FINANCING ARRANGEMENTS

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS

At March 31, 2023, the Company had $433 million of borrowing available under lines of credit, including lines available under its short-term arrangements and revolving credit facility.

The Company has a $500 million commercial paper program. The Company had outstanding borrowings of $294 million and $95 million under the commercial paper facility at March 31, 2023 and December 31, 2022, respectively. The Company also has a $700 million multi-currency revolving credit facility which serves as a back-stop credit facility for the Company's commercial paper program. At March 31, 2023 and December 31, 2022, there were no outstanding borrowings under the multi-currency revolving credit facility. The Company also has access to $48 million in uncommitted short-term financing under lines of credit from various financial institutions, the availability of which is reduced by other short-term borrowings of $21 million. At March 31, 2023, the weighted-average interest rate for short-term debt was 5.4%.

The Company’s revolving credit facility, term loans and senior notes contain certain affirmative and negative debt covenants relating to the Company's operations and financial condition. At March 31, 2023, the Company was in compliance with all debt covenants.