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DEBT
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
Debt is detailed as follows:
in millionsEffective
Interest Rates		March 31
2024		December 31
2023		March 31
2023
Bank line of credit expires 2027 1
$0.0 $0.0 $0.0 
Commercial paper expires 2027 1
0.0 0.0 0.0 
Total short-term debt$0.0 $0.0 $0.0 
Bank line of credit expires 2027 1
$0.0 $0.0 $0.0 
Commercial paper expires 2027 1
550.0 550.0 550.0 
4.50% notes due 2025
4.65%400.0 400.0 400.0 
5.80% notes due 2026
0.0 550.0 550.0 
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 notes0.47%1.0 1.4 1.5 
Total long-term debt - face value$3,391.1 $3,941.5 $3,941.6 
Unamortized discounts and debt issuance costs(59.9)(63.4)(67.2)
Fair value adjustments 2
0.0 (0.3)3.0 
Total long-term debt - book value$3,331.2 $3,877.8 $3,877.4 
Less current maturities(0.5)(0.5)(0.5)
Total long-term debt - reported value$3,330.7 $3,877.3 $3,876.9 
Estimated fair value of long-term debt$3,205.2 $3,798.0 $3,770.2 
1Borrowings 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.
2See Note 6 for additional information on our fair value hedging strategy.
Discounts and debt issuance costs are amortized using the effective interest method over the terms of the respective notes resulting in $3.5 million and $2.5 million of net interest expense for these items for the three months ended March 31, 2024 and 2023, respectively.
DELAYED DRAW TERM LOAN, LINE OF CREDIT AND COMMERCIAL PAPER PROGRAM
In June 2021, we entered into a $1,600.0 million unsecured delayed draw term loan which was fully drawn in August 2021 upon the acquisition of U.S. Concrete. The delayed draw term loan was paid down to $1,100.0 million in September 2021 with cash on hand, paid down to $550.0 million in August 2022 using the proceeds from the issuance of commercial paper as described below and fully repaid in March 2023 using proceeds from the issuance of 5.80% senior notes as described below.
In 2022, we established a $1,600.0 million commercial paper program through which we borrowed $550.0 million that was used to partially repay the delayed draw term loan. Commercial paper borrowings bear interest at rates determined at the time of borrowing and as agreed between us and the commercial paper investors.
Our $1,600.0 million unsecured line of credit matures in August 2027 and contains covenants customary for an unsecured investment-grade facility. As of March 31, 2024, we were in compliance with the 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, 2024, 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, 2024, our available borrowing capacity under the line of credit was $1,510.8 million. Utilization of the borrowing capacity was as follows:
▪None was borrowed
▪$89.2 million was used to support standby letters of credit
TERM DEBT
All of our $3,391.1 million (face value) of term debt (which includes the $550.0 million commercial paper) is unsecured. All of the covenants in the debt agreements are customary for investment-grade facilities. As of March 31, 2024, we were in compliance with all term debt covenants.
In March 2023, we issued $550.0 million of 5.80% senior notes due 2026. Total proceeds of $546.6 million (net of discounts and transaction costs), together with cash on hand, were used to repay the $550.0 million delayed draw term loan. We redeemed these notes at par in March 2024 using cash on hand and recognized noncash expense of $2.3 million with the acceleration of unamortized deferred debt issuance costs.
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. 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, 2024 are summarized by purpose in the table below:
in millions 
Risk management insurance$80.5 
Reclamation/restoration requirements8.7 
Total$89.2