FINANCING

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

FINANCING

NOTE 4. FINANCING

The components of our debt were as follows ($ in millions):

	March 31, 2023		December 31, 2022
U.S. dollar-denominated commercial paper	$	245.0	$	405.0
Delayed-Draw Term Loan due 2023	1,000.0		1,000.0
Euro Term Loan due 2025	298.1		294.4
Yen Term Loan due 2025	108.4		109.8
3.15% senior unsecured notes due 2026	900.0		900.0
4.30% senior unsecured notes due 2046	550.0		550.0
Long-term debt, principal amounts	3,101.5		3,259.2
Less: aggregate unamortized debt discounts, premiums, and issuance costs	7.1		7.9
Long-term debt, carrying value	3,094.4		3,251.3
Less: current portion of long-term debt	999.8		999.7
Long-term debt, net of current maturities	$	2,094.6	$	2,251.6

Refer to Note 11 of our 2022 Annual Report on Form 10-K for further details of our debt financing.

Other Liquidity Sources

We generally satisfy any short-term liquidity needs that are not met through operating cash flows and available cash primarily through issuances of commercial paper under our U.S. dollar and Euro-denominated commercial paper programs (“Commercial Paper Programs”). Under these programs, we may issue unsecured promissory notes with maturities not exceeding 397 and 183 days, respectively.

Interest expense on commercial paper is paid at maturity and is generally based on our credit ratings at the time of issuance and prevailing short-term interest rates.

The details of our outstanding Commercial Paper Programs as of March 31, 2023 were as follows ($ in millions):

	Carrying value		Annual effective rate		Weighted average maturity (in days)
U.S. dollar-denominated commercial paper	$	244.9	4.98	%	30

Credit support for the Commercial Paper Programs is provided by a five-year $2.0 billion senior unsecured revolving credit facility that expires on October 18, 2027 (the “Revolving Credit Facility”) which, to the extent not otherwise providing credit support for our commercial paper programs, can also be used for working capital and other general corporate purposes. As of March 31, 2023, no borrowings were outstanding under the Revolving Credit Facility.

We classified our borrowings outstanding under the Commercial Paper Programs as Long-term debt in the accompanying Consolidated Condensed Balance Sheets as we had the intent and ability, as supported by availability under the Revolving Credit Facility, to refinance these borrowings for at least one year from the balance sheet date.