DEBT (Tables)

3 Months Ended

Mar. 31, 2023

DEBT [Abstract]

Debt

	Effective	March 31	December 31	March 31
in millions	Interest Rates	2023	2022	2022
Short-term Debt
Bank line of credit expires 2027 1		$             0.0	$        100.0	$        100.0
Commercial paper expires 2027 1		0.0	0.0	0.0
Total short-term debt		$             0.0	$        100.0	$        100.0
Long-term Debt
Bank line of credit expires 2027 1		$             0.0	$            0.0	$            0.0
Commercial paper expires 2027 1		550.0	550.0	0.0
Delayed draw term loan due 2026		0.0	550.0	1,100.0
4.50% notes due 2025	4.65%	400.0	400.0	400.0
5.80% notes due 2026 2	6.02%	550.0	0.0	0.0
3.90% notes due 2027	4.00%	400.0	400.0	400.0
3.50% notes due 2030	3.94%	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
Other notes	0.46%	1.5	1.8	7.1
Total long-term debt - face value		$      3,941.6	$     3,941.9	$     3,947.2
Unamortized discounts and debt issuance costs		(67.2)	(66.2)	(68.8)
Fair value adjustments 3		3.0	0.0	0.0
Total long-term debt - book value		$      3,877.4	$     3,875.7	$     3,878.4
Less current maturities		0.5	0.5	3.9
Total long-term debt - reported value		$      3,876.9	$     3,875.2	$     3,874.5
Estimated fair value of long-term debt		$      3,770.2	$     3,671.9	$     4,090.3

1	Borrowings on the bank line of credit and commercial paper are classified as short-term if we intend to repay within twelve months and as long-term if we have the intent and ability to extend payment beyond twelve months.
2	The effective interest rate excludes the impact of the interest rate swap described in Note 6.
3	See Note 6 for additional information on our fair value hedging strategy.

Standby Letters of Credit

in millions
Standby Letters of Credit
Risk management insurance	$          74.5
Reclamation/restoration requirements	8.7
Total	$          83.2