Long Term Debt

9 Months Ended

Sep. 30, 2024

Long-Term Debt.

Long-Term Debt

Note 3. Long Term Debt

Senior Unsecured Notes

In July 2024, the company issued $600.0 million of 5.375% notes due 2034. The net proceeds of $586 million, after expenses and the underwriting discount, from these notes are intended to be used for general corporate purposes, which may include the repayment at or prior to maturity of the company’s 2.800% senior notes due December 2024, working capital, capital expenditures, advances for or investments in the company’s subsidiaries, acquisitions, redemption and repayment of other outstanding indebtedness, and purchases of the company’s common stock.

Note 3. Long Term Debt (Continued)

These notes are in equal right of payment with all existing and future senior unsecured indebtedness and are senior in right of payment to all subordinated indebtedness. Early redemption is permitted any time prior to May 15, 2034, at the greater of par or a make-whole price of the remaining payments to be made discounted at the applicable U.S. Treasury rate plus 0.20%; and as of May 15, 2034, at 100.000%.