Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt Obligations

Debt Obligations

	As of
	March 31, 2022		December 31, 2021
	(In millions)
Long-term debt
CAD 500 million 2.84% notes due July 2023	$	399.8	$	395.7
CAD 500 million 3.44% notes due July 2026	399.8		395.7
$500 million 3.5% notes due May 2022(1)	500.2		500.9
$2.0 billion 3.0% notes due July 2026	2,000.0		2,000.0
$1.1 billion 5.0% notes due May 2042	1,100.0		1,100.0
$1.8 billion 4.2% notes due July 2046	1,800.0		1,800.0
EUR 800 million 1.25% notes due July 2024	885.4		909.6
Finance leases	67.2		67.2
Other	29.5		30.7
Less: unamortized debt discounts and debt issuance costs	(43.1)		(44.6)
Total long-term debt (including current portion)	7,138.8		7,155.2
Less: current portion of long-term debt	(507.3)		(508.0)
Total long-term debt	$	6,631.5	$	6,647.2
Short-term borrowings
Commercial paper programs(2)	$	160.0	$	—
Short-term borrowings(3)	14.6		6.9
Current portion of long-term debt	507.3		508.0
Current portion of long-term debt and short-term borrowings	$	681.9	$	514.9

(1)The fair value hedges related to these notes have been settled and are being amortized over the life of the respective note. The balance of the fair value hedges being amortized over the life of the notes were $0.2 million and $0.9 million as of March 31, 2022 and December 31, 2021, respectively. The balance as of March 31, 2022 and December 31, 2021 was included within the current portion of long-term debt and short-term borrowings of the unaudited condensed consolidated balance sheet. We repaid our $500 million 3.5% USD notes upon maturity on May 1, 2022 using a combination of commercial paper borrowings and cash on hand.

(2)We maintain a $1.5 billion revolving credit facility with a maturity date of July 7, 2024 that allows us to issue a maximum aggregate amount of $1.5 billion in commercial paper or other borrowings at any time at variable interest rates. We use this facility from time to time to leverage cash needs including debt repayments. The current balance outstanding was used to partially fund our working capital and general purpose needs. As of March 31, 2022, the outstanding borrowings under the commercial paper program had a weighted-average effective interest rate and tenor of 0.98% and 10 days, respectively. We had no borrowings drawn on this revolving credit facility and no commercial paper borrowings as of December 31, 2021.

Subsequent to March 31, 2022, we had additional commercial paper borrowings that resulted in commercial paper outstanding of approximately $500 million as of May 3, 2022. As such, we have approximately $1.0 billion available to draw on our total $1.5 billion revolving credit facility.

(3)Our short-term borrowings include bank overdrafts, borrowings on our overdraft facilities and other items.

As of March 31, 2022, we had $9.6 million in bank overdrafts and $66.9 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $57.3 million. As of December 31, 2021, we had $3.0 million in bank overdrafts and $123.1 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $120.1 million.

The JPY facilities were early terminated as of March 31, 2022 and we had no outstanding borrowings as of March 31, 2022. As of December 31, 2021 we had $3.9 million of outstanding borrowings under our JPY facilities. In addition, we have CAD, GBP and USD overdraft facilities under which we had no outstanding borrowings as of March 31, 2022 or December 31, 2021. A summary of our short-term facility availability is presented below. See further detail within Part II

—Item 8 Financial Statements, Note 18, "Commitments and Contingencies" in our Annual Report for further discussion related to letters of credit.