FINANCING ARRANGEMENTS

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS

Short-Term Debt

Short-term debt was as follows:

	Year Ended December 31,
	2022				2021
	Principal		Interest		Principal		Interest
(in millions except percentages)	Balance		Rate		Balance		Rate
Corporate commercial paper facility	$	95	5.1	%	$	170	0.3	%
Other short-term borrowings	22		4.6	%	11		4.8	%
Add: Current portion of long-term debt	1				1
Total short-term debt	$	118			$	182
Maximum month-end short-term debt outstanding during the year	$	395			$	380
Average amount of short-term debt outstanding during the year	289				265
Weighted-average interest rate on short-term debt at year-end			5.0	%			0.6	%

Short-Term Borrowings

The Company has access to a $700 million multi-currency revolving credit facility ("2018 Credit Facility") through July 28, 2024. The facility is unsecured and contains certain affirmative and negative covenants relating to the operations and financial condition of the Company. The most restrictive of these covenants pertain to asset dispositions and prescribed ratios of indebtedness to total capital and operating income, plus depreciation and amortization to interest expense. The credit facility serves as a back-stop facility for the Company's commercial paper program.

The Company has a $500 million commercial paper facility. At December 31, 2022, the Company had borrowings of $95 million outstanding under this facility. The average balance outstanding for the commercial paper facility during the year ended December 31, 2022 was $269 million. At December 31, 2021, the Company had $170 million outstanding borrowings under this commercial paper facility. The Company also has access to $50 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 $22 million.

Long-Term Debt

Long-term debt was as follows:

	Year Ended December 31,
	2022				2021
	Principal		Interest		Principal		Interest
(in millions except percentages)	Balance		Rate		Balance		Rate
Private placement notes 70 million euros due October 2024	$	75	1.0	%	$	79	1.0	%
Private placement notes 25 million Swiss franc due December 2025	27		0.9	%	27		0.9	%
Private placement notes 97 million euros due December 2025	104		2.1	%	110		2.1	%
Private placement notes 26 million euros due February 2026	28		2.1	%	30		2.1	%
Private placement notes 58 million Swiss franc due August 2026	63		1.0	%	64		1.0	%
Private placement notes 106 million euros due August 2026	114		2.3	%	121		2.3	%
Private placement notes 70 million euros due October 2027	75		1.3	%	80		1.3	%
Private placement notes 8 million Swiss franc due December 2027	8		1.0	%	8		1.0	%
Private placement notes 15 million euros due December 2027	16		2.2	%	17		2.2	%
Private placement notes 140 million Swiss franc due August 2028	151		1.2	%	153		1.2	%
Private placement notes 70 million euros due October 2029	75		1.5	%	79		1.5	%
Fixed rate senior notes 750 million due June 2030	750		3.3	%	750		3.3	%
Private placement notes 70 million euros due October 2030	75		1.6	%	80		1.6	%
Private placement notes 45 million euros due February 2031	48		2.5	%	51		2.5	%
Private placement notes 65 million Swiss franc due August 2031	70		1.3	%	71		1.3	%
Private placement notes 12.6 billion Japanese yen due September 2031	96		1.0	%	109		1.0	%
Private placement notes 70 million euros due October 2031	75		1.7	%	80		1.7	%
Other borrowings, various currencies and rates	21				17
Hedge accounting fair value adjustment(a)	(35)				(4)
	$	1,836			$	1,922
Less: Current portion
(included in “Notes payable and current portion of long-term debt” in the Consolidated Balance Sheets)	1				1
Less: Long-term portion of deferred financing costs	9				8
Long-term portion	$	1,826			$	1,913

(a) Represents the fair value of interest rate swap agreements entered into on a portion of the outstanding senior notes.

At December 31, 2022, the Company had $632 million borrowings available under unused lines of credit, including lines available under its short-term arrangements and revolving credit agreement.

The Company’s revolving credit facility, term loans and senior notes contain certain affirmative and negative covenants relating to the Company's operations and financial condition. At December 31, 2022, the Company was in compliance with all debt covenants.

The contractual maturity dates of the Company's long-term borrowings as of December 31, 2022 were as follows:

(in millions)
2023	$	1
2024	88
2025	139
2026	204
2027	99
2028 and beyond	1,340
	$	1,871