Quarterly report pursuant to Section 13 or 15(d)

DEBT

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DEBT
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
 
Debt outstanding at March 31, 2024 and December 31, 2023 was as follows:
March 31, 2024 December 31, 2023
  (In millions)
Commercial paper ("CP") $ 112.5  $ 196.0 
Notes, 2.60%, due December 2024
 750.0  750.0 
Notes, 2.60%, due December 2025
 400.0  400.0 
Notes, 3.25%, due June 2026
 275.0  275.0 
Term loan, due August 2026 691.3  695.6 
Notes, 5.10%, due December 2027
 750.0  750.0 
Notes, 5.10%, due June 2028
 700.0  700.0 
Debentures, 6.90%, due July 2028
 125.0  125.0 
Notes, 3.10%, due May 2030
 600.0  600.0 
Notes, 2.35%, due September 2031
 1,000.0  1,000.0 
Notes, 7.00%, due July 2037
 250.0  250.0 
Total debt 5,653.8  5,741.6 
Less short-term debt and current maturities (880.0) (963.4)
Less unamortized discounts and debt issuance costs (28.5) (30.4)
Total long-term debt, net $ 4,745.3  $ 4,747.8 
 
Senior Credit Facilities.  We have access to a $1.5 billion five-year unsecured revolving credit facility (the “Revolver”) and a $700.0 million delayed draw term loan (“Term Loan”), collectively known as the “Senior Credit Facilities,” both of which mature in August 2026. In March 2023, we amended our Senior Credit Facilities agreement to adjust our debt covenant requirements and incorporate the Secured Overnight Financing Rate (SOFR) into our agreement, among other changes. Borrowings under the Senior Credit Facilities may be used for working capital, for capital expenditures, to refinance existing debt, to finance acquisitions and for other general corporate purposes. The Revolver includes an option to request a maximum of three one-year extensions of the maturity date any time after the first anniversary of the closing date of the Revolver. Availability of the Revolver is reduced by the outstanding principal balance of our CP notes and by any letters of credit issued under the Revolver. As of March 31, 2024, there were $112.5 million of outstanding CP notes, $0.4 million of letters of credit outstanding, no outstanding borrowings under the Revolver and $691.3 million outstanding under the Term Loan. Availability under the Revolver was $1,387.1 million at March 31, 2024.

Commercial Paper Program.  Our $1.5 billion CP program has been established through the private placement of CP notes from time-to-time, in which borrowings may bear interest at either a variable or a fixed rate, plus the applicable margin. Maturities of CP can range from overnight to 397 days. Because the CP is backstopped by our Revolver, the amount of CP which may be issued under the program is reduced by the outstanding face amount of any letters of credit issued and by the outstanding borrowings under our Revolver. At March 31, 2024, there were $112.5 million of outstanding CP notes. We have
disclosed the net short-term borrowing activity for the three months ended March 31, 2024 in the Consolidated Statements of Cash Flows. There were no CP borrowings or payments with a maturity date greater than 90 days and less than 365 days for the three months ended March 31, 2024. The amount disclosed includes CP borrowings of $97.0 million and payments of $108.8 million with a maturity date greater than 90 days and less than 365 days for the three months ended March 31, 2023.

For additional information about our debt agreements, see Note 5 of the Notes to Consolidated Financial Statements in our 2023 Form 10-K.