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Debt | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt | Debt Short-term debt consisted of the following at September 30, 2025 and December 31, 2024:
(in millions) |  | September 30, 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%. Long-term debt consisted of the following at September 30, 2025 and December 31, 2024:
(in millions) |  | September 30, 2025 |  | December 31, 2024
$500.0 million fixed rate notes due June 2028, stated rate of 3.75% |  | $ | 498.8 |  |  | $ | 498.5 |
$750.0 million fixed rate notes due March 2030, stated rate of 4.40% |  | 741.6 |  |  | — |
$750.0 million fixed rate notes due March 2032, stated rate of 2.65% |  | 744.4 |  |  | 743.7 |
$750.0 million fixed rate notes due September 2043, stated rate of 5.30% (1) |  | 744.5 |  |  | 744.3 |
$700.0 million fixed rate notes due June 2048, stated rate of 4.15% |  | 692.0 |  |  | 691.7 |
Total long-term debt |  | $ | 3,421.3 |  |  | $ | 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%. Long-term debt maturities, at par value, were as follows at September 30, 2025:
(in millions) | Par Value
2026 | $ | — |
2027 | — |
2028 | 500.0 |
2029 | — |
2030 | 750.0 |
Thereafter | 2,200.0 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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