DEBT

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

DEBT

DEBT

The following table summarizes the Company’s outstanding debt:

	June 30,		December 31,		June 30,
	2024		2023		2023
Long-term debt (including current portion)	$	8,980.5	$	9,476.7	$	9,595.2
Short-term borrowings	1,358.3		374.2		806.2
Total debt outstanding	$	10,338.8	$	9,850.9	$	10,401.4

During the second quarter of 2024, the Company paid the principal of $500 million related to its 3.125% Senior Notes due June 1, 2024.

Short-Term Borrowings

The Company’s available capacity under its committed credit agreements is reduced for amounts outstanding under its domestic commercial paper program, various credit agreements and letters of credit. At June 30, 2024, the Company had unused capacity under its various credit agreements of $2.343 billion. The following table summarizes the Company’s short-term borrowings:

	June 30,			December 31,			June 30,
	2024			2023			2023
Short-term borrowings:
Domestic commercial paper	$	1,337.2		$	347.7		$	805.6
Foreign facilities	21.1			26.5			0.6
Total	$	1,358.3		$	374.2		$	806.2
Weighted average interest rate:
Domestic commercial paper	5.5		%	5.5		%	5.4		%
Foreign facilities	3.5		%	3.6		%	11.4		%

For further details on the Company’s debt, including available credit facilities and related agreements, see Note 8 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.