Debt (Tables)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Debt Maturing within One Year

Debt maturing within one year:

(in Millions)	September 30, 2014		December 31, 2013
Short-term foreign debt (1)	$	22.0	$	7.1
Commercial paper (2)	539.7		656.0
Total short-term debt	$	561.7	$	663.1
Current portion of long-term debt	18.7		34.7
Short-term debt and current portion of long-term debt	$	580.4	$	697.8

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(1) We often provide parent-company guarantees to lending institutions that extend credit to our foreign consolidated subsidiaries. Since these guarantees are provided to consolidated subsidiaries the consolidated financial position is not affected by the issuance of these guarantees.

(2) At September 30, 2014, the average effective interest rate on the borrowings was 0.33%.

Schedule of long-term debt

Long-term debt:

(in Millions)	September 30, 2014
	Interest Rate Percentage	Maturity Date	September 30, 2014		December 31, 2013
Pollution control and industrial revenue bonds (less unamortized discounts of $0.2 and $0.2, respectively)	0.2-6.5%	2014-2035	$	158.0	$	174.0
Senior notes (less unamortized discount of $2.0 and $2.2, respectively)	3.95-5.2%	2019-2024	998.0		997.8
Credit facility (1)	2.5%	2017	—		—
Foreign debt	0-9.3%	2014-2024	14.6		17.0
Total long-term debt			$	1,170.6	$	1,188.8
Less: debt maturing within one year			18.7		34.7
Total long-term debt, less current portion			$	1,151.9	$	1,154.1

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(1) Letters of credit outstanding under our credit facility totaled $93.2 million and available funds under this facility were $867.1 million at September 30, 2014 (which reflects borrowings under our commercial paper program).