v3.26.1
DEBT
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Debt is detailed as follows:
in millionsEffective
Interest Rates		March 31
2026		December 31
2025		March 31
2025
Bank line of credit expires 2029
$0.0 $0.0 $0.0 
Commercial paper expires 2029
197.0 0.0 0.0 
Total short-term debt$197.0 $0.0 $0.0 
Commercial paper expires 2029 1
0.0 0.0 550.0 
3.90% notes due 2027
4.00%400.0 400.0 400.0 
4.95% notes due 2029
5.17%500.0 500.0 500.0 
3.50% notes due 2030
3.94%750.0 750.0 750.0 
5.35% notes due 2034
5.48%750.0 750.0 750.0 
7.15% notes due 2037
8.05%129.2 129.2 129.2 
4.50% notes due 2047
4.59%700.0 700.0 700.0 
4.70% notes due 2048
5.42%460.9 460.9 460.9 
5.70% notes due 2054
5.82%750.0 750.0 750.0 
Other notes0.0 0.5 0.6 
Total long-term debt - face value$4,440.1 $4,440.6 $4,990.7 
Unamortized discounts and debt issuance costs(77.1)(78.5)(82.3)
Total long-term debt - book value$4,363.0 $4,362.1 $4,908.4 
Current maturities0.0 (0.4)(0.5)
Total long-term debt - reported value$4,363.0 $4,361.7 $4,907.9 
Estimated fair value of long-term debt$4,243.0 $4,333.3 $4,794.5 
1.Borrowings on the commercial paper program are classified as long-term if we have the intent and ability to extend payment beyond twelve months.
Discounts and debt issuance costs are amortized using the effective interest method over the terms of the respective notes resulting in $1.3 million and $1.4 million of net interest expense for these items for the three months ended March 31, 2026 and 2025, respectively.
Line of Credit and Commercial Paper Program
Our $1,600.0 million unsecured commercial paper program was established in August 2022 and matures in November 2029. Our commercial paper is fully back-stopped by our line of credit and contains covenants customary for an unsecured investment-grade facility. As of March 31, 2026, we were in compliance with the commercial paper covenants. Commercial paper borrowings bear interest at rates determined at the time of borrowing and as agreed between us and the commercial paper investors. As of March 31, 2026, we had $197.0 million in short-term commercial paper borrowings with a 3.95% effective interest rate.
Our $1,600.0 million unsecured line of credit was amended in November 2024 to extend the maturity date from August 2027 to November 2029. Our line of credit contains covenants customary for an unsecured investment-grade facility. As of March 31, 2026, we were in compliance with the line of credit covenants. Borrowings on the line of credit bear interest, at our option, at either SOFR plus a margin or Truist Bank’s base rate plus a margin. The margins are determined by our credit ratings. Standby letters of credit, which are issued under the line of credit and reduce availability, are charged a fee equal to the margin for SOFR borrowings plus 0.175%. We also pay a commitment fee on the daily average unused amount of the line of credit that ranges from 0.090% to 0.225% determined by our credit ratings. As of March 31, 2026, the margin for SOFR borrowings was 1.125%, the margin for base rate borrowings was 0.125% and the commitment fee for the unused amount was 0.100%.
As of March 31, 2026, our available borrowing capacity under the line of credit was $1,576.9 million. Utilization of the borrowing capacity was as follows:
•None was borrowed
•$23.1 million was used to support standby letters of credit
Term Debt
All of our $4,440.1 million (face value) of term debt is unsecured. All of the covenants in the debt agreements are customary for investment-grade facilities. As of March 31, 2026, we were in compliance with all term debt covenants.
In November 2024, we issued $500.0 million of 4.95% senior notes due 2029, $750.0 million of 5.35% senior notes due 2034 and $750.0 million of 5.70% senior notes due 2054. Total proceeds of $1,975.0 million (net of discounts and transaction costs), together with cash on hand, were used to provide liquidity for acquisitions in 2024 and debt maturing in 2025.
In March 2025, we redeemed the $400.0 million senior notes due April 2025 using cash on hand.
Additionally, in February 2026, we paid a $50.0 million note payable (included in other current liabilities in the accompanying Condensed Consolidated Balance Sheet at December 31, 2025) related to an acquisition completed in 2022.
Standby Letters of Credit
We provide, in the normal course of business, certain third-party beneficiaries with standby letters of credit to support our obligations to pay or perform according to the requirements of an underlying agreement. Such letters of credit typically have an initial term of one year, renew automatically and can only be modified or canceled with the approval of the beneficiary. Except for $1.1 million of letters of credit related to acquisitions completed in 2024, our standby letters of credit are issued by banks that participate in our $1,600.0 million line of credit and reduce the borrowing capacity thereunder. Our standby letters of credit as of March 31, 2026 are summarized by purpose in the table below:
in millions
Risk management insurance$9.8 
Reclamation/restoration requirements14.4 
Total standby letters of credit$24.2