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Debt (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Debt instruments | Details of the Company's debt at December 31 were as follows:
| 2022 |  | 2021
Commercial paper, average rate of 1.93% in 2022 and 0.16% in 2021 | $ | — |  |  | $ | 349,000 |
Syndicated term loan due December 2023 | 399,246 |  |  | — |
Syndicated term loan due January 2025 | 299,644 |  |  | — |
1.80% notes due February 2025 | 398,369 |  |  | — |
2.25% notes due February 2027 | 297,910 |  |  | — |
2.85% notes due February 2032 | 495,264 |  |  | — |
3.125% notes due May 2030 | 595,911 |  |  | 595,342 |
5.75% notes due November 2040 | 536,214 |  |  | 536,182 |
Other foreign denominated debt, average rate of 5.7% in 2022 and 3.0% in 2021 | 20,668 |  |  | 55,432 |
Finance lease obligations | 102,920 |  |  | 60,282 |
Other debt | 76,077 |  |  | 14,425 |
Total debt | $ | 3,222,223 |  |  | $ | 1,610,663 |
Less: Notes payable and current portion of long-term debt | 502,440 |  |  | 411,557 |
Long-term debt | $ | 2,719,783 |  |  | $ | 1,199,106 |
On January 21, 2022, the Company completed a registered public offering of green bonds with an aggregate principal amount of $1,200,000. These unsecured notes (the “Notes”) consisted of the following:
| Principal Amount |  | Issuance Costs and Discounts |  | Net Proceeds |  | Interest Rate |  | Maturity
2025 Notes | $ | 400,000 |  |  | $ | (2,356) |  |  | $ | 397,644 |  |  | 1.800% |  | February 1, 2025
2027 Notes | $ | 300,000 |  |  | $ | (2,565) |  |  | $ | 297,435 |  |  | 2.250% |  | February 1, 2027
2032 Notes | $ | 500,000 |  |  | $ | (5,220) |  |  | $ | 494,780 |  |  | 2.850% |  | February 1, 2032
Total | $ | 1,200,000 |  |  | $ | (10,141) |  |  | $ | 1,189,859 |  |  |  |  |
Schedule of extinguishment of debt | Upon expiration of the tender on May 25, 2021, the Company repurchased 10.53% of its outstanding 5.75% notes for a total cash cost of $81,961, as shown below:
|  | Principal Amount Tendered | Premium and Other Amounts Paid | Total Cash Paid
5.75% notes due November 2040 |  | $ | 63,206 |  | $ | 18,755 |  | $ | 81,961 |
Schedule of debt maturities | The principal requirements of debt maturing in the next five years are:
| 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027
Debt maturities by year | $ | 502,440 |  |  | $ | 14,966 |  |  | $ | 715,332 |  |  | $ | 14,595 |  |  | $ | 301,960 |

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