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Borrowings (Tables)
12 Months Ended
Dec. 31, 2020
Borrowings  
Schedule of outstanding borrowings

The Company’s outstanding borrowings consisted of the following (in millions):

    

December 31, 2020

    

December 31, 2019

Commercial paper

$

80.0

$

245.0

Notes:

 

  

 

  

3.600% notes due 2022 (a)

 

500.0

 

500.0

4.250% notes due 2023 (a)

 

300.0

 

300.0

2.850% notes due 2025 (a)

500.0

500.0

6.200% notes due 2036 (a)

 

500.0

 

500.0

6.200% notes due 2040 (a)

 

250.0

 

250.0

Term loan facility borrowing (effective rate of 1.4%)

 

950.0

 

950.0

Total borrowings at par value

 

3,080.0

 

3,245.0

Debt issuance costs and unamortized discount, net

 

(12.8)

 

(15.7)

Total borrowings at carrying value (b)

$

3,067.2

$

3,229.3

(a)The difference between the stated interest rate and the effective interest rate is not significant.
(b)As of December 31, 2020, the Company’s weighted-average effective rate on total borrowings was approximately 3.5%.
Schedule of maturities of borrowings

The following summarizes the Company’s maturities of notes and term loan at par value as of December 31, 2020 (in millions):

Due within 1 year

    

$

47.5

Due after 1 year through 2 years

 

547.5

Due after 2 years through 3 years

 

395.0

Due after 3 years through 4 years

 

760.0

Due after 4 years through 5 years

 

500.0

Due after 5 years

 

750.0