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Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt maturing within one year

Debt maturing within one year:

(in Millions)			March 31, 2022						December 31, 2021
Short-term foreign debt (1)			$	101.2					$	112.2
Commercial paper (2)			840.6						244.1
Total short-term debt			$	941.8					$	356.3
Current portion of long-term debt			98.6						84.5
Total short-term debt and current portion of long-term debt (3)			$	1,040.4					$	440.8

____________________

(1)At March 31, 2022, the average effective interest rate on the borrowings was 13.2 percent.

(2)At March 31, 2022, the average effective interest rate on the borrowings was 1.05 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:

(in Millions)			March 31, 2022
			Interest Rate Percentage						Maturity Date						March 31, 2022						December 31, 2021
Pollution control and industrial revenue bonds (less unamortized discounts of $0.1 and $0.1, respectively)			6.45%						2032						$	49.9					$	49.9
Senior notes (less unamortized discount of $0.7 and $0.7, respectively)			3.20% - 4.50%						2024 - 2049						1,899.3						1,899.3
2021 Term Loan Facility			1.50%						2024						800.0						800.0
Revolving Credit Facility (1)			3.10%						2026						—						—
Foreign debt			0% - 7.90%						2022 - 2024						98.7						84.7
Debt issuance cost															(16.9)						(17.7)
Total long-term debt															$	2,831.0					$	2,816.2
Less: debt maturing within one year															98.6						84.5
Total long-term debt, less current portion															$	2,732.4					$	2,731.7

____________________

(1)Letters of credit outstanding under our Revolving Credit Facility totaled $159.6 million and available funds under this facility were $499.8 million at March 31, 2022.

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Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

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