Quarterly report [Sections 13 or 15(d)]

DEBT

v3.25.1
DEBT
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
 
Debt outstanding at March 31, 2025 and December 31, 2024 was as follows:
March 31, 2025 December 31, 2024
  (In millions)
Commercial paper ("CP") $ 229.0  $ 286.5 
Notes, 2.60%, due December 2025
 400.0  400.0 
Notes, 3.25%, due June 2026
 275.0  275.0 
Notes, 5.10%, due December 2027
 750.0  750.0 
Notes, 5.10%, due June 2028
 700.0  700.0 
Debentures, 6.90%, due July 2028
 125.0  125.0 
Notes, 4.80%, due September 2029
 650.0  650.0 
Notes, 3.10%, due May 2030
 600.0  600.0 
Notes, 2.35%, due September 2031
 1,000.0  1,000.0 
Notes, 7.00%, due July 2037
 250.0  250.0 
Other 10.7  1.2 
Total debt 4,989.7  5,037.7 
Less short-term debt and current maturities (639.7) (687.7)
Less unamortized discounts and debt issuance costs (25.6) (27.2)
Total long-term debt, net $ 4,324.4  $ 4,322.8 
 
Senior Credit Facility.  We have access to a $1.5 billion five year unsecured revolving credit facility (the “Revolver”) which matures in August 2027. Availability of the Revolver is reduced by the outstanding principal balance of our CP notes and by any letters of credit issued under the Revolver. As of March 31, 2025, there were $229.0 million of outstanding CP notes, $1.4 million of letters of credit outstanding, and no outstanding borrowings under the Revolver. Availability under the Revolver was $1.3 billion at March 31, 2025.

Commercial Paper Program.  Our $1.5 billion CP program has been established through the private placement of CP notes from time-to-time, in which borrowings may bear interest at either a variable or a fixed rate, plus the applicable margin. Maturities of CP can range from overnight to 397 days. Because the CP program is backstopped by our Revolver, the amount of CP which may be issued under the program is reduced by the outstanding face amount of any letters of credit issued and by the outstanding borrowings under our Revolver. At March 31, 2025, there were $229.0 million of outstanding CP notes. We have disclosed the net short-term borrowing activity for the three months ended March 31, 2025 in the Consolidated Statements of Cash Flows. There were no CP borrowings or payments with a maturity date greater than 90 days and less than 365 days for the three months ended March 31, 2025 and 2024.

For additional information about our debt agreements, see Note 5 of the Notes to Consolidated Financial Statements in our 2024 Form 10-K.