Financing (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Components of Debt

Our debt as of December 31, 2022 and 2021 consisted of the following:

(in millions) December 31,	2022		2021
364-Day Credit Agreement	$	399.6	$	—
4.45% notes due December 2023	299.7		—
Total short-term borrowings	$	699.3	$	—
4.45% notes due December 2023	$	—	$	299.4
6.55% notes due November 2036	198.6		198.5
4.20% notes due March 2048	346.5		346.3
Other deferred financing costs associated with credit facilities	(1.4)		(1.8)
Total long-term debt	$	543.7	$	842.4
Debt discounts and debt issuance costs totaled $5.6 million and $5.7 million as of December 31, 2022 and 2021, respectively, and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above.

Capitalization of Long-Term Debt

As of December 31, 2022, our total debt to total capitalization ratio was 39.5%, computed as follows:

(in millions)
Total debt	$	1,243.0
Equity	1,904.0
Capitalization	$	3,147.0
Total indebtedness to capitalization	39.5		%