Debt and Financing Arrangements

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt and Financing Arrangements

Debt and Financing Arrangements

Long-term debt consists of the following (in millions):

	Maturity	September 30, 2022		December 31, 2021
Senior notes at 3.35%	2026	$	397.6	$	397.2
Senior notes at 3.15%	2027	297.4		297.0
Senior notes at 3.50%	2028	446.1		445.5
Senior notes at 2.300%	2031	296.2		295.8
TOTAL LONG-TERM DEBT(a)		$	1,437.3	$	1,435.5

(a)Long-term debt is presented net of debt issuance costs and unamortized discounts.

2021 Credit Facility

The Company has a five-year credit agreement with a syndicate of lenders and JPMorgan Chase, N.A., as administrative agent, that provides a $750 million committed revolving credit facility (the “2021 Credit Facility"). Commitments under the 2021 Credit Facility may be increased to an aggregate amount not to exceed $1.25 billion.

The 2021 Credit Facility contains a financial covenant requiring that, as of the last day of each fiscal quarter, the ratio of total indebtedness to total capitalization shall not be greater than 65%. The Company was in compliance with this covenant as of September 30, 2022. As of September 30, 2022, the 2021 Credit Facility was undrawn.

Short-Term Debt

The Company had $4.0 million and $9.7 million of short-term debt outstanding at September 30, 2022 and December 31, 2021, respectively, which consisted primarily of borrowings to support our international operations in China and other short term debt to support operations.