Line of credit facility, available for borrowing

  
5. DEBT Debt outstanding at September 30, 2022 and December 31, 2021 was as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | September 30, 2022 |  | December 31, 2021 |
|   |  | (In millions) |
| Commercial paper |  | $ | 162.4  |  |  | $ | 321.9  |  |
|  |  |  |  |  |
|  |  |  |  |  |
|  |  |  |  |  |
|  |  |  |  |  |
|  |  |  |  |  |
| Notes, 3.3%, due December 2022 |  | 500.0  |  |  | 500.0  |  |
| Notes, 3.95%, due June 2023 |  | 400.0  |  |  | 400.0  |  |
| Notes, 2.6%, due December 2024 |  | 750.0  |  |  | 750.0  |  |
| Notes, 2.6%, due December 2025 |  | 400.0  |  |  | 400.0  |  |
| Notes, 3.25%, due June 2026 |  | 275.0  |  |  | 275.0  |  |
| Term loan, due August 2026 |  | 700.0  |  |  | 700.0  |  |
| Notes, 5.10%, due December 2027 |  | 750.0  |  |  | —  |  |
| Debentures, 6.9%, due July 2028 |  | 125.0  |  |  | 125.0  |  |
| Notes, 3.1%, due May 2030 |  | 600.0  |  |  | 600.0  |  |
| Notes, 2.35%, due September 2031 |  | 1,000.0  |  |  | 1,000.0  |  |
| Notes, 7.0%, due July 2037 |  | 250.0  |  |  | 250.0  |  |
| Other |  | 0.5  |  |  | 3.2  |  |
| Total debt |  | 5,912.9  |  |  | 5,325.1  |  |
| Less short-term debt and current maturities |  | (1,062.9) |  |  | (824.8) |  |
| Less unamortized discounts and debt issuance costs |  | (30.8) |  |  | (30.2) |  |
| Total long-term debt, net |  | $ | 4,819.2  |  |  | $ | 4,470.1  |  |

 5.1% Senior Notes. In September 2022, we issued $750.0 million aggregate principal amount of 5.1% five-year Senior Notes due 2027 (the "2027 Notes") in an underwritten public offering. Interest on the 2027 Notes accrues at a rate of 5.1% per year and is payable semi-annually in arrears on June 15 and December 15 of each year. The net proceeds of the sale of the 2027 Notes were ultimately used to repay, in October 2022, our then-outstanding $500.0 million 3.30% Senior Notes due December 2022. The remaining proceeds were used for general corporate purposes, including the repayment of borrowings under our commercial paper program. We must comply with various non-financial covenants, including certain limitations on mortgages, liens and sale-leaseback transactions, as well as mergers and sales of substantially all of our assets. The 2027 Notes are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness.  
2.35% Senior Notes. In August 2021, we issued $1.0 billion aggregate principal amount of 2.35% ten-year Senior Notes due 2031 (the “2031 Notes”) in an underwritten public offering. Interest on the 2031 Notes accrues at a rate of 2.35% per year and is payable semi-annually in arrears on March 15 and September 15 of each year. The net proceeds of the sale of the 2031 Notes were used to repay our then-outstanding $300.0 million 3.6% Senior Notes due 2021 and $300.0 million Floating Rate Notes due 2021. The remaining proceeds were used for general corporate purposes, including the repayment of borrowings under our commercial paper program and the funding of acquisitions, including our acquisition of Appriss Insights in the fourth quarter of 2021. We must comply with various non-financial covenants, including certain limitations on mortgages, liens and sale-leaseback transactions, as well as mergers and sales of substantially all of our assets. The 2031 Notes are unsecured and rank equally with all of our other unsecured and unsubordinated indebtedness.  
Senior Credit Facilities.  In August 2021, we refinanced our existing unsecured revolving credit facility of $1.1 billion set to expire September 2023, and entered into a new $1.5 billion five-year unsecured revolving credit facility (the “Revolver”) and a new $700.0 million delayed draw term loan (“Term Loan”), collectively known as the “Senior Credit Facilities,” both of which mature in August 2026. 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 commercial paper notes and by any letters of credit issued under the Revolver. As of September 30, 2022, there were $162.4 million of outstanding commercial paper notes, $0.4 million of letters of credit outstanding, no outstanding borrowings under the Revolver and $700.0 million outstanding under the Term Loan. Availability under the Revolver was $1,337.2 million at September 30, 2022. 18
