Borrowings

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Borrowings

Borrowings

Borrowings at March 31, 2022 and December 31, 2021 consisted of the following: 

	March 31, 2022		December 31, 2021
3.20% Senior Notes, due June 2023	$	100.0	$	100.0
3.37% Senior Notes, due June 2025	100.0		100.0
3.00% Senior Notes, due May 2030	500.0		500.0
2.625% Senior Notes, due June 2031	500.0		500.0
$800.0 million revolving credit facility, due May 2024 (“Revolving Facility”)(1)	—		—
Other borrowings	0.1		0.1
Total borrowings	1,200.1		1,200.1
Less deferred debt issuance costs	8.2		8.4
Less unaccreted debt discount	1.3		1.4
Total long-term borrowings	$	1,190.6	$	1,190.3

(1) At March 31, 2022, there was no balance outstanding under the Revolving Facility and $7.1 million of outstanding letters of credit, resulting in a net available borrowing capacity under the Revolving Facility at March 31, 2022 of approximately $792.9 million.

At March 31, 2022, the Company was in compliance with covenants contained in the credit agreement associated with the Revolving Facility as well as other long-term debt agreements.

Issuance of 2.625% Senior Notes in 2021

On May 28, 2021, the Company completed a public offering of $500.0 million in aggregate principal amount of 2.625% Senior Notes due June 2031 (the “2.625% Senior Notes”). The net proceeds from the offering were approximately $494.7 million, after deducting the issuance discount of $0.6 million, the underwriting commission of $3.3 million and offering expenses of $1.4 million. The net proceeds were used to redeem and repay the $350.0 million aggregate principal amount outstanding of its 4.20% Senior Notes due December 15, 2021 and a $6.7 million make-whole redemption premium, with the remaining balance used for general corporate purposes.