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Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt Maturing within One Year
Debt maturing within one year consists of the following:
December 31,
(in Millions)20212020
Short-term foreign debt (1)
$112.2 $98.4 
Commercial paper (2)
244.1 146.3 
Total short-term debt$356.3 $244.7 
Current portion of long-term debt84.5 93.6 
Total Short-term debt and current portion of long-term debt (3)
$440.8 $338.3 
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(1)    At December 31, 2021, the average effective interest rate on the borrowings was 12.4 percent.
(2)    At December 31, 2021, the average effective interest rate on the borrowings was 0.45 percent.
(3)    Based on cash generated from operations, our existing liquidity facilities, which includes the revolving credit agreement with the option to increase capacity up to $2.25 billion, and our continued access to debt capital markets, we have adequate liquidity to meet any of the company's debt obligations in the near term.
Schedule of Long-Term Debt
Long-term debt consists of the following:
(in Millions)December 31, 2021December 31,
Interest Rate
Percentage
Maturity
Date
20212020
Pollution control and industrial revenue bonds (less unamortized discounts of $0.1 and $0.1, respectively)
6.45%
2032
$49.9 $51.6 
Senior notes (less unamortized discounts of $0.7 and $1.0, respectively)
3.20% - 4.50%
2024 - 2049
1,899.3 2,199.0 
2017 Term Loan FacilityN/AN/A— 700.0 
2021 Term Loan Facility1.1%2024800.0 — 
Revolving Credit Facility (1)
2.8%2026— — 
Foreign debt
0% - 7.9%
2022 - 2024
84.7 92.3 
Debt issuance cost(17.7)(19.8)
Total long-term debt$2,816.2 $3,023.1 
Less: debt maturing within one year84.5 93.6 
Total long-term debt, less current portion$2,731.7 $2,929.5 
____________________ 
(1)Letters of credit outstanding under the Revolving Credit Facility totaled $162.5 million and available funds under this facility were $1,093.4 million at December 31, 2021.