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5. Long-Term Debt | 6 Months Ended
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Jun. 30, 2022
Debt Disclosure [Abstract] |
Long-term Debt | . LONG-TERM DEBT The principal components of long-term debt are as follows (in millions):
| June 30, 2022 |  | December 31, 2021
3.3%, Senior Notes due 2027 | $ | 400.0 |  |  | $ | — |
3.7%, Senior Notes due 2032 | 800.0 |  |  | — |
Less unamortized discounts and debt issuance costs | (13.3) |  |  | — |
Long-term debt less unamortized discounts and debt issuance costs | 1,186.7 |  |  | — |
Finance leases and other debt | 10.7 |  |  | 11.0 |
Less current maturities | (0.5) |  |  | (0.5) |
Long-term debt | $ | 1,196.9 |  |  | $ | 10.5 |
Senior Notes due 2027 and 2032 In March 2022, pursuant to an indenture we issued $400.0 million in principal amount of Senior Notes due March 2027 (the “2027 Notes”) and $800.0 million in principal amount of Senior Notes due March 2032 (the “2032 Notes” and, together with the 2027 Notes, the “Notes”). The issuance of the 2027 Notes yielded net cash proceeds of $395.7 million at an effective rate of 3.5346% and the sale of the 2032 Notes yielded net cash proceeds of $790.5 million at an effective rate of 3.8429%. The 2027 Notes and the 2032 Notes pay a fixed rate of interest of 3.3% and 3.7% per annum, respectively. Interest on the Notes is payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2022 until the principal is paid or made available for payment. We have the option to redeem the Notes at any time, in whole or in part, at a redemption price calculated in accordance with the indenture, plus accrued and unpaid interest thereon to the redemption date. In the event of a change of control, the holders may require us to repurchase for cash all or a portion of their notes at a purchase price equal to 101% of the principal amount of the notes, plus accrued and unpaid interest, if any. Our obligations under the Notes are unsecured senior obligations that rank equally in right of payment with all of our other existing and future unsecured, unsubordinated debt. The Notes include covenants that limit our ability to, among other things, (i) grant specified liens, (ii) engage in specified sale and leaseback transactions, (iii) consolidate or merge with or into other companies or (iv) sell all or substantially all of our assets. We were in compliance with these covenants as of June 30, 2022.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 + Details
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