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Debt (Tables)

12 Months Ended

Dec. 31, 2022

Long-term Debt [Line Items]

Schedule of Long-term Debt

Long-term debt outstanding consisted of the following at December 31, 2022 and 2021 (in U.S. dollar equivalents):

(in millions)						2022						2021
€15.0 million fixed rate notes due May 2023, stated rate of 4.30%						$	—					$	16.8
$750.0 million fixed rate notes due March 2025, stated rate of 3.00% (1)						748.4						747.7
$500.0 million fixed rate notes due June 2028, stated rate of 3.75%						497.7						497.2
$750.0 million fixed rate notes due March 2032, stated rate of 2.65%						741.7						—
$750.0 million fixed rate notes due September 2043, stated rate of 5.30% (2)						743.7						743.4
$700.0 million fixed rate notes due June 2048, stated rate of 4.15%						690.9						690.6
Total long-term debt						$	3,422.4					$	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

Short term and long-term debt maturities, at par value (in U.S. dollar equivalents), were as follows as of December 31, 2022:

(in millions)			Par Value
2023			$	16.0
2024			—
2025			750.0
2026			—
2027			—
Thereafter			2,700.0

Schedule of Short-term Debt [Table Text Block]

Short-term debt consisted of the following at December 31, 2022 and 2021 (in U.S. dollar equivalents):

(in millions)						2022						2021
$750.0 million fixed rate notes due September 2022, stated rate of 3.00% (1)						$	—					$	749.4
€15.0 million fixed rate notes due May 2023, stated rate of 4.30%						16.0						—
Total short-term debt						$	16.0					$	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%.

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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