Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The Company's long-term debt consists of the following (annualized interest rates, dollars in millions): 

	As of
	December 31, 2023		December 31, 2022
New Credit Agreement
Revolving Credit Facility due 2028, interest payable monthly at 6.71%	$	375.0	$	—
Prior Credit Agreement (1):
Revolver due 2024, interest payable monthly at 5.67%	—		500.0
Term Loan "B" Facility due 2026, interest payable monthly at 6.42%	—		1,086.0
0.50% Notes due 2029 (2)	1,500.0		—
0% Notes due 2027	804.9		805.0
3.875% Notes due 2028 (3)	700.0		700.0
1.625% Notes due 2023 (4)	—		137.3
Gross long-term debt, including current maturities	3,379.9		3,228.3
Less: Debt discount (5)	(4.2)		(9.2)
Less: Debt issuance costs (6)	(39.1)		(25.6)
Net long-term debt, including current maturities	3,336.6		3,193.5
Less: Current maturities	(794.0)		(147.8)
Net long-term debt	$	2,542.6	$	3,045.7

_______________________

(1)The Prior Credit Agreement, including the Revolver due 2024 and Term Loan "B" Facility, was terminated and replaced by the New Credit Agreement, effective June 22, 2023.

(2)Interest is payable on March 1 and September 1 of each year at 0.50% annually.

(3)Interest is payable on March 1 and September 1 of each year at 3.875% annually.

(4)Interest was payable on April 15 and October 15 of each year at 1.625% annually. On October 16, 2023, the Company repaid $119.6 million of the remaining outstanding principal amount of the 1.625% Notes in cash and settled the excess over the principal amount by issuing 4.5 million shares of common stock.

(5)Debt discount of $0.0 million and $4.2 million for the Term Loan "B" Facility, and $4.2 million and $5.0 million for the 3.875% Notes, in each case as of December 31, 2023 and December 31, 2022, respectively.

(6)Debt issuance costs of $0.0 million and $9.7 million for the Term Loan "B" Facility, $26.8 million and $0.0 million for the 0.50% Notes, $10.9 million and $13.9 million for the 0% Notes, $1.4 million and $1.7 million for the 3.875% Notes and $0.0 million and $0.3 million for the 1.625% Notes, in each case as of December 31, 2023 and December 31, 2022, respectively.

Schedule of Annual Maturities Relating to Long-Term Debt

Expected maturities of gross long-term debt (including current portion - see section regarding 0% Notes below) as of December 31, 2023 are as follows (in millions):

	Expected Maturities
2024	$	804.9
2025	—
2026	—
2027	—
2028	1,075.0
Thereafter	1,500.0
Total	$	3,379.9