Long-term Debt

9 Months Ended

Sep. 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)
	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
5.55% Notes due 2040	$	500.0	$	—	$	506.3	$	—
5.25% Notes due 2035	500.0		—		506.6		—
2.20% Notes due 2032	550.0		550.0		475.8		448.7
2.75% Notes due 2030	750.0		750.0		702.1		672.2
3.75% Notes due 2027	600.0		600.0		595.4		584.1
Unamortized discount and debt issuance costs	(28.3)		(16.4)
Other	11.6		7.0
Total debt	2,883.3		1,890.6
Less: current portion of debt	4.5		3.2
Long-term debt	$	2,878.8	$	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.

5.55% Notes due 2040

On August 20, 2025, the Company completed a public offering of $500.0 million in aggregate principal amount of unsecured senior notes with a stated interest rate of 5.55% due September 15, 2040 (the “2040 Notes”). The 2040 Notes were issued at a discount of $7.3 million, resulting in proceeds to the Company of $492.7 million before $1.0 million of issuance costs. The discount and issuance costs are reflected within long-term debt on the Condensed Consolidated Balance Sheets and are amortized to interest expense using the effective interest method over the life of the 2040 Notes. Interest is payable each March 15 and September 15, commencing March 15, 2026.

5.25% Notes due 2035

On August 20, 2025, the Company completed a public offering of $500.0 million in aggregate principal amount of unsecured senior notes with a stated interest rate of 5.25% due September 15, 2035 (the “2035 Notes”). The 2035 Notes were issued at a discount of $5.0 million, resulting in proceeds to the Company of $495.0 million before $1.0 million of issuance costs. The discount and issuance costs are reflected within long-term debt on the Condensed Consolidated Balance Sheets and are amortized to interest expense using the effective interest method over the life of the 2035 Notes. Interest is payable each March 15 and September 15, commencing March 15, 2026.

Revolving Credit Facility

During the nine months ended September 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 September 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 September 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 September 30, 2025, and December 31, 2024, the Company had $21.0 million and $22.8 million, respectively, 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 $59.0 million was available as of September 30, 2025.