Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt Obligations

Debt Obligations

	As of
	September 30, 2022		December 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 leases	59.9		67.2
Other	24.3		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 debt	368.2		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.