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Long-term Debt | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Long-term Debt | Long-term Debt A summary of the Company's long-term debt follows:
(in millions) |  |  |  |  |  | Fair Value(1)
| June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024
2.20% Notes due 2032 |  | $ | 550.0 |  |  | $ | 550.0 |  |  | $ | 466.1 |  |  | $ | 448.7 |
2.75% Notes due 2030 |  | 750.0 |  |  | 750.0 |  |  | 693.2 |  |  | 672.2 |
3.75% Notes due 2027 |  | 600.0 |  |  | 600.0 |  |  | 592.2 |  |  | 584.1 |
Unamortized discount, debt issuance costs and other |  | (4.2) |  |  | (9.4) |  |  |  |  |
Total debt |  | 1,895.8 |  |  | 1,890.6 |  |  |  |  |
Less: current portion of debt |  | 4.3 |  |  | 3.2 |  |  |  |  |
Long term-debt |  | $ | 1,891.5 |  |  | $ | 1,887.4 |  |  |  |  |
(1)The fair value is estimated based on current yield rates plus the Company’s estimated credit spread available for financings with similar terms and maturities. Based on these inputs, the debt instruments are classified as Level 2 in the fair value hierarchy. Revolving Credit Facility During the six months ended June 30, 2025, there were no borrowings or repayments under the Company's Fifth Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. (the "Credit Agreement"). As of June 30, 2025 and December 31, 2024, the Company had no outstanding balance and $1.0 billion available under the Credit Agreement. Covenants and Limitations The Notes and the Credit Agreement require the Company to meet various restrictive covenants and limitations, including certain leverage and interest coverage ratios and limits on outstanding debt balances held by certain subsidiaries. The Company was in compliance with all covenants and limitations as of June 30, 2025 and December 31, 2024. Letters of Credit and Guarantees During the normal course of business, the Company enters into commitments in the form of letters of credit and bank guarantees to provide its own financial and performance assurance to third parties. The Company has not issued any guarantees on behalf of any third parties. As of June 30, 2025 and December 31, 2024, the Company had $19.3 million and $22.8 million in letters of credit and bank guarantees outstanding. The Company has multiple arrangements to obtain letters of credit, which include an agreement with unspecified availability and separate agreements for up to $80.0 million in letters of credit, of which $60.7 million was available as of June 30, 2025.

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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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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