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Financing (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Short-term Debt

Our Revolving Credit Facility and CP Program, which are classified as Notes payable on the Consolidated Balance Sheets, had the following borrowings, outstanding letters of credit, and available capacity as of:

	September 30, 2024			December 31, 2023
	(dollars in millions)
Amount outstanding	$	17.5		$	-
Letters of credit (a)	$	3.5		$	3.7
Available capacity	$	729.0		$	746.3
Weighted average interest rates		4.93	%	N/A

(a)Letters of credit are off-balance sheet commitments that reduce the borrowing capacity available on our corporate Revolving Credit Facility.

Revolving Credit Facility and CP Program borrowing activity was as follows:

	Nine Months Ended September 30,
	2024			2023
	(dollars in millions)
Maximum amount outstanding (based on daily outstanding balances)	$	25.8		$	548.7
Average amount outstanding (based on daily outstanding balances)	$	0.6		$	109.2
Weighted average interest rates		5.15	%		4.91	%

Summary of ATM Activity

ATM activity was as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024 (a)			2023			2024 (a)			2023
August 4, 2020 ATM Program	(in millions, except Average price per share amounts)
Proceeds, (net of issuance costs of $0.0, $0.0, $0.0, and $(0.5), respectively)	$	-		$	-		$	-		$	48.5
Number of shares issued		-			-			-			0.8
June 16, 2023 ATM Program
Proceeds, (net of issuance costs of $(1.1), $(0.5), $(1.8), and $(0.6), respectively)	$	108.6		$	52.8		$	181.6		$	59.2
Number of shares issued		1.9			0.9			3.3			1.0
Total activity under both ATM Programs
Proceeds, (net of issuance costs of $(1.1), $(0.5), $(1.8), and $(1.1), respectively)	$	108.6		$	52.8		$	181.6		$	107.7
Number of shares issued		1.9			0.9			3.3			1.8
Average price per share	$	56.84		$	57.33		$	55.63		$	60.02

(a)In August 2024, we executed a block trade, which completed our planned equity issuances for 2024.

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Summary of at-the-marke activity.

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- Definition

Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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