Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt Obligations

Debt Obligations

	As of
	June 30, 2024		December 31, 2023
	(In millions)
Long-term debt
EUR 800 million 1.25% notes due July 2024(1)	$	857.0	$	883.1
CAD 500 million 3.44% notes due July 2026	365.5		377.6
$2.0 billion 3.0% notes due July 2026	2,000.0		2,000.0
EUR 800 million 3.8% notes due June 2032(2)	857.0		—
$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	65.3		53.7
Other	23.8		23.5
Less: unamortized debt discounts and debt issuance costs	(40.4)		(35.5)
Total long-term debt (including current portion)	7,028.2		6,202.4
Less: current portion of long-term debt	(866.7)		(890.3)
Total long-term debt	$	6,161.5	$	5,312.1
Short-term borrowings(3)	$	27.5	$	21.5
Current portion of long-term debt	866.7		890.3
Current portion of long-term debt and short-term borrowings	$	894.2	$	911.8

(1)We repaid our EUR 800 million 1.25% senior notes upon maturity on July 15, 2024 using the cash proceeds from our EUR 800 million 3.8% senior notes issued on May 29, 2024 and cash on hand.

(2)On May 29, 2024, MCBC issued EUR 800 million 3.8% senior notes with a maturity of June 15, 2032 ("EUR 2032 Notes"). The issuance resulted in total proceeds of $863.7 million, net of underwriting fees and discounts. Total debt discounts and debt issuance costs capitalized in connection with these notes, including underwriting fees, were approximately $7.1 million, and are being amortized over the term of the EUR 2032 Notes. The EUR 2032 Notes began accruing interest upon issuance, with interest payments due annually. Additionally, upon issuance we designated the EUR 2032 Notes as a hedge of our investment in a EUR functional currency subsidiary. See Note 8, "Derivative Instruments and Hedging Activities" for further details.

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

As of June 30, 2024, we had $22.5 million in bank overdrafts and $84.2 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $61.7 million. As of December 31, 2023, we had $16.5 million in bank overdrafts and $75.5 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $59.0 million.

In addition, we have CAD, GBP and USD overdraft facilities under which we had no outstanding borrowings as of June 30, 2024 and December 31, 2023. See further detail within Part II.—Item 8. Financial Statements, Note 13, "Commitments and Contingencies" in our Annual Report for further discussion related to letters of credit.