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DEBT AND INTEREST | 12 Months Ended
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Dec. 31, 2023
DEBT AND INTEREST |
DEBT AND INTEREST | 6. DEBT AND INTEREST ​ Short-term Debt ​ The following table provides the components of the Company’s short-term debt obligations, along with applicable interest rates as of December 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | 2023 | ​ | 2022
​ | ​ | ​ |  | ​ |  | Average |  |  | ​ |  | Average
​ | ​ | ​ | Carrying | ​ | Interest | ​ | Carrying | ​ | Interest
(millions) |  | ​ | Value | ​ | Rate | ​ | Value | ​ | Rate
Short-term debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial paper | ​ | ​ | ​ | $- | ​ | ​ | - | % | ​ | ​ | $- | ​ | ​ | - | %
Notes payable | ​ | ​ |  | 1.8 | ​ | ​ | 8.29 | % | ​ |  | 3.7 | ​ | ​ | 7.28 | %
Long-term debt, current maturities | ​ | ​ |  | 628.6 | ​ | ​ | ​ | ​ | ​ |  | 501.4 | ​ | ​ | ​ | ​
Total | ​ | ​ | ​ | $630.4 | ​ | ​ | ​ | ​ | ​ | ​ | $505.1 | ​ | ​ | ​ | ​
​ Line of Credit ​ As of December 31, 2023, the Company had in place a $2.0 billion multi-currency revolving credit facility which expires in April 2026. The credit facility has been established with a diverse syndicate of banks and supports the Company’s U.S. and Euro commercial paper programs. There were no borrowings under the Company’s credit facility as of December 31, 2023 and 2022. ​ The Company has $346 million of available bank supported letters of credit, surety bonds and guarantees available in support of its commercial business transactions of which $155 million is outstanding as of December 31, 2023. ​ Commercial Paper ​ The Company’s commercial paper program is used as a potential source of liquidity and consists of a $2.0 billion U.S. commercial paper program and a $2.0 billion Euro commercial paper program. The maximum aggregate amount of commercial paper that may be issued by the Company under its commercial paper programs may not exceed $2.0 billion. ​ The Company had no outstanding commercial paper under its U.S. and Euro commercial paper programs as of December 31, 2023 and 2022. ​ As of December 31, 2023, the Company’s short-term borrowing program was rated A-2 by Standard & Poor’s, P-2 by Moody’s and F-1 by Fitch. ​ Notes Payable ​ The Company’s notes payable consists of uncommitted credit lines with major international banks and financial institutions, primarily to support global cash pooling structures. As of December 31, 2023 and 2022, the Company had $1.8 million and $3.7 million, respectively, outstanding under these credit lines. Approximately $1,829 million and $1,925 million of these credit lines were available for use as of December 31, 2023 and 2022, respectively. ​ Long-term Debt ​ The following table provides the components of the Company’s long-term debt obligations, along with applicable interest rates as of December 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  |  | 2023 | ​ |  |  | 2022 | ​ |  |  |
​ | ​ | ​ | ​ | ​ | ​ | ​ | Stated | ​ | Effective | ​ | ​ | ​ | ​ | Stated | ​ | Effective
​ | ​ | Maturity | ​ | Carrying | ​ | Interest | ​ | Interest | ​ | Carrying | ​ | Interest | ​ | Interest
(millions) | ​ | by Year | ​ | Value | ​ | Rate | ​ | Rate | ​ | Value | ​ | Rate | ​ | Rate
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Public notes (2023 principal amount) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Two year 2021 senior notes ($500 million) | ​ | 2023 | ​ | ​ | $- | ​ | - | % | ​ | - | % | ​ | ​ | $498.7 | ​ | 0.90 | % | ​ | 1.19 | %
Seven year 2016 senior notes (€575 million) | ​ | 2024 | ​ | ​ | 625.9 | ​ | 1.00 | % | ​ | 1.19 | % | ​ | ​ | 596.9 | ​ | 1.00 | % | ​ | 1.03 | %
Ten year 2015 senior notes (€575 million) | ​ | 2025 | ​ |  | 625.1 |  | 2.63 | % | ​ | 2.88 | % | ​ |  | 596.7 |  | 2.63 | % | ​ | 2.81 | %
Ten year 2016 senior notes ($750 million) | ​ | 2026 | ​ | ​ | 728.2 | ​ | 2.70 | % | ​ | 4.07 | % | ​ | ​ | 721.1 | ​ | 2.70 | % | ​ | 3.21 | %
Ten year 2017 senior notes ($500 million) | ​ | 2027 | ​ | ​ | 448.3 | ​ | 3.25 | % | ​ | 8.43 | % | ​ | ​ | 433.9 | ​ | 3.25 | % | ​ | 4.77 | %
Six Year 2021 senior notes ($500 million) | ​ | 2027 | ​ | ​ | 497.4 | ​ | 1.65 | % | ​ | 1.83 | % | ​ | ​ | 496.5 | ​ | 1.65 | % | ​ | 1.83 | %
Five Year 2022 senior notes ($500 million) | ​ | 2028 | ​ | ​ | 494.2 | ​ | 5.25 | % | ​ | 5.60 | % | ​ | ​ | 492.7 | ​ | 5.25 | % | ​ | 5.36 | %
Ten year 2020 senior notes ($698 million) | ​ | 2030 | ​ | ​ | 662.7 | ​ | 4.80 | % | ​ | 6.19 | % | ​ | ​ | 653.5 | ​ | 4.80 | % | ​ | 3.72 | %
Ten year 2020 senior notes ($600 million) | ​ | 2031 | ​ | ​ | 561.0 | ​ | 1.30 | % | ​ | 3.21 | % | ​ | ​ | 555.2 | ​ | 1.30 | % | ​ | 1.70 | %
Eleven year 2021 senior notes ($650 million) | ​ | 2032 | ​ | ​ | 645.2 | ​ | 2.13 | % | ​ | 2.06 | % | ​ | ​ | 644.6 | ​ | 2.13 | % | ​ | 2.24 | %
Thirty year 2011 senior notes ($389 million) | ​ | 2041 | ​ | ​ | 384.7 |  | 5.50 | % | ​ | 5.62 | % | ​ | ​ | 384.5 |  | 5.50 | % | ​ | 5.62 | %
Thirty year 2016 senior notes ($200 million) | ​ | 2046 | ​ | ​ | 197.4 |  | 3.70 | % | ​ | 3.80 | % | ​ | ​ | 197.3 |  | 3.70 | % | ​ | 3.81 | %
Thirty year 2017 senior notes ($484 million) | ​ | 2047 | ​ | ​ | 426.8 | ​ | 3.95 | % | ​ | 4.79 | % | ​ | ​ | 425.5 | ​ | 3.95 | % | ​ | 4.79 | %
Thirty year 2020 senior notes ($500 million) | ​ | 2050 | ​ | ​ | 491.1 | ​ | 2.13 | % | ​ | 2.23 | % | ​ | ​ | 490.7 | ​ | 2.13 | % | ​ | 2.23 | %
Thirty year 2021 senior notes ($850 million) | ​ | 2051 | ​ | ​ | 839.3 | ​ | 2.70 | % | ​ | 2.78 | % | ​ | ​ | 838.9 | ​ | 2.70 | % | ​ | 2.78 | %
Thirty-four year 2021 senior notes ($685 million) | ​ | 2055 | ​ | ​ | 539.2 | ​ | 2.75 | % | ​ | 3.86 | % | ​ | ​ | 537.2 | ​ | 2.75 | % | ​ | 3.86 | %
Finance lease obligations and other | ​ | ​ | ​ |  | 13.5 | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 12.8 | ​ | ​ | ​ | ​ | ​ | ​
Total debt | ​ | ​ | ​ |  | 8,180.0 | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | 8,576.7 | ​ | ​ | ​ | ​ | ​ | ​
Long-term debt, current maturities | ​ | ​ | ​ |  | (628.6) | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | (501.4) | ​ | ​ | ​ | ​ | ​ | ​
Total long-term debt | ​ | ​ | ​ | ​ | $7,551.4 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $8,075.3 | ​ | ​ | ​ | ​ | ​ | ​
​ Public Notes ​ In November 2022, the Company issued $500 million in aggregate principal five year fixed rate notes with a coupon rate of 5.25% (“New 5-Year Note”). The proceeds are intended to be used for general corporate purposes, which may include, without limitation, repayment of commercial paper borrowings or other indebtedness. The notes mature January 2028. ​ The Company’s public notes may be redeemed by the Company at its option at redemption prices that include accrued and unpaid interest and a make-whole premium. Upon the occurrence of a change of control accompanied by a downgrade of the public notes below investment grade rating, within a specified time period, the Company would be required to offer to repurchase the public notes at a price equal to 101% of the aggregate principal amount thereof, plus any accrued and unpaid interest to the date of repurchase. The public notes are senior unsecured and unsubordinated obligations of the Company and rank equally with all other senior and unsubordinated indebtedness of the Company. ​ In January 2024, the Company repaid €575 million ($630 million) of long-term debt. ​ Covenants and Future Maturities ​ The Company is in compliance with all covenants under the Company’s outstanding indebtedness at December 31, 2023. ​ As of December 31, 2023, the aggregate annual maturities of long-term debt for the next five years were: ​
​ | ​ | ​ | ​
(millions) |  | ​ |
2024 | ​ | ​ | $629
2025 | ​ |  | 634
2026 | ​ |  | 729
2027 | ​ |  | 946
2028 | ​ |  | 495
​ ​ Net Interest Expense ​ Interest expense and interest income incurred during 2023, 2022 and 2021 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(millions) | ​ | 2023 |  | 2022 |  | 2021
Interest expense | ​ | ​ | $348.9 | ​ | ​ | ​ | $252.1 | ​ | ​ | ​ | $230.6 | ​
Interest income |  |  | (52.2) | ​ | ​ |  | (8.5) | ​ | ​ |  | (12.3) | ​
Interest expense, net | ​ | ​ | $296.7 | ​ | ​ | ​ | $243.6 | ​ | ​ | ​ | $218.3 | ​
​ Interest expense generally includes the expense associated with the interest on the Company’s outstanding borrowings. Interest expense also includes the amortization of debt issuance costs and debt discounts, which are both recognized over the term of the related debt. ​ During 2021, the Company issued, exchanged and retired certain long-term debt, incurring debt refinancing charges of $32.3 million ($28.4 million after tax), which are included as a component of interest expense, net on the Consolidated Statements of Income.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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