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v3.22.2.2

Short-Term Borrowings and Long-Term Debt | 9 Months Ended
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Sep. 30, 2022
Debt Disclosure [Abstract] |
Short-Term Borrowings and Long-Term Debt | 14. Short-Term Borrowings and Long-Term Debt Short-term borrowings and long-term debt consist of the following:
|  | September 30, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Short-term borrowings |  |  |  |  |  |
Commercial paper issuances |  | $ | 0.0 |  |  | $ | 249.7 |
Various debt due to international banks |  |  | 3.3 |  |  |  | 3.1 |
Total short-term borrowings |  | $ | 3.3 |  |  | $ | 252.8 |
Long-term debt |  |  |  |  |  |
2.45% Senior notes due August 1, 2022 |  |  | 0.0 |  |  |  | 300.0 |
2.875% Senior notes due October 1, 2022(1) |  |  | 400.0 |  |  |  | 400.0 |
Less: Discount |  |  | 0.0 |  |  |  | (0.1 | )
Term loan due December 22, 2024 |  |  | 400.0 |  |  |  | 400.0 |
3.15% Senior notes due August 1, 2027 |  |  | 425.0 |  |  |  | 425.0 |
Less: Discount |  |  | (0.2 | ) |  |  | (0.3 | )
2.3% Senior notes due December 15, 2031 |  |  | 400.0 |  |  |  | 400.0 |
Less: Discount |  |  | (0.8 | ) |  |  | (0.8 | )
3.95% Senior notes due August 1, 2047 |  |  | 400.0 |  |  |  | 400.0 |
Less: Discount |  |  | (2.4 | ) |  |  | (2.5 | )
5.00% Senior notes due June 15, 2052 |  |  | 500.0 |  |  |  | 0.0 |
Less: Discount |  |  | (0.2 | ) |  |  | 0.0 |
Debt issuance costs, net |  |  | (17.0 | ) |  |  | (11.2 | )
Total long-term debt |  |  | 2,504.4 |  |  |  | 2,310.1 |
Less: Current maturities |  |  | (400.0 | ) |  |  | (699.4 | )
Net long-term debt |  | $ | 2,104.4 |  |  | $ | 1,610.7 |
(1) In October 2022, the Company repaid the full amount of the 2.875% Senior Notes due October 1, 2022 with a portion of the proceeds from the 5.00% Senior notes issued on June 2, 2022 and due June 15, 2052 and cash on hand. New Credit Agreement On June 16, 2022, the Company entered into a credit agreement (the “Credit Agreement”) that provides for a $1,500.0 unsecured revolving credit facility (the “Revolving Credit Facility”) that matures on June 16, 2027, unless extended. The Credit Agreement replaced the Company’s prior $1,000.0 unsecured revolving credit facility maturing on March 29, 2024 that was entered into on March 29, 2018. The Company continues to have the ability to increase its borrowing up to an additional $750.0, subject to lender commitments and certain conditions as described in the Credit Agreement. Borrowings under the Credit Agreement are available for general corporate purposes and are used to support the Company's $1,000.0 commercial paper program. 5.00% Senior Notes due June 15, 2052 On June 2, 2022, the Company issued $500.0 aggregate principal amount of 5.00% Senior Notes due 2052 (the “2052 Notes”). The 2052 Notes were issued under the second supplemental indenture (the “Second Supplemental Indenture”), dated June 2, 2022, to the indenture dated December 10, 2021 (the “Indenture”). In July 2022 a portion of the proceeds from the sale of the Notes were used to repay all of the Company's outstanding $300.0 2.45% Senior Notes due August 1, 2022. The remaining proceeds were used to pay a portion of the Company's $400.0 outstanding 2.875% Senior Notes due October 1, 2022. The 2052 Notes will mature on June 15, 2052, unless earlier retired or redeemed pursuant to the terms of the Second Supplemental Indenture.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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