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Debt Financing
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt Financing
Debt Financing
LINE OF CREDIT AGREEMENTS
At December 31, 2022, the Company had a line of credit agreement of $3.5 billion, which expires in December 2024. The Company incurs fees of 0.08% per annum on the total commitment, which remained unused. Fees and interest rates on this line are primarily based on the Company's long-term credit rating assigned by Moody’s and Standard & Poor's. In addition, the Company's subsidiaries had unused lines of credit that were primarily uncommitted, short-term and denominated in various currencies at local market rates of interest.
The weighted-average interest rate of short-term borrowings was 5.2% at December 31, 2022 (based on $264.5 million of foreign currency bank line borrowings) and 2.4% at December 31, 2021 (based on $263.1 million of foreign currency bank line borrowings).
DEBT OBLIGATIONS
The Company has incurred debt obligations principally through public and private offerings and bank loans. There are no provisions in the Company’s debt obligations that would accelerate repayment of debt as a result of a change in credit ratings or a material adverse change in the Company’s business. Certain of the Company’s debt obligations contain cross-acceleration provisions, and restrictions on Company and subsidiary mortgages and the long-term debt of certain subsidiaries. Under certain agreements, the Company has the option to retire debt prior to maturity, either at par or at a premium over par. The Company has no current plans to retire a significant amount of its debt prior to maturity, but continues to look for ways to optimize its debt portfolio.
The following table summarizes the Company’s debt obligations (interest rates and debt amounts reflected in the table include the effects of interest rate swaps used to hedge debt).
Interest rates(1)
December 31
Amounts outstanding
December 31
In millions of U.S. DollarsMaturity dates2022202120222021
Fixed4.0 %3.9 %$22,382.0 $21,833.7 
Floating6.6 1.6 750.0 1,150.0 
Total U.S. Dollar2023-205223,132.0 22,983.7 
Fixed1.6 1.4 8,704.1 8,682.3 
Floating5.1 2.1 321.2 341.1 
Total Euro2023-20349,025.3 9,023.4 
Fixed3.4 3.4 748.7 797.9 
Floating4.3 1.2 204.4 217.9 
Total Australian Dollar2024-2029953.1 1,015.8 
Total British Pounds Sterling - Fixed2032-20544.1 4.2 1,504.1 1,145.0 
Total Canadian Dollar - Fixed20253.1 3.1 737.3 790.6 
Total Japanese Yen - Fixed20302.9 2.9 95.3 108.6 
Fixed0.2 0.2 432.6 438.2 
Floating5.2 2.4 262.7 257.1 
Total other currencies(2)
2023-2024695.3 695.3 
Debt obligations before fair value adjustments and deferred debt costs(3)
36,142.4 35,762.4 
Fair value adjustments(4)
(91.5)4.8 
Deferred debt costs(147.4)(144.5)
Total debt obligations$35,903.5 $35,622.7 
(1)Weighted-average effective rate, computed on a semi-annual basis.
(2)Consists of Swiss Francs and Korean Won.
(3)Aggregate maturities for 2022 debt balances, before fair value adjustments and deferred debt costs, are as follows (in millions): 2023-$0.0; 2024–$5,472.9; 2025–$3,060.5; 2026–$2,418.7; 2027–$2,487.2; Thereafter–$22,703.1. These amounts include a reclassification of short-term obligations totaling $2.7 billion to long-term obligations as they are supported by a long-term line of credit agreement expiring in December 2024.
(4)The carrying value of underlying items in fair value hedges, in this case debt obligations, are adjusted for fair value changes to the extent they are attributable to the risk designated as being hedged. The related hedging instruments are also recorded at fair value on the Consolidated Balance Sheet.