Long-term Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-term Debt

Long-term Debt

(in millions)					Fair Value(1)
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
2.20% Notes due 2032	$	550.0	$	550.0	$	441.0	$	445.9
2.75% Notes due 2030	750.0		750.0		660.6		666.2
3.75% Notes due 2027	600.0		600.0		572.8		575.2
3.50% Notes due 2024	400.0		400.0		394.1		392.5
Unamortized discount, debt issuance costs and other	(10.3)		(10.6)
Total long term-debt	2,289.7		2,289.4
Less: current portion of debt	402.8		402.7
Long term-debt, less current portion	$	1,886.9	$	1,886.7

(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

As of March 31, 2024, the Company had a Fourth Amended and Restated Credit Agreement administered by JPMorgan Chase Bank, N.A. that provided for a $1.0 billion unsecured revolving line of credit.

During the three months ended March 31, 2024, there were no borrowings or repayments under the Company's Fourth Amended and Restated Credit Agreement. As of March 31, 2024 and December 31, 2023, the Company had no outstanding balance and $1.0 billion available for use under the Company's Fourth Amended and Restated Credit Agreement.

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 March 31, 2024 and December 31, 2023.

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 March 31, 2024 and December 31, 2023, the Company had $17.6 million in letters of credit and bank guarantees outstanding. 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 $92.4 million was available for use as of March 31, 2024.