XML 79 R67.htm IDEA: XBRL DOCUMENT v3.23.2
Borrowings - Schedule of Outstanding Borrowings (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Outstanding Borrowings    
Total borrowings at par value $ 2,824.6 $ 2,630.0
Debt issuance costs and unamortized discount, net (11.6) (13.2)
Total borrowings at carrying value [1] 2,813.0 2,616.8
Commercial Paper    
Outstanding Borrowings    
Total borrowings at par value [2] 674.6 180.0
4.250% Notes Due 2023    
Outstanding Borrowings    
Total borrowings at par value [3]   300.0
2.850% Notes Due 2025    
Outstanding Borrowings    
Total borrowings at par value [4] 500.0 500.0
1.350% Notes Due 2026    
Outstanding Borrowings    
Total borrowings at par value [4] 600.0 600.0
2.750% Notes Due 2031    
Outstanding Borrowings    
Total borrowings at par value [4] 300.0 300.0
6.200% Notes Due 2036    
Outstanding Borrowings    
Total borrowings at par value [4] 500.0 500.0
6.200% Notes Due 2040    
Outstanding Borrowings    
Total borrowings at par value [4] $ 250.0 $ 250.0
[1] As of June 30, 2023, the Company’s weighted-average effective rate on total borrowings was approximately 4.1%.
[2] Pursuant to the Company’s commercial paper program, the Company may issue unsecured commercial paper notes in an amount not to exceed $1.5 billion outstanding at any time, reduced to the extent of borrowings outstanding on the Company’s revolving credit facility. The commercial paper notes may have maturities of up to 397 days from date of issuance. The Company’s commercial paper borrowings as of June 30, 2023 had a weighted-average annual interest rate of approximately 5.3% and a weighted-average term of approximately 5 days.
[3] Commercial paper and cash, including cash generated from operations, were used to repay $300.0 million of the aggregate principal amount of 4.250% unsecured notes due in June 2023.
[4] The difference between the stated interest rate and the effective interest rate is not significant.