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DEBT AND INTEREST | 6 Months Ended
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Jun. 30, 2024
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 as of June 30, 2024 and December 31, 2023. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30 | ​ | December 31
(millions) |  | 2024 | ​ | 2023
Short-term debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Notes payable | ​ | ​ | $3.5 | ​ | ​ | ​ | $1.8 | ​
Long-term debt, current maturities | ​ | ​ | 2.4 | ​ | ​ | ​ | 628.6 | ​
Total | ​ | ​ | $5.9 | ​ | ​ | ​ | $630.4 | ​
​ Lines of Credit ​ As of June 30, 2024, the Company has a $2.0 billion multi-year 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 either June 30, 2024 or 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 June 30, 2024 or December 31, 2023. ​ 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 June 30, 2024 and December 31, 2023, the Company had $3.5 million and $1.8 million, respectively, outstanding under these credit lines. ​ Long-term Debt ​ The following table provides the components of the Company’s long-term debt obligations, including current maturities, as of June 30, 2024 and December 31, 2023. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  |  |  | ​ | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Maturity | ​ | June 30 | ​ | December 31
(millions) | ​ | by Year | ​ | 2024 | ​ | 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Public notes (2024 principal amount) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Seven year 2016 senior notes (€575 million) | ​ | 2024 | ​ | ​ | $- | ​ | ​ | ​ | $625.9 | ​
Ten year 2015 senior notes (€575 million) | ​ | 2025 | ​ | ​ | 623.1 | ​ | ​ | ​ | 625.1 | ​
Ten year 2016 senior notes ($750 million) | ​ | 2026 | ​ | ​ | 728.5 | ​ | ​ | ​ | 728.2 | ​
Ten year 2017 senior notes ($500 million) | ​ | 2027 | ​ | ​ | 445.6 | ​ | ​ | ​ | 448.3 | ​
Six Year 2021 senior notes ($500 million) | ​ | 2027 | ​ | ​ | 497.8 | ​ | ​ | ​ | 497.4 | ​
Five Year 2022 senior notes ($500 million) | ​ | 2028 | ​ | ​ | 494.9 | ​ | ​ | ​ | 494.2 | ​
Ten year 2020 senior notes ($698 million) | ​ | 2030 | ​ | ​ | 652.5 | ​ | ​ | ​ | 662.7 | ​
Ten year 2020 senior notes ($600 million) | ​ | 2031 | ​ | ​ | 556.6 | ​ | ​ | ​ | 561.0 | ​
Eleven year 2021 senior notes ($650 million) | ​ | 2032 | ​ | ​ | 645.5 | ​ | ​ | ​ | 645.2 | ​
Thirty year 2011 senior notes ($389 million) | ​ | 2041 | ​ | ​ | 384.9 | ​ | ​ | ​ | 384.7 | ​
Thirty year 2016 senior notes ($200 million) | ​ | 2046 | ​ | ​ | 197.4 | ​ | ​ | ​ | 197.4 | ​
Thirty year 2017 senior notes ($484 million) | ​ | 2047 | ​ | ​ | 427.5 | ​ | ​ | ​ | 426.8 | ​
Thirty year 2020 senior notes ($500 million) | ​ | 2050 | ​ | ​ | 491.2 | ​ | ​ | ​ | 491.1 | ​
Thirty year 2021 senior notes ($850 million) | ​ | 2051 | ​ | ​ | 839.5 | ​ | ​ | ​ | 839.3 | ​
Thirty-four year 2021 senior notes ($685 million) | ​ | 2055 | ​ | ​ | 540.2 | ​ | ​ | ​ | 539.2 | ​
Finance lease obligations and other | ​ | ​ | ​ | ​ | 16.0 | ​ | ​ | ​ | 13.5 | ​
Total debt | ​ | ​ | ​ | ​ | 7,541.2 | ​ | ​ | ​ | 8,180.0 | ​
Long-term debt, current maturities | ​ | ​ | ​ | ​ | (2.4) | ​ | ​ | ​ | (628.6) | ​
Total long-term debt | ​ | ​ | ​ | ​ | $7,538.8 | ​ | ​ | ​ | $7,551.4 | ​
​ Public Notes ​ 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. ​ Covenants ​ The Company is in compliance with all covenants under the Company’s outstanding indebtedness as of June 30, 2024. ​ Net Interest Expense ​ Interest expense and interest income recognized during the second quarter and first six months of 2024 and 2023 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Second Quarter Ended | ​ | Six Months Ended | ​
​ | ​ | June 30 | ​ | June 30 | ​
(millions) |  | 2024 | ​ | 2023 | ​ | 2024 | ​ | 2023 | ​
Interest expense | ​ | ​ | $80.2 | ​ | ​ | ​ | $82.7 | ​ | ​ | $174.7 | ​ | ​ | ​ | $162.8 | ​
Interest income |  | ​ | (1.4) | ​ | ​ | ​ | (4.9) |  | ​ | (24.3) | ​ | ​ | ​ | (10.8) |
Interest expense, net | ​ | ​ | $78.8 | ​ | ​ | ​ | $77.8 | ​ | ​ | $150.4 | ​ | ​ | ​ | $152.0 | ​
​ ​ Interest expense generally includes the expense associated with the interest on the Company’s outstanding borrowings, including the impact of the Company’s interest rate swap agreements. Interest expense also includes the amortization of debt issuance costs and debt discounts, which are both recognized over the term of the related debt.

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