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Debt
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
In March 2022, the company completed an offering of $750.0 million of its 2.65% fixed rate notes due March 2032. The company used the net proceeds from the offering, together with cash on hand, to redeem all $750.0 million of its 3.00% fixed rate notes due September 2022 in March 2022. As part of the redemption, the company paid a call premium of $6.2 million, which is recognized in other non-operating income (expense).
Short-term debt consisted of the following at March 31, 2022 and December 31, 2021:
(in millions)March 31, 2022December 31, 2021
$750.0 million fixed rate notes due September 2022, stated rate of 3.00% (1)
— 749.4 
Total short-term debt$— $749.4 
(1)The company maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.32%.
Long-term debt consisted of the following at March 31, 2022 and December 31, 2021: 
(in millions)March 31, 2022December 31, 2021
€15.0 million fixed rate notes due May 2023, stated rate of 4.30%16.6 16.8 
$750.0 million fixed rate notes due March 2025, stated rate of 3.00% (1)
747.9 747.7 
$500.0 million fixed rate notes due June 2028, stated rate of 3.75%497.3 497.2 
$750.0 million fixed rate notes due March 2032, stated rate of 2.65%
741.2 — 
$750.0 million fixed rate notes due September 2043, stated rate of 5.30% (2)
743.4 743.4 
$700.0 million fixed rate notes due June 2048, stated rate of 4.15%690.7 690.6 
Total long-term debt$3,437.1 $2,695.7 
(1)The company maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.11%.
(2)The company maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 4.73%.
Long-term debt maturities, at par value (in U.S. dollar equivalent), were as follows at March 31, 2022:  
(in millions)Par Value
2023$16.7 
2024— 
2025750.0 
2026— 
2027— 
Thereafter2,700.0