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Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of short-term debt

Debt maturing within one year consists of the following:

			December 31,
(in Millions)			2023						2022
Short-term foreign debt (1)			$	98.0					$	81.8
Commercial paper (2)			739.5						370.5
Total short-term debt			$	837.5					$	452.3
Current portion of long-term debt			96.5						88.5
Total short-term debt and current portion of long-term debt (3)			$	934.0					$	540.8

____________________

(1)At December 31, 2023, the average effective interest rate on the borrowings was 14.2 percent.

(2)At December 31, 2023, the average effective interest rate on the borrowings was 6.11 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, 2023												December 31,
			Interest Rate Percentage						Maturity Date						2023						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 discounts of $1.8 and $0.6, respectively)			3.2% - 6.4%						2026 - 2053						2,998.2						1,899.4
2021 Term Loan Facility			—%						—						—						800.0
Revolving Credit Facility (1)			8.0%						2027						—						—
Foreign debt			14.6% - 17.4%						2024						96.5						88.5
Debt issuance cost															(24.5)						(16.1)
Total long-term debt															$	3,120.1					$	2,821.7
Less: debt maturing within one year															96.5						88.5
Total long-term debt, less current portion															$	3,023.6					$	2,733.2

____________________ 

(1)Letters of credit outstanding under the Revolving Credit Facility totaled $251.5 million and available funds under this facility were $1,009.0 million at December 31, 2023.

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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