Long-term Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Long-term Debt

Long-term Debt

(in millions)					Fair Value(1)
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
2.20% Notes due 2032	$	550.0	$	550.0	$	416.5	$	417.5
2.75% Notes due 2030	750.0		750.0		621.9		622.3
3.75% Notes due 2027	600.0		600.0		557.9		557.4
3.50% Notes due 2024	400.0		400.0		387.6		386.9
0.55% Notes due 2023	—		300.0		—		290.7
Unamortized discount, debt issuance costs and other	(14.5)		(17.2)
Total long term-debt	2,285.5		2,582.8
Less: current portion of debt	2.3		301.7
Long term-debt, less current portion	$	2,283.2	$	2,281.1

(1)The fair value is estimated based on current yield rates plus the Company’s estimated credit spread available for financings with similar terms and maturities. Based on these inputs, the debt instruments are classified as Level 2 in the fair value hierarchy.

Revolving Credit Facility

On June 15, 2023, the Company entered into a second amendment to the Company's Fourth Amended and Restated Credit Agreement (as amended, the "Facility") administered by JPMorgan Chase Bank, N.A. to implement, effective as of July 1, 2023, a replacement of the benchmark interest rates following the cessation of certain LIBOR rates. The benchmark rate for loans denominated in (i) U.S. dollars is Term SOFR, (ii) Canadian dollars is CDOR, (iii) sterling is SONIA, (iv) euros is EURIBOR and (v) yen is TIBOR.

During the nine months ended September 30, 2023, borrowings and repayments under the Facility totaled $84.0 million with a weighted average interest rate of 6.61%. As of September 30, 2023 and December 31, 2022, the Facility had no outstanding balance and $1.0 billion available for use.

Repayment of 0.55% Notes Due 2023

On September 1, 2023, the Company redeemed in full its outstanding $300.0 million aggregate principal amount of 0.55% unsecured senior notes due September 1, 2023 (the "2023 Notes"). The 2023 Notes were redeemed at the redemption price of $300.8 million, consisting of the principal amount of $300.0 million and $0.8 million of interest.

Covenants and Limitations

Under the Company’s debt and credit facilities, the Company is required to meet various covenants and limitations, including limitations on certain leverage ratios, interest coverage and limits on outstanding debt balances held by certain subsidiaries. The Company was in compliance with all financial covenants and limitations as of September 30, 2023 and December 31, 2022.

Letters of Credit and Guarantee

During the normal course of business, the Company enters into commitments in the form of letters of credit and bank guarantees to provide its own financial and performance assurance to third parties. The Company has not issued any guarantees on behalf of any third parties. As of September 30, 2023 and December 31, 2022, the Company had $17.8 million and $15.8 million in letters of credit and bank guarantees outstanding, respectively. The Company has multiple arrangements to obtain letters of credit, which include an agreement with unspecified availability and separate agreements for up to $110.0 million in letters of credit, of which $92.2 million was available for use as of September 30, 2023.