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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt, Weighted Average Interest Rates And Due Dates | Long-term debt, interest rates, and due dates at December 31 are as follows:
| 2024 |  | 2023
| Year-end Interest Rate |  | Due Date Through |  | Balance |  | Year-end Interest Rate |  | Due Date Through |  | Balance
Senior Notes 1 | — | % |  | — |  |  | $ | — |  |  | 3.8 | % |  | 2024 |  | $ | 300.0 |
Senior Notes 1 | 3.5 | % |  | 2027 |  | 500.0 |  |  | 3.5 | % |  | 2027 |  | 500.0 |
Senior Notes 1 | 4.4 | % |  | 2029 |  | 500.0 |  |  | 4.4 | % |  | 2029 |  | 500.0 |
Senior Notes 1 | 3.5 | % |  | 2051 |  | 500.0 |  |  | 3.5 | % |  | 2051 |  | 500.0 |
Industrial development bonds - variable interest rates | 5.0 | % |  | 2030 |  | 3.8 |  |  | 4.1 | % |  | 2030 |  | 3.8 |
Commercial paper 2 | 5.1 | % |  | 2026 |  | 368.0 |  |  | 5.6 | % |  | 2026 |  | 186.0 |
Finance leases |  |  |  |  | 3.7 |  |  |  |  |  |  | 4.0 |
Other, partially secured |  |  |  |  | .3 |  |  |  |  |  |  | 7.4 |
Unamortized discounts and deferred loan costs |  |  |  |  | (11.7) |  |  |  |  |  |  | (13.6) |
Total debt |  |  |  |  | 1,864.1 |  |  |  |  |  |  | 1,987.6 |
Less: current maturities |  |  |  |  | 1.3 |  |  |  |  |  |  | 308.0 |
Total long-term debt |  |  |  |  | $ | 1,862.8 |  |  |  |  |  |  | $ | 1,679.6 |
1 Senior notes are unsecured and unsubordinated obligations. For each of the senior notes: (i) interest is paid semi-annually in arrears; (ii) principal is due at maturity with no sinking fund; and (iii) we may, at our option, at any time, redeem all or a portion of any of the debt at a make-whole redemption price equal to the greater of: (a) 100% of the principal amount of the notes being redeemed; and (b) the sum of the present values of the remaining scheduled payments of principal and interest thereon to the "par call date", discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a specified discount rate, determined by the terms of each respective note. The senior notes may also be redeemed by us within 90 days of maturity (or within 180 days of maturity for the notes maturing in 2051) at 100% of the principal amount plus accrued and unpaid interest, and we are required to offer to purchase such notes at 101% of the principal amount, plus accrued and unpaid interest, if we experience a Change of Control Repurchase Event, as defined in the Senior Notes. Also, each respective senior note contains restrictive covenants, including a limitation on secured debt of 15% of our consolidated assets, a limitation on sale and leaseback transactions, and a limitation on certain consolidations, mergers, and sales of assets. 2 The weighted average interest rate for the net commercial paper activity during the years ended December 31, 2024 and 2023 was 5.6% and 5.2%, respectively. We view the notes as a source of long- term funds and have classified the borrowings under the commercial paper program as long-term borrowings on our balance sheet. We have the intent to roll over such obligations on a long-term basis and have the ability to refinance these borrowings on a long-term basis, as evidenced by our $1,200.0 revolving credit facility maturing in 2026 discussed above.
Schedule of Maturities of Long-Term Debt | Maturities are as follows:
2025 | $ | 1.3 |
2026 | 369.1 |
2027 | 500.4 |
2028 | .4 |
2029 | 497.1 |
Thereafter | 495.8 |
| $ | 1,864.1 |
Schedule of Amounts Outstanding Related to Commercial Paper Program | Details of our commercial paper program at December 31 are presented in the table below:
| 2024 |  | 2023
Total authorized program | $ | 1,200.0 |  |  | $ | 1,200.0 |
Commercial paper outstanding (classified as long-term debt) | 368.0 |  |  | 186.0 |
Letters of credit issued under the credit agreement | — |  |  | — |
Amount limited by restrictive covenants of credit facility | 388.8 |  |  | 682.1 |
Total program available | $ | 443.2 |  |  | $ | 331.9 |

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