Indebtedness (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Summary of indebtedness

Our indebtedness is summarized as follows:

	As of December 31,
(In millions)	2024		2023
Current portion:
2023 Term Loan 364-day tranche	$	—	$	150.0
4.050% Senior Notes due September 15, 2025	1,748.6		—
Current portion of notes payable and term loan	$	1,748.6	$	150.0
Non-current portion:
2023 Term Loan three-year tranche	$	—	$	500.0
4.050% Senior Notes due September 15, 2025	—		1,746.6
2.250% Senior Notes due May 1, 2030	1,494.7		1,493.8
5.200% Senior Notes due September 15, 2045	1,101.1		1,100.7
3.150% Senior Notes due May 1, 2050	1,475.0		1,474.3
3.250% Senior Notes due February 15, 2051	476.4		472.8
Non-current portion of notes payable and term loan	$	4,547.2	$	6,788.2

In connection with our acquisition of Reata we drew $1.0 billion from our 2023 Term Loan, comprised of a $500.0 million floating rate 364-day tranche and a $500.0 million floating rate three-year tranche. As of December 31, 2024, our 2023 Term Loan was repaid in full.

Total debt maturities

The total gross payments due under our debt arrangements are as follows:

(In millions)	As of December 31, 2024
2025	$	1,750.0
2026	—
2027	—
2028	—
2029	—
2030 and thereafter	4,817.3
Total current and non-current debt	6,567.3
Less: debt discount and issuance fees	(271.5)
Total current and non-current debt, net	$	6,295.8