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Debt (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Debt Maturing Within One Year | Debt maturing within one year:
(in Millions) | June 30, 2024 |  | December 31, 2023
Short-term foreign debt (1) | $ | 116.9 |  |  | $ | 98.0 |
Commercial paper (2) | 952.0 |  |  | 739.5 |
Total short-term debt | $ | 1,068.9 |  |  | $ | 837.5 |
Current portion of long-term debt | 84.4 |  |  | 96.5 |
Total short-term debt and current portion of long-term debt (3) | $ | 1,153.3 |  |  | $ | 934.0 |
____________________ (1)At June 30, 2024, the average effective interest rate on the borrowings was 11.6 percent. (2)At June 30, 2024, the average effective interest rate on the borrowings was 6.1 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, 2024 |  |  |  |
Interest Rate Percentage |  | Maturity Date |  | June 30, 2024 |  | December 31, 2023
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 $1.7 and $1.8, respectively) | 3.2% - 6.4% |  | 2026 - 2053 |  | 2,998.3 |  |  | 2,998.2 |
Revolving Credit Facility (1) | 8.0% |  | 2027 |  | — |  |  | — |
Foreign debt | 12.2% - 17.4% |  | 2024 - 2025 |  | 84.4 |  |  | 96.5 |
Debt issuance cost |  |  |  |  | (22.4) |  |  | (24.5) |
Total long-term debt |  |  |  |  | $ | 3,110.2 |  |  | $ | 3,120.1 |
Less: debt maturing within one year |  |  |  |  | 84.4 |  |  | 96.5 |
Total long-term debt, less current portion |  |  |  |  | $ | 3,025.8 |  |  | $ | 3,023.6 |
____________________ (1)Letters of credit outstanding under our Revolving Credit Facility totaled $252.6 million and available funds under this facility were $795.4 million at June 30, 2024.

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-6 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-7 + Details
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