Long-term Debt

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Long-term Debt

Long-term Debt

A summary of the Company's long-term debt follows:

(in millions)					Fair Value(1)
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
2.20% Notes due 2032	$	550.0	$	550.0	$	466.1	$	448.7
2.75% Notes due 2030	750.0		750.0		693.2		672.2
3.75% Notes due 2027	600.0		600.0		592.2		584.1
Unamortized discount, debt issuance costs and other	(4.2)		(9.4)
Total debt	1,895.8		1,890.6
Less: current portion of debt	4.3		3.2
Long term-debt	$	1,891.5	$	1,887.4

(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

During the six months ended June 30, 2025, there were no borrowings or repayments under the Company's Fifth Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. (the "Credit Agreement"). As of June 30, 2025 and December 31, 2024, the Company had no outstanding balance and $1.0 billion available under the Credit Agreement.

Covenants and Limitations

The Notes and the Credit Agreement require the Company to meet various restrictive covenants and limitations, including certain leverage and interest coverage ratios and limits on outstanding debt balances held by certain subsidiaries. The Company was in compliance with all covenants and limitations as of June 30, 2025 and December 31, 2024.

Letters of Credit and Guarantees

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 June 30, 2025 and December 31, 2024, the Company had $19.3 million and $22.8 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 $80.0 million in letters of credit, of which $60.7 million was available as of June 30, 2025.