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Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024:
(in millions) |  | Short-term debt and current maturities of long-term debt |  | Long-term debt |  | Total
Balance as of December 31, 2023 |  | $ | 454.7 |  |  | $ | 1,975.7 |  |  | $ | 2,430.4 |
Proceeds from issuances of debt (A) (B) |  | 201.1 |  |  | 396.9 |  |  | 598.0 |
Repayments of debt (A)(C)(D) |  | (539.9) |  |  | (160.7) |  |  | (700.6) |
Reclassification of long-term debt |  | 123.9 |  |  | (123.9) |  |  | — |
Other |  | 3.0 |  |  | 9.8 |  |  | 12.8 |
Balance as of December 31, 2024 |  | $ | 242.8 |  |  | $ | 2,097.8 |  |  | $ | 2,340.6 |
(A) During 2024, the Company had short-term borrowings and repayments under its unsecured commercial paper program and borrowings outstanding of $115.0 million as of December 31, 2024. (B) During 2024, $400.0 million of 5.850% Senior Notes due 2029 were issued. (C) During 2024, the Company made the remaining principal repayments, totaling $450.0 million, of its 0.850% Senior Notes due 2024. (D) During 2024, the Company made the remaining principal repayments, totaling $160.7 million, of its 7.125% Notes due 2027. Long-term debt as of December 31, 2024 and December 31, 2023 consisted of the following:
(in millions) | 2024 |  | 2023
Senior Notes, 2.4% due 2031 | $ | 550.0 |  |  | $ | 550.0 |
Senior Notes, 4.400% due 2032 | 450.0 |  |  | 450.0 |
Senior Notes, 5.850% due 2029 | 400.0 |  |  | — |
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 |
Senior Notes, 6.625% due 2049 | 125.0 |  |  | 125.0 |
Short-term Unsecured Commercial Paper | 115.0 |  |  | — |
Senior Notes, 0.85% due 2024 | — |  |  | 450.0 |
Notes, 7.125% due 2027 | — |  |  | 160.7 |
Other debt | 19.0 |  |  | 12.2 |
Total debt, excluding unamortized discount and issuance costs | 2,374.0 |  |  | 2,462.9 |
Unamortized discount and issuance costs | (33.4) |  |  | (32.5) |
Short-term debt and current maturities of long-term debt | (242.8) |  |  | (454.7) |
Total long-term debt | $ | 2,097.8 |  |  | $ | 1,975.7 |
Schedule of Maturities of Long-term Debt, Net | Scheduled maturities as of December 31, 2024 consisted of the following:
(in millions) |
2025 | $ | 246.4 |
2026 | 4.6 |
2027 | 3.9 |
2028 | 3.0 |
2029 | 401.1 |
Thereafter | 1,715.0 |
Total debt, excluding unamortized discount and issuance costs | $ | 2,374.0 |
Debt Instrument Redemption | The table below summarizes the general provisions of these long-term debt instruments.
| Senior Notes Due 2029 |  | Senior Notes due 2031 |  | Senior Notes Due 2032 |  | Senior Notes Due 2052 |  |  |  | Senior Notes due 2048 |  | Senior Notes due 2049 |  | Senior Notes due 2049
Coupon Rate | 5.850% |  | 2.400% |  | 4.400% |  | 5.100% |  |  |  | 6.500% |  | 6.625% |  | 6.375%
Maturity Date | 3/18/2029 |  | 8/18/2031 |  | 9/15/2032 |  | 4/1/2052 |  |  |  | 10/15/2048 |  | 1/15/2049 |  | 4/15/2049
Interest Payment Frequency | Semi-Annually |  | Semi-Annually |  | Semi-Annually |  | Semi-Annually |  |  |  | Quarterly |  | Quarterly |  | Quarterly
Callable | No |  | No |  | No |  | No |  |  |  | Yes |  | Yes |  | Yes
Price Callable at: | N/A |  | N/A |  | N/A |  | N/A |  |  |  | Par |  | Par |  | Par
Callable as of: | N/A |  | N/A |  | N/A |  | N/A |  |  |  | 10/15/2023 |  | 1/15/2024 |  | 4/15/2024
Redeemable (A) | Yes |  | Yes |  | Yes |  | Yes |  |  |  | No |  | No |  | No
Redeemable at: | Make-Whole Premium |  | Make-Whole Premium |  | Make-Whole Premium |  | Make-Whole Premium |  |  |  | N/A |  | N/A |  | N/A
Redeemable until: | 1-month prior to Maturity |  | 3-months prior to Maturity |  | 3-months prior to Maturity |  | 6-months prior to Maturity |  |  |  | N/A |  | N/A |  | N/A
Change of Control (B) | Yes |  | Yes |  | Yes |  | Yes |  |  |  | Yes |  | Yes |  | Yes
(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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