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Borrowings - Schedule of Outstanding Borrowings (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023
--- | --- | ---
Outstanding Borrowings |  |  |
Total borrowings at par value |  | $ 2,549.9 | $ 2,514.9
Debt issuance costs and unamortized discount, net |  | (9.6) | (10.3)
Total borrowings at carrying value | [1] | 2,540.3 | 2,504.6
Commercial Paper |  |  |
Outstanding Borrowings |  |  |
Total borrowings at par value | [2] | 399.9 | 364.9
2.850% Notes Due 2025 |  |  |
Outstanding Borrowings |  |  |
Total borrowings at par value | [3] | 500.0 | 500.0
1.350% Notes Due 2026 |  |  |
Outstanding Borrowings |  |  |
Total borrowings at par value | [3] | 600.0 | 600.0
2.750% Notes Due 2031 |  |  |
Outstanding Borrowings |  |  |
Total borrowings at par value | [3] | 300.0 | 300.0
6.200% Notes Due 2036 |  |  |
Outstanding Borrowings |  |  |
Total borrowings at par value | [3] | 500.0 | 500.0
6.200% Notes Due 2040 |  |  |
Outstanding Borrowings |  |  |
Total borrowings at par value | [3] | $ 250.0 | $ 250.0
[1] | As of March 31, 2024, the Company’s weighted-average effective rate on total borrowings was approximately 4.0%.
[2] | Pursuant to the Company’s commercial paper program, the Company may issue unsecured commercial paper notes in an amount not to exceed $1.25 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 March 31, 2024 had a weighted-average annual interest rate of approximately 5.5% and a weighted-average term of approximately 2 days.
[3] | The difference between the stated interest rate and the effective interest rate is not significant.

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