Quarterly report pursuant to Section 13 or 15(d)

DEBT

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DEBT
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
 
Debt outstanding at June 30, 2024 and December 31, 2023 was as follows:
June 30, 2024 December 31, 2023
  (In millions)
Commercial paper ("CP") $ —  $ 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 686.9  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 
Other 2.0  — 
Total debt 5,538.9  5,741.6 
Less short-term debt and current maturities (769.6) (963.4)
Less unamortized discounts and debt issuance costs (26.6) (30.4)
Total long-term debt, net $ 4,742.7  $ 4,747.8 
 
Senior Credit Facilities.  We have access to a $1.5 billion five-year unsecured revolving credit facility (the “Revolver”), which matures in August 2027, and a $700.0 million delayed draw term loan (“Term Loan”), which matures in August 2026, collectively known as the “Senior Credit Facilities.” 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. In May 2024, we exercised our first option to extend the maturity date by one year, from August 2026 to August 2027, and amended the Revolver agreement to replace a discontinued reference rate for Canadian Dollar-denominated commitments. 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 June 30, 2024, there were no outstanding CP notes, $0.4 million of letters of credit outstanding, no outstanding borrowings under the Revolver, and $686.9 million outstanding under the Term Loan. Availability under the Revolver was $1,499.6 million at June 30, 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 June 30, 2024, there were no outstanding CP notes. We have disclosed the net short-term borrowing activity for the six months ended June 30, 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 six months ended June 30, 2024 or for the six months ended June 30, 2023.

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