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Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | The following table provides the changes in the Company's debt for the year ended December 31, 2023:
(in millions) |  | Short-term debt and current maturities of long-term debt |  | Long-term debt |  | Total
Balance as of December 31, 2022 |  | $ | 89.0 |  |  | $ | 2,420.0 |  |  | $ | 2,509.0 |
Proceeds from issuances of debt |  | 4.7 |  |  | — |  |  | 4.7 |
Repayments of debt |  | (90.5) |  |  | (0.4) |  |  | (90.9) |
Reclassification of long-term debt (A) |  | 450.7 |  |  | (450.7) |  |  | — |
Other |  | 0.8 |  |  | 6.8 |  |  | 7.6 |
Balance as of December 31, 2023 |  | $ | 454.7 |  |  | $ | 1,975.7 |  |  | $ | 2,430.4 |
(A) During the third quarter of 2023, $450.0 million of 0.85% Senior Notes due 2024 were reclassified from Long-term debt to Current maturities of long-term debt. Long-term debt as of December 31, 2023 and December 31, 2022 consisted of the following:
(in millions) | 2023 |  | 2022
Senior Notes, 2.4% due 2031 | $ | 550.0 |  |  | $ | 550.0 |
Senior Notes, 0.85% due 2024 | 450.0 |  |  | 450.0 |
Senior Notes, 4.400% due 2032 | 450.0 |  |  | 450.0 |
Senior Notes, 5.100% due 2052 | 300.0 |  |  | 300.0 |
Senior Notes, 6.375% due 2049 | 230.0 |  |  | 230.0 |
Senior Notes, 6.500% due 2048 | 185.0 |  |  | 185.0 |
Notes, 7.125% due 2027 | 160.7 |  |  | 160.7 |
Senior Notes, 6.625% due 2049 | 125.0 |  |  | 125.0 |
Debentures, 7.375% due 2023 (A) | — |  |  | 80.1 |
Other debt | 12.2 |  |  | 13.9 |
Total debt, excluding unamortized discount and issuance costs | 2,462.9 |  |  | 2,544.7 |
Unamortized discount and issuance costs | (32.5) |  |  | (35.7) |
Short-term debt and current maturities of long-term debt | (454.7) |  |  | (89.0) |
Total long-term debt | $ | 1,975.7 |  |  | $ | 2,420.0 |
(A) Included in Debentures, 7.375% due 2023 as of December 31, 2022, are the aggregate fair values related to the fixed-to-floating interest rate swaps as discussed in Note 12 – Financial Instruments. During the third quarter of 2022, the Debentures were reclassified from Long-term debt to Current maturities of long-term debt, of which the remaining principal payments were paid during the third quarter of 2023.
Schedule of Maturities of Long-term Debt, Net | Scheduled maturities as of December 31, 2023 consisted of the following:
(in millions) |
2024 | $ | 455.4 |
2025 | 2.2 |
2026 | 2.2 |
2027 | 162.2 |
2028 | 0.9 |
Thereafter | 1,840.0 |
Total debt, excluding unamortized discount and issuance costs | $ | 2,462.9 |
Debt Instrument Redemption | The table below summarizes the general provisions of these long-term debt instruments.
| Senior Notes due 2031 |  | Senior Notes due 2024 |  | Senior Notes Due 2032 |  | Senior Notes Due 2052 |  | Senior Notes due 2049 |  | Senior Notes due 2048 |  | Notes due 2027 |  | Senior Notes due 2049 |  | Debentures due 2023
Coupon Rate | 2.400% |  | 0.850% |  | 4.400% |  | 5.100% |  | 6.375% |  | 6.500% |  | 7.125% |  | 6.625% |  | 7.375%
Maturity Date | 8/18/2031 |  | 8/18/2024 |  | 9/15/2032 |  | 4/1/2052 |  | 4/15/2049 |  | 10/15/2048 |  | 8/1/2027 |  | 1/15/2049 |  | 9/1/2023
Interest Payment Frequency | Semi-Annually |  | Semi-Annually |  | Semi-Annually |  | Semi-Annually |  | Quarterly |  | Quarterly |  | Semi-Annually |  | Quarterly |  | Semi-Annually
Callable | No |  | Yes |  | No |  | No |  | Yes |  | Yes |  | No |  | Yes |  | No
Price Callable at: | N/A |  | Par |  | N/A |  | N/A |  | Par |  | Par |  | N/A |  | Par |  | N/A
Callable as of: | N/A |  | 8/18/2022 |  | N/A |  | N/A |  | 4/15/2024 |  | 10/15/2023 |  | N/A |  | 1/15/2024 |  | N/A
Redeemable (A) | Yes |  | No |  | Yes |  | Yes |  | No |  | No |  | Yes |  | No |  | No
Redeemable at: | Make-Whole Premium |  | N/A |  | Make-Whole Premium |  | Make-Whole Premium |  | N/A |  | N/A |  | Make-Whole Premium |  | N/A |  | N/A
Redeemable until: | 3-months prior to Maturity |  | N/A |  | 3-months prior to Maturity |  | 6-months prior to Maturity |  | N/A |  | N/A |  | 6-months prior to Maturity |  | N/A |  | N/A
Change of Control (B) | Yes |  | Yes |  | Yes |  | Yes |  | Yes |  | Yes |  | N/A |  | Yes |  | No
(A) If the Company elects to redeem the debt instrument, it will pay a "make-whole" redemption price set forth in the respective indenture. (B) If the Company experiences a change of control, subject to certain circumstances, the Company may be required to repurchase some or all of the notes for an amount equal to 101 percent of the outstanding principal plus any accrued and unpaid interest.

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