Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

Debt

December 31 (dollars in millions)	2022		2021
Bank credit lines, average year-end interest rates of 5.0% for 2021	$	—	$	0.8
Revolving credit agreement borrowings, average year-end interest rates of 5.3% for 2022 and 1.1% for 2021	185.4		50.0
Commercial paper, average year-end interest rate of 4.6% for 2022	22.6		—
Term notes with insurance companies, expiring 2029-2034, average year-end interest rates of 3.1% for 2022 and 3.1% for 2021	136.5		145.9
	344.5		196.7
Long-term debt due within one year	(10.0)		(6.8)
Long-term debt	$	334.5	$	189.9

In 2021, the Company renewed and amended its $500 million multi-year multi-currency revolving credit agreement with a new expiration date of April 1, 2026. The facility has an accordion provision which allows it to be increased up to $850 million if certain conditions (including lender approval) are satisfied. Borrowings under the Company’s bank credit lines and commercial paper borrowings are supported by the $500 million revolving credit agreement. At its option, the Company either maintains cash balances or pays fees for bank credit and services. The Company has fixed-rate interest expense obligations of $19.5 million on outstanding debt as of December 31, 2022. Scheduled maturities of long-term debt within each of the five years subsequent to December 31, 2022 are as follows:

Years ending December 31 (dollars in millions)	Amount
2023	$	10.0
2024	10.0
2025	10.0
2026	236.5
2027	28.5