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DEBT
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
DEBT DEBT
Short-term borrowings and current portion of long-term debt at December 31, 2022, and 2021 consisted of the following:
December 31, 2022December 31, 2021
4.00% senior notes due 2023300.0 — 
Debt issuance costs(0.4)— 
Current portion of note payable1.7 1.5 
Total short-term borrowings and current portion of long-term debt$301.3 $1.5 
Long-term debt at December 31, 2022, and 2021 consisted of the following:
December 31, 2022December 31, 2021
4.00% senior notes due 2023— 300.0 
2.30% senior notes due 2024400.0 400.0 
3.25% senior notes due 2024600.0 600.0 
3.60% senior notes due 20251,000.0 1,000.0 
1.55% senior notes due 2026500.0 500.0 
3.60% senior notes due 2027600.0 600.0 
2.95% senior notes due 2029650.0 650.0 
2.70% senior notes due 2031420.3 502.9 
4.70% senior notes due 2045900.0 900.0 
Debt issuance costs(33.8)(41.0)
Note payable2.3 4.6 
Total long-term debt$5,038.8 $5,416.5 
Credit Facilities
On June 3, 2019, the Company entered into a $850.0 term loan (the 2019 Term Loan). The Company fully repaid the remaining 2019 Term Loan balance during the first quarter of 2021.
The Company also maintains a senior revolving credit facility, which was amended and restated on April 30, 2021. It consists of a five-year revolving facility in the principal amount of up to $1,000.0, with the option of increasing the facility by up to an additional $500.0, subject to the agreement of one or more new or existing lenders to provide such additional amounts and certain other customary conditions. The revolving credit facility also provides for a subfacility of up to $100.0 for swing line borrowings and a subfacility of up to $150.0 for issuances of letters of credit. The Company is required to pay a facility fee on the aggregate commitments under the revolving credit facility, at a per annum rate ranging from 0.10% to 0.225%, depending on the Company's debt ratings. The revolving credit facility is permitted to be used for general corporate purposes, including working capital, capital expenditures, funding of share repurchases and certain other payments, acquisitions, and other investments. There were no balances outstanding on the Company's current revolving credit facility at December 31, 2022, or December 31, 2021. As of December 31, 2022, the effective interest rate on the revolving credit facility was 5.39%. The credit facility expires on April 30, 2026.
Under the Company's the revolving credit facility, the Company is subject to negative covenants limiting subsidiary indebtedness and certain other covenants typical for investment grade-rated borrowers and the Company is required to maintain certain leverage ratios. The Company was in compliance with all covenants in its term loans and the revolving credit facility at December 31, 2022, and expects that it will remain in compliance with its existing debt covenants for the next twelve months.
The Company’s revolving credit facility is not encumbered by any of the Company's outstanding letters of credit. There were $84.5 in outstanding letters of credit as of December 31, 2022.
Senior Notes
On May 26, 2021, the Company issued new senior notes representing $1,000.0 in debt securities consisting of $500.0 aggregate principal amount of 1.55% senior notes due 2026 and $500.0 aggregate principal amount of 2.70% senior notes due 2031. Interest on these notes is payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2021. Net proceeds from the offering of these notes were $989.4 after deducting underwriting discounts and other expenses of the offering. The net proceeds were used, along with cash on hand, to redeem, prior to maturity, the Company's outstanding 3.20% senior notes due February 1, 2022 and 3.75% senior notes due August 23, 2022.
During the second quarter of 2021, the Company entered into fixed-to-variable interest rate swap agreements for its 2.70% senior notes due 2031 with an aggregate notional amount of $500.0 and variable interest rates based on three-month LIBOR plus 1.0706% to hedge against changes in the fair value of a portion of the Company's long-term debt. These interest rate swaps are included in other long-term liabilities and deducted from the value of the senior notes with an aggregate fair value of $79.7 at December 31, 2022.
The scheduled payments of long-term debt at the end of 2022 are summarized as follows:
2023$301.3 
20241,000.0 
20251,000.0 
2026500.0 
2027600.0 
Thereafter1,972.6 
Total scheduled payments5,373.9 
Less long-term debt issuance costs(33.8)
Total long-term debt5,340.1 
Less current portion(301.3)
Long-term debt, due beyond one year$5,038.8