Long-Term Debt

3 Months Ended

Mar. 31, 2025

Our outstanding long-term debt is shown below:


	March 31,		December 31,
(in millions)	2025		2024
Uncollateralized Senior Notes:
5.68% notes, due June 2026	$	5.8	$	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	2.8		2.8
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	25.0		25.0
5.20% notes, due October 2029	100.0		100.0
6.62% notes, due December 2030	100.0		100.0
3.25% notes, due April 2032	50.8		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	6.5		6.7
Less: debt issuance costs	(3.4)		(3.6)
Total long-term debt	1,285.5		1,287.2
Less: current maturities	(25.5)		(25.5)
Total long-term debt, net of current maturities	$	1,260.0	$	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

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 beginning in 2025.

Shelf Agreements

We have entered into Shelf Agreements with Prudential and MetLife with terms that extend through February 2026, however neither of such lenders have any obligation to purchase debt thereunder. At March 31, 2025, a total of $255.0 million of borrowing capacity was available under these Shelf Agreements.