Debt is detailed as follows: | | | | | | | | | | | | | | | | | | | | | | | | | in millions | Effective
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 notes | 0.47% | | 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.
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