Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v3.22.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
The following table provides the changes in the Company's long-term debt for the year ended December 31, 2021:
(in millions) Current maturities of long-term debt Long-term debt Total
Balance as of December 31, 2020
 $ 43.1  $ 908.3  $ 951.4 
Proceeds from issuances of long-term debt 0.4  994.0  994.4 
Repayments of long-term debt (6.7) (121.7) (128.4)
Other 0.6  (1.6) (1.0)
Balance as of December 31, 2021
 $ 37.4  $ 1,779.0  $ 1,816.4 

Long-term debt as of December 31, 2021 and December 31, 2020 consisted of the following:
(in millions) 2021 2020
Senior Notes, 0.85% due 2024 $ 450.0  $ — 
Senior Notes, 2.4% due 2031 550.0  — 
Debentures, 7.375% due 2023 (A)
80.8  104.8 
Term Loan, floating rate due 2023 (B) (C)
56.3  151.3 
Senior Notes, 6.375% due 2049 230.0  230.0 
Senior Notes, 6.500% due 2048 185.0  185.0 
Senior Notes, 6.625%, due 2049 125.0  125.0 
Notes, 7.125% due 2027 160.7  163.2 
Other Long-term debt 7.4  13.9 
Total long-term debt 1,845.2  973.2 
     Unamortized discount and issuance costs (28.8) (21.8)
     Current maturities of long-term debt (37.4) (43.1)
Long-term debt, net of current maturities, unamortized discount and debt issuance costs $ 1,779.0  $ 908.3 
(A) Included in Debentures, 7.375% percent due 2023 as of December 31, 2021 and December 31, 2020, are the aggregate fair values related to the fixed-to-floating interest rate swaps as discussed in Note 14 – Financial Instruments.
(B) Beginning in December 2018, scheduled repayment of the 5-year term loan occurs each March, June, September and December equal to 2.50% of the aggregate principal amount of $350.0 million. The remaining principal amount is due August 2023.
(C) As of December 31, 2021 and December 31, 2020, the interest rate was 1.72% and 1.74%, respectively.
Schedule of Maturities of Long-term Debt, Net
Scheduled maturities:
(in millions)
2022 $ 37.4 
2023 104.2 
2024 450.7 
2025 0.6 
2026 0.6 
Thereafter 1,251.7 
Total long-term debt including current maturities $ 1,845.2 
Debt Instrument Redemption
The table below summarizes the general provisions of these long-term debt instruments.
Debentures due 2023 Senior Notes due 2024 Notes due 2027 Senior Notes due 2031 Senior Notes due 2048 Senior Notes due 2049 Senior Notes due 2049
Coupon Rate 7.375% 0.850% 7.125% 2.400% 6.500% 6.625% 6.375%
Maturity Date 9/1/2023 8/18/2024 8/1/2027 8/18/2031 10/15/2048 1/15/2049 4/15/2049
Interest Payment Frequency Semi-Annually Semi-Annually Semi-Annually Semi-Annually Quarterly Quarterly Quarterly
Callable No Yes No No Yes Yes Yes
Price Callable at: n/a Par n/a n/a Par Par Par
Callable as of: n/a 8/18/2022 n/a n/a 10/15/2023 1/15/2024 4/15/2024
Redeemable (A)
No No Yes Yes No No No
Redeemable at: n/a n/a Make-Whole Premium Make-Whole Premium n/a n/a n/a
Redeemable until: n/a n/a 6-months prior to Maturity 3-months prior to Maturity n/a n/a n/a
Change of Control (B)
n/a Yes n/a Yes Yes Yes Yes
(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.