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Debt (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Debt Maturing within One Year | Debt maturing within one year consists of the following:
| December 31,
(in Millions) | 2022 |  | 2021
Short-term foreign debt (1) | $ | 81.8 |  |  | $ | 112.2 |
Commercial paper (2) | 370.5 |  |  | 244.1 |
Total short-term debt | $ | 452.3 |  |  | $ | 356.3 |
Current portion of long-term debt | 88.5 |  |  | 84.5 |
Total short-term debt and current portion of long-term debt (3) | $ | 540.8 |  |  | $ | 440.8 |
____________________ (1)At December 31, 2022, the average effective interest rate on the borrowings was 16.7 percent. (2)At December 31, 2022, the average effective interest rate on the borrowings was 4.90 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 $2.75 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, 2022 |  | December 31,
Interest Rate Percentage |  | Maturity Date |  | 2022 |  | 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 discounts of $0.6 and $0.7, respectively) | 3.2% - 4.5% |  | 2024 - 2049 |  | 1,899.4 |  |  | 1,899.3 |
2021 Term Loan Facility | 5.4% |  | 2024 |  | 800.0 |  |  | 800.0 |
Revolving Credit Facility (1) | 7.1% |  | 2027 |  | — |  |  | — |
Foreign debt | 0% - 17.9% |  | 2023 - 2024 |  | 88.5 |  |  | 84.7 |
Debt issuance cost |  |  |  |  | (16.1) |  |  | (17.7) |
Total long-term debt |  |  |  |  | $ | 2,821.7 |  |  | $ | 2,816.2 |
Less: debt maturing within one year |  |  |  |  | 88.5 |  |  | 84.5 |
Total long-term debt, less current portion |  |  |  |  | $ | 2,733.2 |  |  | $ | 2,731.7 |
____________________ (1)Letters of credit outstanding under the Revolving Credit Facility totaled $160.0 million and available funds under this facility were $1,469.5 million at December 31, 2022.

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