Short-Term Borrowings and Long-Term Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Short-Term Borrowings and Long-Term Debt

14.Short-Term Borrowings and Long-Term Debt

Short-term borrowings and long-term debt consist of the following:

	June 30,			December 31,
	2022			2021
Short-term borrowings
Commercial paper issuances	$	0.0		$	249.7
Various debt due to international banks		3.3			3.1
Total short-term borrowings	$	3.3		$	252.8
Long-term debt
2.45% Senior notes due August 1, 2022		300.0			300.0
2.875% Senior notes due October 1, 2022		400.0			400.0
Less: Discount		0.0			(0.1	)
Term loan due December 22, 2024		400.0			400.0
3.15% Senior notes due August 1, 2027		425.0			425.0
Less: Discount		(0.2	)		(0.3	)
2.3% Senior notes due December 15, 2031		400.0			400.0
Less: Discount		(0.8	)		(0.8	)
3.95% Senior notes due August 1, 2047		400.0			400.0
Less: Discount		(2.5	)		(2.5	)
5.00% Senior notes due June 15, 2052		500.0			0.0
Less: Discount		(0.2	)		0.0
Debt issuance costs, net		(17.5	)		(11.2	)
Total long-term debt		2,803.8			2,310.1
Less: Current maturities		(699.9	)		(699.4	)
Net long-term debt	$	2,103.9		$	1,610.7

New Credit Agreement

On June 16, 2022, the Company entered into a credit agreement (the “Credit Agreement”) that provides for a $1,500.0 unsecured revolving credit facility (the “Revolving Credit Facility”) that matures on June 16, 2027, unless extended. The Credit Agreement replaced the Company’s prior $1,000.0 unsecured revolving credit facility maturing on March 29, 2024 that was entered into on March 29, 2018. The Company continues to have the ability to increase its borrowing up to an additional $750.0, subject to lender commitments and certain conditions as described in the Credit Agreement. Borrowings under the Credit Agreement are available for general corporate purposes and are used to support the Company's $1,000.0 commercial paper program.

5.00% Senior Notes due June 15, 2052

On June 2, 2022, the Company issued $500.0 aggregate principal amount of 5.00% Senior Notes due 2052 (the “2052 Notes”). The 2052 Notes were issued under the second supplemental indenture (the “Second Supplemental Indenture”), dated June 2, 2022, to the indenture dated December 10, 2021 (the “Indenture”). In July 2022 a portion of the proceeds from the sale of the Notes were used to repay all of the Company's outstanding $300.0 2.45% Senior Notes due August 1, 2022. The remaining proceeds will be used to pay a portion of the Company's $400.0 outstanding 2.875% Senior Notes due October 1, 2022. The 2052 Notes will mature on June 15, 2052, unless earlier retired or redeemed pursuant to the terms of the Second Supplemental Indenture.