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Debt | 9 Months Ended
--- | ---
Sep. 30, 2023
Debt Disclosure [Abstract] |
Debt | 11. Debt At September 30, 2023 and December 31, 2022, our long-term debt and interest rates on that debt were as follows (dollars in millions):
|  | September 30, |  |  | December 31, |  |
|  | 2023 |  |  | 2022 |  |
Revolving Credit Facility |  | $ | — |  |  | $ | — |  |
3.65% Senior Notes, net of discount of $0.1 million and $0.2 million as of September 30, 2023 and December 31, 2022, respectively, due September 2024 |  |  | 399.9 |  |  |  | 399.8 |  |
3.40% Senior Notes, net of discount of $0.8 million and $0.9 million as of September 30, 2023 and December 31, 2022, respectively, due December 2027 |  |  | 499.2 |  |  |  | 499.1 |  |
3.00% Senior Notes, net of discount of $0.4 million and $0.5 million as of September 30, 2023 and December 31, 2022, respectively, due December 2029 |  |  | 499.6 |  |  |  | 499.5 |  |
4.05% Senior Notes, net of discount of $3.3 million as of both September 30, 2023 and December 31, 2022, due December 2049 |  |  | 396.7 |  |  |  | 396.7 |  |
3.05% Senior Notes, net of discount of $3.5 million and $3.6 million as of September 30, 2023 and December 31, 2022, respectively, due October 2051 |  |  | 696.5 |  |  |  | 696.4 |  |
Total |  |  | 2,491.9 |  |  |  | 2,491.5 |  |
Less current portion (a) |  |  | 399.5 |  |  |  | — |  |
Less unamortized debt issuance costs |  |  | 16.7 |  |  |  | 17.9 |  |
Total long-term debt |  | $ | 2,075.7 |  |  | $ | 2,473.6 |  |
(a) The current portion of long-term debt excludes unamortized debt issuance costs of $0.4 million at September 30, 2023. For the nine months ended September 30, 2023 and 2022, cash payments for interest were $49.9 million and $50.6 million, respectively. Included in interest expense, net is the amortization of financing costs, which includes the amortization of debt issuance costs and amortization of bond discount. For both the three months ended September 30, 2023 and 2022, amortization of debt issuance costs was $0.4 million, and during the nine months ended September 30, 2023 and 2022, amortization of debt issuance costs was $1.2 million for both periods. For the three and nine month periods ended September 30, 2023 and 2022, the amortization of bond discount was insignificant. At September 30, 2023, we had $2,491.9 million of fixed-rate senior notes outstanding. The fair value of our fixed-rate debt was estimated to be $1,985.5 million. The difference between the book value and fair value is due to the difference between the period-end market interest rate and the stated rate of our fixed-rate debt. We estimated the fair value of our fixed-rate debt using quoted market prices (Level 2 inputs) within the fair value hierarchy, which is further defined in Note 2, Summary of Significant Accounting Policies, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2022 Annual Report on Form 10-K. On April 27, 2023, we amended our Senior Unsecured Credit Agreement to formally replace the LIBOR benchmark rate with the Term SOFR rate. For more information on our long-term debt and interest rates on that debt, see Note 11, Debt, of the Notes to Consolidated Financial Statements in "Part II, Item 8. Financial Statements and Supplementary Data" of our 2022 Annual Report on Form 10-K.

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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 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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