Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2019

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:

	2019						2018
	Year-end Interest Rate		Due Date Through	Balance			Year-end Interest Rate		Due Date Through	Balance
Senior Notes 1	3.4	%	2022	$	300.0		3.4	%	2022	$	300.0
Senior Notes 1	3.8	%	2024	300.0			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						—
Term Loan 2	2.9	%	2024	462.5						—
Industrial development bonds, principally variable interest rates	1.6	%	2030	3.8			1.9	%	2030	3.8
Commercial paper 3	2.0	%	2024	61.5			2.6	%	2022	70.0
Finance leases (primarily vehicles)				4.2						4.7
Other, partially secured				.5						.6
Unamortized discounts and deferred loan cost				(14.9		)				(10.1		)
Total debt				2,117.6						1,169.0
Less: current maturities				51.1						1.2
Total long-term debt				$	2,066.5					$	1,167.8

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, 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 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 In January 2019, we issued a $500.0 five-year Tranche A Term Loan with our current bank group. We pay quarterly principal installments of $12.5 through the maturity date of January 2024, at which time we will pay the remaining principal. Additional principal payments, including a complete early payoff, are allowed without penalty. As of December 31, 2019, we had repaid $37.5, as scheduled, on the Tranche A Term Loan. The Tranche A Term Loan bears a variable interest rate as defined in the agreement and was 2.9% at December 31, 2019. Interest is payable based upon a time interval that depends on the selection of interest rate period, and at December 31, 2019, there was no material accrued interest payable on the Tranche A Loan.

³ The weighted average interest rate for the net commercial paper activity during the years ended December 31, 2019 and 2018 was 2.6% and 2.4%, respectively.

Schedule of Maturities of Long-Term Debt

Maturities are as follows: 

Year ended December 31
2020	$	51.1
2021	51.0
2022	350.2
2023	51.0
2024	621.9
Thereafter	992.4
	$	2,117.6

Schedule of Amounts Outstanding Related to Commercial Paper Program

Amounts outstanding at December 31 related to our commercial paper program were:

	2019			2018
Total program authorized	$	1,200.0		$	800.0
Commercial paper outstanding (classified as long-term debt)	(61.5		)	(70.0		)
Letters of credit issued under the credit facility	—			—
Total program usage	(61.5		)	(70.0		)
Total program available	$	1,138.5		$	730.0