Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The following table provides the changes in the Company's debt for the year ended December 31, 2023:

(in millions)	Short-term debt and current maturities of long-term debt		Long-term debt		Total
Balance as of December 31, 2022	$	89.0	$	2,420.0	$	2,509.0
Proceeds from issuances of debt	4.7		—		4.7
Repayments of debt	(90.5)		(0.4)		(90.9)
Reclassification of long-term debt (A)	450.7		(450.7)		—
Other	0.8		6.8		7.6
Balance as of December 31, 2023	$	454.7	$	1,975.7	$	2,430.4

(A) During the third quarter of 2023, $450.0 million of 0.85% Senior Notes due 2024 were reclassified from Long-term debt to Current maturities of long-term debt.

Long-term debt as of December 31, 2023 and December 31, 2022 consisted of the following:

(in millions)	2023		2022
Senior Notes, 2.4% due 2031	$	550.0	$	550.0
Senior Notes, 0.85% due 2024	450.0		450.0
Senior Notes, 4.400% due 2032	450.0		450.0
Senior Notes, 5.100% due 2052	300.0		300.0
Senior Notes, 6.375% due 2049	230.0		230.0
Senior Notes, 6.500% due 2048	185.0		185.0
Notes, 7.125% due 2027	160.7		160.7
Senior Notes, 6.625% due 2049	125.0		125.0
Debentures, 7.375% due 2023 (A)	—		80.1
Other debt	12.2		13.9
Total debt, excluding unamortized discount and issuance costs	2,462.9		2,544.7
Unamortized discount and issuance costs	(32.5)		(35.7)
Short-term debt and current maturities of long-term debt	(454.7)		(89.0)
Total long-term debt	$	1,975.7	$	2,420.0

(A) Included in Debentures, 7.375% due 2023 as of December 31, 2022, are the aggregate fair values related to the fixed-to-floating interest rate swaps as discussed in Note 12 – Financial Instruments. During the third quarter of 2022, the Debentures were reclassified from Long-term debt to Current maturities of long-term debt, of which the remaining principal payments were paid during the third quarter of 2023.

Schedule of Maturities of Long-term Debt, Net

Scheduled maturities as of December 31, 2023 consisted of the following:

(in millions)
2024	$	455.4
2025	2.2
2026	2.2
2027	162.2
2028	0.9
Thereafter	1,840.0
Total debt, excluding unamortized discount and issuance costs	$	2,462.9

Debt Instrument Redemption

The table below summarizes the general provisions of these long-term debt instruments.

	Senior Notes due 2031	Senior Notes due 2024	Senior Notes Due 2032	Senior Notes Due 2052	Senior Notes due 2049	Senior Notes due 2048	Notes due 2027	Senior Notes due 2049	Debentures due 2023
Coupon Rate	2.400%	0.850%	4.400%	5.100%	6.375%	6.500%	7.125%	6.625%	7.375%
Maturity Date	8/18/2031	8/18/2024	9/15/2032	4/1/2052	4/15/2049	10/15/2048	8/1/2027	1/15/2049	9/1/2023
Interest Payment Frequency	Semi-Annually	Semi-Annually	Semi-Annually	Semi-Annually	Quarterly	Quarterly	Semi-Annually	Quarterly	Semi-Annually
Callable	No	Yes	No	No	Yes	Yes	No	Yes	No
Price Callable at:	N/A	Par	N/A	N/A	Par	Par	N/A	Par	N/A
Callable as of:	N/A	8/18/2022	N/A	N/A	4/15/2024	10/15/2023	N/A	1/15/2024	N/A
Redeemable (A)	Yes	No	Yes	Yes	No	No	Yes	No	No
Redeemable at:	Make-Whole Premium	N/A	Make-Whole Premium	Make-Whole Premium	N/A	N/A	Make-Whole Premium	N/A	N/A
Redeemable until:	3-months prior to Maturity	N/A	3-months prior to Maturity	6-months prior to Maturity	N/A	N/A	6-months prior to Maturity	N/A	N/A
Change of Control (B)	Yes	Yes	Yes	Yes	Yes	Yes	N/A	Yes	No

(A) If the Company elects to redeem the debt instrument, it will pay a "make-whole" redemption price set forth in the respective indenture.

(B) If the Company experiences a change of control, subject to certain circumstances, the Company may be required to repurchase some or all of the notes for an amount equal to 101 percent of the outstanding principal plus any accrued and unpaid interest.