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Debt
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt Debt
Debt Obligations
As of
 September 30, 2022December 31, 2021
 (In millions)
Long-term debt
$500 million 3.5% notes due May 2022(1)
$— $500.9 
CAD 500 million 2.84% notes due July 2023
361.6 395.7 
EUR 800 million 1.25% notes due July 2024
784.2 909.6 
CAD 500 million 3.44% notes due July 2026
361.6 395.7 
$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 
Finance leases59.9 67.2 
Other24.3 30.7 
Less: unamortized debt discounts and debt issuance costs(40.7)(44.6)
Total long-term debt (including current portion)6,450.9 7,155.2 
Less: current portion of long-term debt(368.2)(508.0)
Total long-term debt$6,082.7 $6,647.2 
Short-term borrowings
Commercial paper programs(2)
$125.0 $— 
Short-term borrowings(3)
11.8 6.9 
Current portion of long-term debt368.2 508.0 
Current portion of long-term debt and short-term borrowings$505.0 $514.9 
(1)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 other general purpose needs. As of September 30, 2022, the outstanding borrowings under the commercial paper program had a weighted-average effective interest rate and tenor of 3.77% and 17 days, respectively. We had no borrowings drawn on this revolving credit facility and no commercial paper borrowings as of December 31, 2021.
Subsequent to September 30, 2022, we had net commercial paper repayments that resulted in commercial paper outstanding of approximately $30 million as of November 1, 2022. As such, we have approximately $1.5 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 September 30, 2022, we had $6.8 million in bank overdrafts and $96.4 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $89.6 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 in the first quarter of 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 September 30, 2022 or December 31, 2021. 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.
Debt Fair Value Measurements
We utilize market approaches to estimate the fair value of certain outstanding borrowings by discounting anticipated future cash flows derived from the contractual terms of the obligations and observable market interest and foreign exchange rates. As of September 30, 2022 and December 31, 2021, the fair value of our outstanding long-term debt (including current portion of long-term debt) was approximately $5.6 billion and $7.7 billion, respectively. The decline in the fair value of our debt was primarily driven by rising interest rates. All senior notes are valued based on significant observable inputs and classified as Level 2 in the fair value hierarchy. The carrying values of all other outstanding long-term borrowings and our short-term borrowings approximate their fair values and are also classified as Level 2 in the fair value hierarchy.
Debt Covenants
Under the terms of each of our debt facilities, we must comply with certain restrictions. These include customary events of default and specified representations, warranties and covenants, as well as covenants that restrict our ability to incur certain additional priority indebtedness (certain thresholds of secured consolidated net tangible assets), certain leverage threshold percentages, create or permit liens on assets, and restrictions on mergers, acquisitions and certain types of sale lease-back transactions. Additionally, the maximum leverage ratio as of September 30, 2022 is 4.00x net debt to EBITDA (as defined in the revolving credit facility agreement), through maturity of the credit facility. As of September 30, 2022, we were in compliance with all of these restrictions and covenants and have met all debt payment obligations. All of our outstanding senior notes as of September 30, 2022 rank pari-passu.