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Borrowings (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Outstanding Borrowings | The Company’s outstanding borrowings consisted of the following (in millions):
|  | March 31, 2025 |  |  | December 31, 2024 |
Commercial paper (a) |  | $ | 350.0 |  |  | $ | — |
Notes: |  |  |  |  |  |
2.850% notes due 2025 (b) |  |  | — |  |  |  | 500.0 |
1.350% notes due 2026 (c) |  |  | 600.0 |  |  |  | 600.0 |
2.750% notes due 2031 (c) |  |  | 300.0 |  |  |  | 300.0 |
6.200% notes due 2036 (c) |  |  | 500.0 |  |  |  | 500.0 |
6.200% notes due 2040 (c) |  |  | 250.0 |  |  |  | 250.0 |
Term loan facility borrowings (effective rate of 5.6%) |  |  | 800.0 |  |  |  | 800.0 |
Total borrowings at par value |  |  | 2,800.0 |  |  |  | 2,950.0 |
Debt issuance costs and unamortized discount, net |  |  | (8.7 | ) |  |  | (9.2 | )
Total borrowings at carrying value (d) |  | $ | 2,791.3 |  |  | $ | 2,940.8 |
(a) Pursuant to the Company’s commercial paper program, the Company may issue unsecured commercial paper notes in an amount not to exceed $1.6 billion outstanding at any time, reduced to the extent of borrowings outstanding on the Company’s revolving credit facility (“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, 2025 had a weighted-average annual interest rate of approximately 4.6% and a weighted-average term of approximately 1 day. (b) Certain proceeds from the term loan facility borrowings were used to repay $500.0 million of the aggregate principal amount of 2.850% unsecured notes due in January 2025. (c) The difference between the stated interest rate and the effective interest rate is not significant. (d) As of March 31, 2025, the Company’s weighted-average effective rate on total borrowings was approximately 4.5%.
Schedule of Maturities of Borrowings | The following summarizes the Company’s maturities of its notes and term loan at par value as of March 31, 2025 (in millions):
Due within 1 year |  | $ | 600.0 |
Due after 1 year through 2 years |  |  | — |
Due after 2 years through 3 years |  |  | 800.0 |
Due after 3 years through 4 years |  |  | — |
Due after 4 years through 5 years |  |  | — |
Due after 5 years |  |  | 1,050.0 |
Total |  | $ | 2,450.0 |

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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. + References No definition available. + Details
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