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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2021
Borrowings |
Schedule of Outstanding Borrowings | The Company’s outstanding borrowings consisted of the following (in millions):
|  | December 31, 2021 |  |  | December 31, 2020 |
Commercial paper |  | $ | 275.0 |  |  | $ | 80.0 |
Notes: |  |  |  |  |  |
3.600% notes due 2022(a) |  |  | — |  |  |  | 500.0 |
4.250% notes due 2023(b) |  |  | 300.0 |  |  |  | 300.0 |
2.850% notes due 2025(b) |  |  | 500.0 |  |  |  | 500.0 |
1.350% notes due 2026 (effective rate of 1.5%)(a) |  |  | 600.0 |  |  |  | — |
2.750% notes due 2031 (effective rate of 2.9%)(a) |  |  | 300.0 |  |  |  | — |
6.200% notes due 2036(b) |  |  | 500.0 |  |  |  | 500.0 |
6.200% notes due 2040(b) |  |  | 250.0 |  |  |  | 250.0 |
Term loan facility borrowing (effective rate of 1.4%)(a) |  |  | 300.0 |  |  |  | 950.0 |
Total borrowings at par value |  |  | 3,025.0 |  |  |  | 3,080.0 |
Debt issuance costs and unamortized discount, net |  |  | (16.6 | ) |  |  | (12.8 | )
Total borrowings at carrying value(c) |  | $ | 3,008.4 |  |  | $ | 3,067.2 |
(a) See the Term Loan Facility and Notes sections below for further discussion of the borrowings and repayments of the unsecured notes and term loan made in 2021. (b) The difference between the stated interest rate and the effective interest rate is not significant. (c) As of December 31, 2021, the Company’s weighted-average effective rate on total borrowings was approximately 3.3%.
Schedule of Maturities of Borrowings | The following summarizes the Company’s maturities of notes and term loan at par value as of December 31, 2021 (in millions):
Due within 1 year |  | $ | — |
Due after 1 year through 2 years |  |  | 300.0 |
Due after 2 years through 3 years |  |  | 300.0 |
Due after 3 years through 4 years |  |  | 500.0 |
Due after 4 years through 5 years |  |  | 600.0 |
Due after 5 years |  |  | 1,050.0 |
Total |  | $ | 2,750.0 |

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