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Borrowings (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Outstanding Borrowings

The Company’s outstanding borrowings consisted of the following (in millions):

		December 31, 2022				December 31, 2021
Commercial paper		$	180.0			$	275.0
Notes:
4.250% notes due 2023(a)			300.0				300.0
2.850% notes due 2025(a)			500.0				500.0
1.350% notes due 2026(a)			600.0				600.0
2.750% notes due 2031(a)			300.0				300.0
6.200% notes due 2036(a)			500.0				500.0
6.200% notes due 2040(a)			250.0				250.0
Term loan facility borrowing(b)			—				300.0
Total borrowings at par value			2,630.0				3,025.0
Debt issuance costs and unamortized discount, net			(13.2	)			(16.6	)
Total borrowings at carrying value(c)		$	2,616.8			$	3,008.4

(a)The difference between the stated interest rate and the effective interest rate is not significant.

(b)See the Term Loan Facility section below for further discussion of the repayment of the term loan made in 2022.

(c)As of December 31, 2022, the Company’s weighted-average effective rate on total borrowings was approximately 3.9%.

Schedule of Maturities of Borrowings

The following summarizes the Company’s maturities of notes at par value as of December 31, 2022 (in millions):

Due within 1 year		$	300.0
Due after 1 year through 2 years			—
Due after 2 years through 3 years			500.0
Due after 3 years through 4 years			600.0
Due after 4 years through 5 years			—
Due after 5 years			1,050.0
Total		$	2,450.0

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Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601

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