearing interest at variable rates 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 $29.2 million and $40.9 million were outstanding under this facility as of December 31, 2024 and 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, a financial maintenance covenant that requires us to comply with a maximum total net leverage ratio. We were in compliance with the financial maintenance covenant in our Credit Agreement at December 31, 2024. ​ Debt Maturities ​ The following is a summary of aggregate maturities of long-term debt for each of the next five years and thereafter: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |  | (in millions)
2025 | ​ | ​ | ​ | $ | 400.3
2026 | ​ | ​ | ​ | ​ | 0.4
2027 | ​ | ​ | ​ | ​ | 0.4
2028 | ​ | ​ | ​ | ​ | —
2029 | ​ | ​ | ​ | ​ | —
Thereafter | ​ | ​ | ​ | ​ | 750.0
​ | ​ | ​ | ​ | $ | 1,151.1
​

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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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