v3.24.3
Borrowings (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Borrowings
Borrowings at September 30, 2024 and December 31, 2023 consisted of the following: 

September 30, 2024December 31, 2023
3.37% Senior Notes, due June 2025 (the “3.37% Senior Notes”)(1)
$100.0 $100.0 
5.13% Senior Notes, due June 2028 (the “5.13% Senior Notes”)
100.0 100.0 
4.950% Senior Notes, due September 2029 (the “4.950% Senior Notes”)
500.0 — 
3.00% Senior Notes, due May 2030 (the “3.00% Senior Notes”)
500.0 500.0 
2.625% Senior Notes, due June 2031 (the “2.625% Senior Notes”)
500.0 500.0 
$800.0 million Revolving Facility, due November 2027 (the “Revolving Facility”)(2)
360.6 81.0 
$200.0 million Term Facility, due November 2027 (the “Term Facility”)(3)
25.0 50.0 
Other borrowings1.8 2.3 
Total borrowings2,087.4 1,333.3 
Less: current portion0.6 0.6 
Less: unamortized debt issuance costs and discount on debt11.7 7.6 
Long-term borrowings$2,075.1 $1,325.1 

(1) As of September 30, 2024, the $100.0 million 3.37% Senior Notes, due in June 2025, have been classified as Long-term borrowings on the Condensed Consolidated Balance Sheets. The Company has the ability and intent to either refinance or repay these Notes using the available borrowing capacity of the Revolving Facility, due November 2027.

(2) During the third quarter of 2024, the Company drew down an aggregate amount of $279.3 million under the Revolving Facility to finance a portion of Company’s acquisition of Mott. At September 30, 2024, there was $360.6 million outstanding under the Revolving Facility and $2.7 million of outstanding letters of credit, resulting in a net available borrowing capacity under the Revolving Facility of approximately $436.7 million. The weighted-average interest rate for borrowings outstanding under the Revolving Facility was 4.72% and 4.22% as of September 30, 2024 and December 31, 2023, respectively. During October 2024, the Company repaid $69.1 million of the $360.6 million outstanding under the Revolving Facility.

(3) The weighted-average interest rate for borrowings outstanding under the Term Facility was 6.55% and 6.22% as of September 30, 2024 and December 31, 2023, respectively. During the second quarter of 2024, the Company repaid $25.0 million of the $50.0 million previously outstanding under the Term Facility. During October 2024, the Company repaid the remaining $25.0 million outstanding under the Term Facility.