Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v3.24.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
The following table provides the changes in the Company's debt for the year ended December 31, 2023:
(in millions) Short-term debt and current maturities of long-term debt Long-term debt Total
Balance as of December 31, 2022
 $ 89.0  $ 2,420.0  $ 2,509.0 
Proceeds from issuances of debt 4.7  —  4.7 
Repayments of debt (90.5) (0.4) (90.9)
Reclassification of long-term debt (A)
450.7  (450.7) — 
Other 0.8  6.8  7.6 
Balance as of December 31, 2023
 $ 454.7  $ 1,975.7  $ 2,430.4 

(A) During the third quarter of 2023, $450.0 million of 0.85% Senior Notes due 2024 were reclassified from Long-term debt to Current maturities of long-term debt.

Long-term debt as of December 31, 2023 and December 31, 2022 consisted of the following:
(in millions) 2023 2022
Senior Notes, 2.4% due 2031 $ 550.0  $ 550.0 
Senior Notes, 0.85% due 2024 450.0  450.0 
Senior Notes, 4.400% due 2032 450.0  450.0 
Senior Notes, 5.100% due 2052 300.0  300.0 
Senior Notes, 6.375% due 2049 230.0  230.0 
Senior Notes, 6.500% due 2048 185.0  185.0 
Notes, 7.125% due 2027 160.7  160.7 
Senior Notes, 6.625% due 2049 125.0  125.0 
Debentures, 7.375% due 2023 (A)
—  80.1 
Other debt 12.2  13.9 
Total debt, excluding unamortized discount and issuance costs 2,462.9  2,544.7 
     Unamortized discount and issuance costs (32.5) (35.7)
    Short-term debt and current maturities of long-term debt (454.7) (89.0)
Total long-term debt $ 1,975.7  $ 2,420.0 

(A) Included in Debentures, 7.375% due 2023 as of December 31, 2022, are the aggregate fair values related to the fixed-to-floating interest rate swaps as discussed in Note 12 – Financial Instruments. During the third quarter of 2022, the Debentures were reclassified from Long-term debt to Current maturities of long-term debt, of which the remaining principal payments were paid during the third quarter of 2023.
Schedule of Maturities of Long-term Debt, Net
Scheduled maturities as of December 31, 2023 consisted of the following:
(in millions)
2024 $ 455.4 
2025 2.2 
2026 2.2 
2027 162.2 
2028 0.9 
Thereafter 1,840.0 
Total debt, excluding unamortized discount and issuance costs $ 2,462.9 
Debt Instrument Redemption
The table below summarizes the general provisions of these long-term debt instruments.
Senior Notes due 2031 Senior Notes due 2024 Senior Notes Due 2032 Senior Notes Due 2052 Senior Notes due 2049 Senior Notes due 2048 Notes due 2027 Senior Notes due 2049 Debentures due 2023
Coupon Rate 2.400% 0.850% 4.400% 5.100% 6.375% 6.500% 7.125% 6.625% 7.375%
Maturity Date 8/18/2031 8/18/2024 9/15/2032 4/1/2052 4/15/2049 10/15/2048 8/1/2027 1/15/2049 9/1/2023
Interest Payment Frequency Semi-Annually Semi-Annually Semi-Annually Semi-Annually Quarterly Quarterly Semi-Annually Quarterly Semi-Annually
Callable No Yes No No Yes Yes No Yes No
Price Callable at: N/A Par N/A N/A Par Par N/A Par N/A
Callable as of: N/A 8/18/2022 N/A N/A 4/15/2024 10/15/2023 N/A 1/15/2024 N/A
Redeemable (A)
Yes No Yes Yes No No Yes No No
Redeemable at: Make-Whole Premium N/A Make-Whole Premium Make-Whole Premium N/A N/A Make-Whole Premium N/A N/A
Redeemable until: 3-months prior to Maturity N/A 3-months prior to Maturity 6-months prior to Maturity N/A N/A 6-months prior to Maturity N/A N/A
Change of Control (B)
Yes Yes Yes Yes Yes Yes N/A Yes No

(A) If the Company elects to redeem the debt instrument, it will pay a "make-whole" redemption price set forth in the respective indenture.
(B) If the Company experiences a change of control, subject to certain circumstances, the Company may be required to repurchase some or all of the notes for an amount equal to 101 percent of the outstanding principal plus any accrued and unpaid interest.