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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

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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.

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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

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