v3.24.3
DEBT
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
The following table summarizes the Company’s outstanding debt:
September 30,December 31,September 30,
202420232023
Long-term debt (including current portion)$9,224.2 $9,476.7 $9,597.4 
Short-term borrowings915.5 374.2 338.6 
Total debt outstanding$10,139.7 $9,850.9 $9,936.0 
Long-Term Debt
The Company’s long-term debt primarily consists of senior notes. In August 2024, the Company repaid the principal of $600.0 million related to the Company’s 4.05% senior notes due August 8, 2024 using commercial paper and subsequently issued $400.0 million of 4.55% senior notes due 2028 and $450.0 million of 4.80% senior notes due 2031 in a public offering. The net proceeds from the issuance of these notes were used to repay outstanding borrowings under the Company’s domestic commercial paper program and for general corporate purposes. The newly issued senior notes contain customary qualitative covenants as defined in their respective agreements. The Company is in compliance with these and all other covenants related to the senior notes as of September 30, 2024. During the second quarter of 2024, the Company paid the principal of $500.0 million related to its 3.125% senior notes due June 1, 2024. For further details on the Company’s debt, see Note 8 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Short-Term Borrowings
In July 2024, the Company entered into a new $2.500 billion revolving credit agreement maturing on July 31, 2029 (the New Credit Agreement) which replaced the $2.250 billion credit agreement dated August 30, 2022, as amended. The New Credit Agreement may be used for general corporate purposes, including the financing of working capital requirements. Under the terms of the New Credit Agreement, the Company may request to extend the maturity date for two additional one-year periods, request an uncommitted increase up to $750.0 million and issue letters of credit under a $250.0 million subfacility. The
quantitative leverage ratio and other customary qualitative covenants for the revolving credit agreement have not changed under the terms of the New Credit Agreement. The Company is in compliance with these covenants as of September 30, 2024.
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, 2024, the Company had unused capacity under its various credit agreements of $3.026 billion. The following table summarizes the Company’s short-term borrowings:
September 30,December 31,September 30,
202420232023
Short-term borrowings:
Domestic commercial paper$904.0 $347.7 $338.5 
Foreign facilities11.5 26.5 0.1 
Total$915.5 $374.2 $338.6 
Weighted average interest rate:
Domestic commercial paper5.2 %5.5 %5.5 %
Foreign facilities3.4 %3.6 %6.2 %
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, 2023.