Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt Obligations

Debt Obligations

	As of
	September 30, 2024		December 31, 2023
	(In millions)
Long-term debt
EUR 800 million 1.25% senior notes due July 2024(1)	$	—	$	883.1
CAD 500 million 3.44% senior notes due July 2026	369.7		377.6
$2.0 billion 3.0% senior notes due July 2026	2,000.0		2,000.0
EUR 800 million 3.8% senior notes due June 2032(2)	890.8		—
$1.1 billion 5.0% senior notes due May 2042	1,100.0		1,100.0
$1.8 billion 4.2% senior notes due July 2046	1,800.0		1,800.0
Finance leases	68.9		53.7
Other	23.5		23.5
Less: unamortized debt discounts and debt issuance costs	(39.6)		(35.5)
Total long-term debt (including current portion)	6,213.3		6,202.4
Less: current portion of long-term debt	(10.3)		(890.3)
Total long-term debt	$	6,203.0	$	5,312.1
Short-term borrowings(3)	$	27.4	$	21.5
Current portion of long-term debt	10.3		890.3
Current portion of long-term debt and short-term borrowings	$	37.7	$	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 Senior 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 senior notes, including underwriting fees, were approximately $7.1 million, and are being amortized over the term of the EUR 2032 Senior Notes. The EUR 2032 Senior Notes began accruing interest upon issuance, with interest payments due annually. Additionally, upon issuance we designated the EUR 2032 Senior 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 September 30, 2024, we had $22.4 million in bank overdrafts and $126.2 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $103.8 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 September 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.