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Borrowings (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Outstanding Borrowings

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

		June 30, 2024				December 31, 2023
Commercial paper (a)		$	494.8			$	364.9
Notes:
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			2,644.8				2,514.9
Debt issuance costs and unamortized discount, net			(9.0	)			(10.3	)
Total borrowings at carrying value (c)		$	2,635.8			$	2,504.6

(a)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 June 30, 2024 had a weighted-average annual interest rate of approximately 5.6% and a weighted-average term of approximately 4 days.

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

(c)As of June 30, 2024, the Company’s weighted-average effective rate on total borrowings was approximately 4.1%.

Schedule of Maturities of Borrowings

The following summarizes the Company’s maturities of its notes at par value as of June 30, 2024 (in millions):

Due within 1 year		$	500.0
Due after 1 year through 2 years			600.0
Due after 2 years through 3 years			—
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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- 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.

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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
-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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