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Borrowings
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Borrowings

11. Borrowings

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

 

 

September 30, 2025

 

 

December 31, 2024

 

Commercial paper (a)

 

$

100.0

 

 

$

—

 

Credit facility borrowings (b)

 

 

49.7

 

 

 

—

 

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

 

 

2,599.7

 

 

 

2,950.0

 

Debt issuance costs and unamortized discount, net

 

 

(7.5

)

 

 

(9.2

)

Total borrowings at carrying value (e)

 

$

2,592.2

 

 

$

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 $1.62 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 September 30, 2025 had a weighted-average annual interest rate of approximately 4.3% 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 ($80 million as of September 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 September 30, 2025 had a weighted-average annual interest rate of approximately 5.5%.
(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 September 30, 2025, the Company’s weighted-average effective rate on total borrowings was approximately 4.4%.

 

The following summarizes the Company’s maturities of its notes, term loan facility, and credit facility borrowings at par value as of September 30, 2025 (in millions):

 

Due within 1 year

 

$

649.7

 

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

 

$

2,499.7

 

 

The Revolving Credit Facility provides for unsecured financing facilities, including a $250.0 million letter of credit subfacility and $300.0 million swing line sublimit, and allows the Company to draw loans payable based upon the Secured Overnight Financing Rate (“SOFR”), the Euro Interbank Offered Rate, or the Sterling Overnight Index Average. On February 28, 2025, the Company increased the aggregate revolving credit commitments to $1.62 billion. The Revolving Credit Facility matures on November 30, 2029.