Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt

Note 9. Debt

Debt

The following table summarizes the Company's total debt (in millions, except percentages):

				As of
	Maturity Date	Effective Interest Rates		June 30, 2021		December 31, 2020
Senior Notes ("Notes"):
4.500% fixed-rate notes ("2024 Notes")	March 2024	4.70	%	$	—	$	265.8
4.350% fixed-rate notes ("2025-I Notes")	June 2025	4.47	%	—		158.0
1.200% fixed-rate notes ("2025-II Notes")	December 2025	1.37	%	400.0		400.0
3.750% fixed-rate notes ("2029 Notes")	August 2029	3.86	%	500.0		500.0
2.000% fixed-rate notes ("2030 Notes")	December 2030	2.12	%	400.0		400.0
5.950% fixed-rate notes ("2041 Notes")	March 2041	6.03	%	400.0		400.0
Total Notes				1,700.0		2,123.8
Unaccreted discount and debt issuance costs				(13.6)		(16.8)
Hedge accounting fair value adjustments(*)				8.0		20.3
Total				$	1,694.4	$	2,127.3

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(*)     Represents the fair value adjustments for interest rate swaps with an aggregate notional amount of $600.0 million. These interest rate swaps convert the fixed interest rates of certain Senior Notes to floating interest rates and are designated as fair value hedges. See Note 5, Derivative Instruments, for a discussion of the Company's interest rate swaps.

In January 2021, the Company redeemed the remaining $265.8 million of its outstanding 2024 Notes and the remaining $158.0 million of its outstanding 2025-I Notes, for a principal redemption amount in the aggregate of $482.1 million, plus accrued interest. The repayments resulted in a loss on extinguishment of debt of $60.6 million, consisting primarily of a premium on the early redemption and acceleration of unamortized debt discount and fees on the redeemed debt.

The Notes above are the Company’s senior unsecured and unsubordinated obligations, ranking equally in right of payment to all of the Company’s existing and future senior unsecured and unsubordinated indebtedness, and senior in right of payment to any of the Company’s future indebtedness that is expressly subordinated to the Notes.

Interest on the Notes is payable in cash semiannually. The effective interest rates for the Notes include the interest on the Notes, accretion of the discount, and amortization of issuance costs. The indenture and the supplemental indentures (together, the "indentures") that govern the Notes also contain various covenants, including limitations on the Company's ability to incur liens or enter into sale-leaseback transactions over certain dollar thresholds.

As of June 30, 2021, the Company was in compliance with all covenants in the indentures governing the Notes.

Revolving Credit Facility

The Company has an unsecured revolving credit facility that will expire in April 2024, which enables borrowings of up to $500.0 million, with an option to increase the amount of the credit facility by up to an additional $200.0 million, subject to the lenders' approval. The credit facility will terminate in April 2024. As of June 30, 2021, the Company was in compliance with all covenants and no amounts were outstanding under our credit facility.