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FINANCING ARRANGEMENTS
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
FINANCING ARRANGEMENTS FINANCING ARRANGEMENTS
At June 30, 2023, the Company had $487 million of borrowing available under lines of credit, including lines available under its short-term arrangements and revolving credit facility.

On May 12, 2023, the Company entered into the five-year senior unsecured multicurrency revolving facility, for an aggregate principal amount of $700 million that expires on May 12, 2028. The Facility replaced the $700 million five-year senior unsecured multicurrency revolving facility that was scheduled to expire on July 26, 2024. The Company also has a $500 million commercial paper program. The $700 million revolver serves as a back-up to the commercial paper facility, thus the total available credit under the commercial paper facility and the multi-currency revolving credit facility in the aggregate is $700 million. The Company had outstanding borrowings of $240 million and $95 million under the commercial paper facility at June 30, 2023 and December 31, 2022, respectively, and no outstanding borrowings under the multi-currency revolving credit facility.

The Company also has access to $48 million in uncommitted short-term financing under lines of credit from various financial institutions, the availability of which is reduced by other short-term borrowings of $21 million. At June 30, 2023, the weighted-average interest rate for short-term debt was 5.4%.

The Company’s revolving credit facility, term loans and senior notes contain certain affirmative and negative debt covenants relating to the Company's operations and financial condition. At June 30, 2023, the Company was in compliance with all debt covenants.