v3.25.1
Debt and Financing Arrangements
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt and Financing Arrangements Debt and Financing Arrangements
Long-term debt consists of the following (in millions):
 MaturityMarch 31, 2025December 31, 2024
Senior notes at 3.35%(a)
2026$— $399.2 
Senior notes at 3.15%
2027298.8 298.6 
Senior notes at 3.50%
2028447.9 447.7 
Senior notes at 2.300%
2031297.3 297.2 
TOTAL LONG-TERM DEBT(b)
$1,044.0 $1,442.7 
(a)The Senior notes at 3.35% have been reclassified to current at March 31, 2025.
(b)Long-term debt is presented net of debt issuance costs and unamortized discounts.


2025 Credit Facility

On March 25, 2025, the Company, as borrower, and each foreign subsidiary borrower from time to time party thereto (collectively, the “Foreign Subsidiary Borrowers”) entered into a five-year credit agreement with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent, that provides for a $1.0 billion committed unsecured revolving credit facility (the “Revolving Credit Agreement”). The obligations of the Foreign Subsidiary Borrowers (if any) under the Revolving Credit Agreement are guaranteed by the Company.

Commitments under the Revolving Credit Agreement may be conditionally increased to an aggregate amount not to exceed $1.5 billion. The Revolving Credit Agreement includes a $50.0 million sub-limit for the issuance of letters of credit. The sum of the dollar amount of loans and letters of credits to the Foreign Subsidiary Borrowers under the Revolving Credit Agreement may not exceed $100.0 million.

The interest rate applicable to borrowings under the Revolving Credit Agreement is either (i) the alternate base rate (as defined in the Revolving Credit Agreement) or (ii) the term SOFR rate (as defined in the Revolving Credit Agreement) plus an applicable margin based on the Company's credit ratings.

All revolving loans outstanding under the Revolving Credit Agreement will be due and payable on March 25, 2030. The Revolving Credit Agreement provides for up to two one-year maturity extensions. As of March 31, 2025, the credit facility was undrawn.

The Revolving Credit Agreement contains a sole financial covenant requiring that, as of the last day of each fiscal quarter, the ratio of total indebtedness to total capitalization shall not be greater than 65%. The Company was in compliance with this covenant as of March 31, 2025.

2021 Credit Facility

The Company had a five-year credit agreement with a syndicate of lenders and JPMorgan Chase, N.A., as administrative agent, that provided a $750 million committed revolving credit facility, which was terminated in connection with entry into the Revolving Credit Agreement.

Short-Term Debt and Current Portion of Long-Term Debt

The Company had $816.1 million and $125.4 million of short-term debt and current portion of long-term debt outstanding at March 31, 2025 and December 31, 2024, respectively, composed of the following:

•$399.4 million of the Senior notes due in 2026 are listed as current as of March 31, 2025, as the 2026 Notes are due in March 2026.

•$415.0 million of commercial paper borrowings outstanding at March 31, 2025, and $123.0 million of commercial paper borrowings outstanding at December 31, 2024. The increase in commercial paper during the first three months of 2025 was utilized to repurchase $125.0 million of treasury stock and to fund the $73 million acquisition of Ventev.
•$1.7 million and $2.4 million of other short-term debt outstanding at March 31, 2025 and December 31, 2024, respectively, which consisted of borrowings to support our international operations in China and amounts outstanding under our commercial card program.