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Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments [Table Text Block]

Long-term debt consisted of the following at March 31, 2025 and December 31, 2024: 

(in millions)						March 31, 2025						December 31, 2024
$500.0 million fixed rate notes due June 2028, stated rate of 3.75%						498.6						498.5
$750.0 million fixed rate notes due March 2030, stated rate of 4.4%						740.7						—
$750.0 million fixed rate notes due March 2032, stated rate of 2.65%						744.0						743.7
$750.0 million fixed rate notes due September 2043, stated rate of 5.30% (1)						744.4						744.3
$700.0 million fixed rate notes due June 2048, stated rate of 4.15%						691.7						691.7
Total long-term debt						$	3,419.4					$	2,678.2

(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 4.73%.

Schedule of Short-term Debt

Short-term debt consisted of the following at March 31, 2025 and December 31, 2024:

(in millions)						March 31, 2025						December 31, 2024
$750.0 million fixed rate notes due March 2025, stated rate of 3.00% (1)						$	—					$	749.8
Total short-term debt						$	—					$	749.8

(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%.

Schedule of Maturities of Long-term Debt [Table Text Block]

Long-term debt maturities, at par value, were as follows at March 31, 2025:  

(in millions)			Par Value
2026			$	—
2027			—
2028			500.0
2029			—
2030			750.0
Thereafter			2,200.0

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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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Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

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