XML 55 R41.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Borrowings (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Outstanding Borrowings | The Company’s outstanding borrowings consisted of the following (in millions):
|  | December 31, 2023 |  |  | December 31, 2022 |
Commercial paper |  | $ | 364.9 |  |  | $ | 180.0 |
Notes: |  |  |  |  |  |
4.250% notes due 2023(a) |  |  | — |  |  |  | 300.0 |
2.850% notes due 2025(b) |  |  | 500.0 |  |  |  | 500.0 |
1.350% notes due 2026(b) |  |  | 600.0 |  |  |  | 600.0 |
2.750% notes due 2031(b) |  |  | 300.0 |  |  |  | 300.0 |
6.200% notes due 2036(b) |  |  | 500.0 |  |  |  | 500.0 |
6.200% notes due 2040(b) |  |  | 250.0 |  |  |  | 250.0 |
Total borrowings at par value |  |  | 2,514.9 |  |  |  | 2,630.0 |
Debt issuance costs and unamortized discount, net |  |  | (10.3 | ) |  |  | (13.2 | )
Total borrowings at carrying value(c) |  | $ | 2,504.6 |  |  | $ | 2,616.8 |
(a) 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. (b) The difference between the stated interest rate and the effective interest rate is not significant. (c) As of December 31, 2023, the Company’s weighted-average effective rate on total borrowings was approximately 4.0%.
Schedule of Maturities of Borrowings | The following summarizes the Company’s maturities of notes at par value as of December 31, 2023 (in millions):
Due within 1 year |  | $ | — |
Due after 1 year through 2 years |  |  | 500.0 |
Due after 2 years through 3 years |  |  | 600.0 |
Due after 3 years through 4 years |  |  | — |
Due after 4 years through 5 years |  |  | — |
Due after 5 years |  |  | 1,050.0 |
Total |  | $ | 2,150.0 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration