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Debt (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Debt maturing within one year
Debt maturing within one year:
(in Millions)June 30, 2023December 31, 2022
Short-term foreign debt (1)
$162.8 $81.8 
Commercial paper (2)
1,001.5 370.5 
Total short-term debt$1,164.3 $452.3 
Current portion of long-term debt496.2 88.5 
Total short-term debt and current portion of long-term debt (3)
$1,660.5 $540.8 
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(1)At June 30, 2023, the average effective interest rate on the borrowings was 13.6 percent.
(2)At June 30, 2023, the average effective interest rate on the borrowings was 5.9 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 including any current portion of long-term debt.
Schedule of long-term debt
Long-term debt:
(in Millions)June 30, 2023  
Interest Rate PercentageMaturity
Date		June 30, 2023December 31, 2022
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 $1.9 and $0.6, respectively) (2)
3.20% - 6.40%
2024 - 2053
3,398.1 1,899.4 
2021 Term Loan Facility—%2024— 800.0 
Revolving Credit Facility (1)
7.70%2027— — 
Foreign debt
0% - 17.90%
2023 - 2024
96.1 88.5 
Debt issuance cost(25.9)(16.1)
Total long-term debt$3,518.2 $2,821.7 
Less: debt maturing within one year496.2 88.5 
Total long-term debt, less current portion$3,022.0 $2,733.2 
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(1)Letters of credit outstanding under our Revolving Credit Facility totaled $243.1 million and available funds under this facility were $755.4 million at June 30, 2023.