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FINANCING
 3 Months Ended
Mar. 28, 2025
Debt Disclosure [Abstract]  
FINANCING
NOTE 5. FINANCING
The components of our debt were as follows ($ in millions):
March 28, 2025December 31, 2024
U.S. dollar-denominated commercial paper$730.0 $650.0 
3.7% Euro-denominated senior unsecured notes due 2026
541.4 517.7 
3.7% Euro-denominated senior unsecured notes due 2029
758.0 724.8 
Euro Term Loan due 2025297.8 284.7 
Yen Term Loan due 202596.1 91.6 
3.15% senior unsecured notes due 2026
900.0 900.0 
4.30% senior unsecured notes due 2046
550.0 550.0 
Long-term debt, principal amounts3,873.3 3,718.8 
Less: aggregate unamortized debt discounts, premiums, and issuance costs10.4 11.5 
Long-term debt, carrying value3,862.9 3,707.3 
Less: current portion of long-term debt, carrying value933.8 376.2 
Long-term debt, net of current maturities$2,929.1 $3,331.1 
Refer to Note 9 of our 2024 Annual Report on Form 10-K for further details of our debt financing.
Commercial Paper Programs
We generally satisfy any short-term liquidity needs that are not met through operating cash flows and available cash primarily through issuances of commercial paper under our U.S. dollar and Euro-denominated commercial paper programs (“Commercial Paper Programs”). Under these programs, we may issue unsecured promissory notes with maturities not exceeding 397 and 183 days, respectively. Proceeds from borrowings under the commercial paper programs are typically available for general corporate purposes, including acquisitions.
Interest expense on commercial paper is paid at maturity and is generally based on our credit ratings at the time of issuance and prevailing short-term interest rates.
The details of our outstanding Commercial Paper Programs as of March 28, 2025 were as follows ($ in millions):
Carrying value (a)
Annual effective rateWeighted average maturity (in days)
U.S. dollar-denominated commercial paper$729.1 4.60 %28
(a) Net of unamortized debt discount.
Credit support for the Commercial Paper Programs is provided by a five-year $2.0 billion senior unsecured revolving credit facility that expires on October 18, 2027 (the “Revolving Credit Facility”) which, to the extent not otherwise providing credit support for our commercial paper programs, can also be used for working capital and other general corporate purposes. As of March 28, 2025, no borrowings were outstanding under the Revolving Credit Facility.
We classified our borrowings outstanding under the Commercial Paper Programs as of March 28, 2025 as Long-term debt in the accompanying Consolidated Condensed Balance Sheets as we had the intent and ability, as supported by availability under the Revolving Credit Facility, to refinance these borrowings for at least one year from the balance sheet date.