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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Carrying Value and Fair Value of Debt

The carrying value and fair value of debt as of September 30, 2023 and December 31, 2022 were as follows:

 

(In millions)

 

September 30, 2023

 

 

December 31, 2022

 

 

 

Carrying
Value

 

 

Fair
Value

 

 

Carrying
Value

 

 

Fair
Value

 

Notes, net of underwriting commissions, price discounts and debt issuance costs

 

$

2,669.4

 

 

$

2,378.6

 

 

$

2,673.5

 

 

$

2,412.6

 

2022 Revolving Credit Agreement

 

 

110.0

 

 

 

110.0

 

 

 

-

 

 

 

-

 

Commercial paper borrowings

 

 

49.9

 

 

 

49.9

 

 

 

-

 

 

 

-

 

Total debt

 

$

2,829.3

 

 

$

2,538.5

 

 

$

2,673.5

 

 

$

2,412.6

 

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 were as follows:

 

(In millions)

 

Fair Value

 

 

 

September 30,
2023

 

 

December 31,
2022

 

Assets

 

 

 

 

 

 

Derivative financial instruments (Level 2)

 

$

2.7

 

 

$

89.6

 

Deferred compensation program assets (Level 2)

 

 

18.0

 

 

 

14.9

 

Total assets

 

$

20.7

 

 

$

104.5

 

Liabilities

 

 

 

 

 

 

Derivative financial instruments (Level 2)

 

$

2.3

 

 

$

4.3