DEBT

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

DEBT

DEBT

The following table summarizes the Company’s outstanding debt:

	September 30,		December 31,		September 30,
	2023		2022		2022
Long-term debt (including current portion)	$	9,597.4	$	9,591.6	$	9,589.5
Short-term borrowings	338.6		978.1		945.2
Total debt outstanding	$	9,936.0	$	10,569.7	$	10,534.7

Short-Term Borrowings

On February 28, 2023, the Company amended its credit agreement dated August 2, 2021, as amended, to extend the maturity of $125.0 million of the commitments available for borrowing and obtaining the issuance, renewal, extension, and increase of a letter of credit under the credit agreement from June 20, 2023 to December 20, 2027.

On May 1, 2023, the Company amended its credit agreement dated May 9, 2016, as amended, to extend the maturity of $125.0 million of the commitments available for borrowing and obtaining the issuance, renewal, extension, and increase of a letter of credit under the credit agreement from June 20, 2023 to June 20, 2028.

The Company’s available capacity under its committed credit agreements is reduced for amounts outstanding under its domestic commercial paper program, various credit agreements and letters of credit. At September 30, 2023, the Company had unused capacity under its various credit agreements of $3.342 billion. The following table summarizes the Company’s short-term borrowings:

	September 30,			December 31,			September 30,
	2023			2022			2022
Short-term borrowings:
Domestic commercial paper	$	338.5		$	938.5		$	889.3
Foreign facilities	0.1			39.6			55.9
Total	$	338.6		$	978.1		$	945.2
Weighted average interest rate:
Domestic commercial paper	5.5		%	4.6		%	3.3		%
Foreign facilities	6.2		%	6.7		%	4.4		%

For further details on the Company’s debt, including available credit facilities and related agreements, see Note 8 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.