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Long-Term Debt | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Our outstanding long-term debt is shown below:
|  | September 30, |  | December 31,
(in millions) |  | 2025 |  | 2024
Uncollateralized Senior Notes: |  |  |  |
5.68% notes, due June 2026 |  | $ | 2.9 |  |  | $ | 5.8 |
6.39% notes, due December 2026 |  | 100.0 |  |  | 100.0 |
6.44% notes, due December 2027 |  | 100.0 |  |  | 100.0 |
6.43% notes, due May 2028 |  | 2.1 |  |  | 2.8 |
4.88% notes, due August 2028 |  | 60.0 |  |  | — |
3.73% notes, due December 2028 |  | 8.0 |  |  | 8.0 |
6.45% notes, due December 2028 |  | 100.0 |  |  | 100.0 |
3.88% notes, due May 2029 |  | 20.0 |  |  | 25.0 |
5.20% notes, due November 2029 |  | 100.0 |  |  | 100.0 |
5.02% notes, due September 2030 |  | 50.0 |  |  | — |
6.62% notes, due December 2030 |  | 100.0 |  |  | 100.0 |
5.16% notes, due August 2031 |  | 90.0 |  |  | — |
3.25% notes, due April 2032 |  | 47.3 |  |  | 52.5 |
6.71% notes, due December 2033 |  | 100.0 |  |  | 100.0 |
2.98% notes, due December 2034 |  | 70.0 |  |  | 70.0 |
3.00% notes, due July 2035 |  | 50.0 |  |  | 50.0 |
2.96% notes, due August 2035 |  | 40.0 |  |  | 40.0 |
2.49% notes, due January 2037 |  | 50.0 |  |  | 50.0 |
5.43% notes, due March 2038 |  | 80.0 |  |  | 80.0 |
3.48% notes, due May 2038 |  | 50.0 |  |  | 50.0 |
3.58% notes, due November 2038 |  | 50.0 |  |  | 50.0 |
6.73% notes, due December 2038 |  | 50.0 |  |  | 50.0 |
3.98% notes, due August 2039 |  | 100.0 |  |  | 100.0 |
2.95% notes, due March 2042 |  | 50.0 |  |  | 50.0 |
Equipment security note |  |  |  |
2.46% note, due September 2031 |  | 6.0 |  |  | 6.7 |
Less: debt issuance costs |  | (3.9) |  |  | (3.6) |
Total long-term debt |  | 1,472.4 |  |  | 1,287.2 |
Less: current maturities |  | (34.5) |  |  | (25.5) |
Total long-term debt, net of current maturities |  | $ | 1,437.9 |  |  | $ | 1,261.7 |
Terms of the Senior Notes All of our outstanding Senior Notes set forth certain business covenants to which we are subject when any note is outstanding, including covenants that limit or restrict our ability, and the ability of our subsidiaries, to incur indebtedness, or place or permit liens and encumbrances on any of our property or the property of our subsidiaries. Senior Notes In August 2025, we entered into a Note Purchase Agreement for the issuance of Senior Notes in the aggregate principal amount of $200.0 million with an initial funding of $150.0 million in August 2025 and an additional $50.0 million in September 2025. These Senior Notes have an average interest rate of 5.04 percent consisting of $60.0 million of 4.88 percent notes due in August 2028, $50.0 million of 5.02 percent notes due in September 2030, and $90.0 million of 5.16 percent notes due in August 2031. The proceeds received were used to reduce short-term borrowings under our Revolver and to fund capital expenditures. The outstanding principal balance of the Senior Notes will be due on their respective maturity dates with interest payments payable semiannually beginning in 2026 until the principal has been paid in full. These Senior Notes have similar covenants and default provisions as our other Senior Notes. On November 1, 2024, we issued 5.20 percent Senior Notes due in November 2029 in the aggregate principal amount of $100.0 million. The proceeds received were used to reduce short-term borrowings under our Revolver and to fund capital expenditures. These Senior Notes have similar covenants and default provisions as our other Senior Notes, and have semi-annual interest payments due on May 1 and November 1 of each year which began in 2025. Shelf Agreements We have entered into Shelf Agreements with Prudential and MetLife with terms that extend through February 2026 and June 2030, respectively, however neither of such lenders have any obligation to purchase debt thereunder. In June 2025, we amended our Shelf Agreement with MetLife to expand the total borrowing capacity and extend the term of the agreement for an additional five years. At September 30, 2025, a total of $305.0 million of borrowing capacity was available under these Shelf Agreements.

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