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Borrowings (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Outstanding Borrowings

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

		June 30, 2025				December 31, 2024
Commercial paper (a)		$	255.0			$	—
Credit facility borrowings (b)			52.3				—
Notes:
2.850% notes due 2025 (c)			—				500.0
1.350% notes due 2026 (d)			600.0				600.0
2.750% notes due 2031 (d)			300.0				300.0
6.200% notes due 2036 (d)			500.0				500.0
6.200% notes due 2040 (d)			250.0				250.0
Term loan facility borrowings (effective rate of 5.4%)			800.0				800.0
Total borrowings at par value			2,757.3				2,950.0
Debt issuance costs and unamortized discount, net			(8.1	)			(9.2	)
Total borrowings at carrying value (e)		$	2,749.2			$	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 June 30, 2025 had a weighted-average annual interest rate of approximately 4.6% and a weighted-average term of approximately 1 day.

(b)One of the Company's Eurochange subsidiaries utilizes a short-term revolving credit facility agreement to fund certain operating activities in the United Kingdom. The subsidiary may borrow up to £60 million ($82 million as of June 30, 2025), and the facility expires in February 2030. Drawdowns of the credit facility borrowings are restricted for use in this subsidiary to purchase physical currency or repay existing borrowings on the facility. These credit facility borrowings as of June 30, 2025 had a weighted-average annual interest rate of approximately 5.8%.

(c)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.

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

(e)As of June 30, 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, term loan facility, and credit facility borrowings at par value as of June 30, 2025 (in millions):

Due within 1 year		$	652.3
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		$	2,502.3

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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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