Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2021

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:

	2021					2020
	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		4.4	%	2029	500.0
Senior Notes 1	3.5	%	2051	500.0
Term Loan A 2						3.0	%	2024	305.0
Industrial development bonds, principally variable interest rates	.3	%	2030	3.8		.3	%	2030	3.8
Commercial paper 3	—	%	2026	—		—	%	2024	—
Finance leases				3.7					3.6
Other, partially secured				.5					.5
Unamortized discounts and deferred loan costs				(17.7)					(12.7)
Total debt				2,090.3					1,900.2
Less: current maturities				300.6					50.9
Total long-term debt				$	1,789.7				$	1,849.3

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 (either to the maturity or the "par call date" depending on the respective note), 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 In January 2019 and in connection with the ECS acquisition (Note R), we issued a $500.0 five-year Term Loan A with our current bank group. We paid quarterly principal installments of $12.5 and were required to pay the remaining principal through the maturity date of January 2024. Additional principal payments, including a complete early payoff, were allowed without penalty. As of August 31, 2021, we pre-paid the remaining $280.0 outstanding principal under the Term Loan A utilizing borrowings under our commercial paper program. The Term Loan A bore a variable interest rate as defined in the agreement.

3 The weighted average interest rate for the net commercial paper activity during the years ended December 31, 2021 and 2020 was .2% and 2.0%, 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:

 

2022	$	300.6
2023	1.7
2024	299.7
2025	.6
2026	—
Thereafter	1,487.7
	$	2,090.3

Schedule of Amounts Outstanding Related to Commercial Paper Program

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

	2021		2020
Total program authorized	$	1,200.0	$	1,200.0
Commercial paper outstanding (classified as long-term debt)	$	—	$	—
Letters of credit issued under the credit facility	—		—
Total program usage	$	—	$	—