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SHORT AND LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Short and Long-Term Debt | SHORT AND LONG-TERM DEBT Short-term Debt As a source of short-term financing, we utilize cash on hand and commercial paper or bank loans with an original maturity of three months or less. We maintain a $1.35 billion unsecured revolving credit facility with the option to increase borrowings by an additional $500 million with the consent of the lenders. This facility is scheduled to expire on April 26, 2028; however, we may extend the termination date for up to two additional one-year periods upon notice to the administrative agent under the facility. The unsecured committed revolving credit agreement contains a financial covenant whereby the ratio of (a) pre-tax income from operations from the most recent four fiscal quarters to (b) consolidated interest expense for the most recent four fiscal quarters may not be less than 2.0 to 1.0 at the end of each fiscal quarter. The credit agreement also contains customary representations, warranties and events of default. Payment of outstanding advances may be accelerated, at the option of the lenders, should we default in our obligation under the credit agreement. As of December 31, 2023, we are in compliance with all affirmative and negative covenants and the financial covenant pertaining to our credit agreement. There were no significant compensating balance agreements that legally restricted these funds. In addition to the revolving credit facility, we maintain lines of credit with domestic and international commercial banks. Our credit limit in various currencies was $411,553 at December 31, 2023 and $313,195 at December 31, 2022. These lines permit us to borrow at the respective banks’ prime commercial interest rates, or lower. Commitment fees relating to our revolving credit facility and lines of credit are not material. Short-term debt consisted of the following:
| December 31, 2023 |  | December 31, 2022
Short-term foreign bank borrowings against lines of credit | $ | 192,278 |  | $ | 135,555
U.S. commercial paper | 527,561 |  | 558,235
Total short-term debt | $ | 719,839 |  | $ | 693,790
Weighted average interest rate on outstanding commercial paper | 5.4 | % |  | 4.3 | %
The maximum amount of short-term borrowings outstanding during 2023 and 2022 was $859,773 and $937,593, respectively. The weighted-average interest rate on short-term borrowings outstanding was 5.8% as of December 31, 2023 and 4.4% as of December 31, 2022. Long-term Debt Long-term debt consisted of the following:
December 31, |  | Maturity Date |  | 2023 |  | 2022
2.625% Notes (1) |  | May 1, 2023 |  | — |  |  | 250,000 |
3.375% Notes (1) |  | May 15, 2023 |  | — |  |  | 500,000 |
2.050% Notes |  | November 15, 2024 |  | 300,000 |  |  | 300,000 |
0.900% Notes |  | June 1, 2025 |  | 300,000 |  |  | 300,000 |
3.200% Notes |  | August 21, 2025 |  | 300,000 |  |  | 300,000 |
2.300% Notes |  | August 15, 2026 |  | 500,000 |  |  | 500,000 |
7.200% Debentures |  | August 15, 2027 |  | 193,639 |  |  | 193,639 |
4.250% Notes (2) |  | May 4, 2028 |  | 350,000 |  |  | — |
2.450% Notes |  | November 15, 2029 |  | 300,000 |  |  | 300,000 |
1.700% Notes |  | June 1, 2030 |  | 350,000 |  |  | 350,000 |
4.500% Notes (2) |  | May 4, 2033 |  | 400,000 |  |  | — |
3.375% Notes |  | August 15, 2046 |  | 300,000 |  |  | 300,000 |
3.125% Notes |  | November 15, 2049 |  | 400,000 |  | 400,000
2.650% Notes |  | June 1, 2050 |  | 350,000 |  | 350,000
Finance lease obligations (see Note 7) |  |  |  | 76,385 |  | 73,479
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts |  |  |  | (25,834) |  | (19,563)
Total long-term debt |  |  |  | 4,094,190 |  |  | 4,097,555 |
Less—current portion |  |  |  | 305,058 |  | 753,578
Long-term portion |  |  |  | $ | 3,789,132 |  |  | $ | 3,343,977 |
(1) In May 2023, we repaid $250,000 of 2.625% Notes and $500,000 of 3.375% Notes due upon their maturity. (2) During the second quarter of 2023, we issued $350,000 of 4.250% Notes due in May 2028 and $400,000 of 4.500% Notes due in May 2033 (the “2023 Notes”). Proceeds from the issuance of the 2023 Notes, net of discounts and issuance costs, totaled $744,092. The 2023 Notes were issued under a shelf registration on Form S-3 filed in May 2021 that registered an indeterminate amount of debt securities. Aggregate annual maturities of our long-term Notes (excluding finance lease obligations and net impact of interest rate swaps, debt issuance costs and unamortized debt discounts) are as follows for the years ending December 31:
2024 | $ | 300,000 |
2025 | 600,000 |
2026 | 500,000 |
2027 | 193,639 |
2028 | 350,000 |
Thereafter | 2,100,000 |
Our debt is principally unsecured and of equal priority. None of our debt is convertible into our Common Stock. Interest Expense Net interest expense consists of the following:
For the years ended December 31, |  | 2023 |  | 2022 |  | 2021
Interest expense |  | $ | 176,066 |  |  | $ | 148,226 |  |  | $ | 139,156 |
Capitalized interest |  | (14,555) |  |  | (8,131) |  |  | (9,310) |
Interest expense |  | 161,511 |  |  | 140,095 |  |  | 129,846 |
Interest income |  | (9,726) |  |  | (2,538) |  |  | (2,429) |
Interest expense, net |  | $ | 151,785 |  |  | $ | 137,557 |  |  | $ | 127,417 |

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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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