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FINANCING
 6 Months Ended
Jul. 03, 2026
Debt Disclosure [Abstract]  
FINANCING
NOTE 4. FINANCING
The components of our debt were as follows ($ in millions):
July 3, 2026December 31, 2025
Commercial paper programs
$1,076.6 $650.0 
4.75% senior unsecured notes due 2031
600.0 — 
5.25% senior unsecured notes due 2036
500.0 — 
4.30% senior unsecured notes due 2046
550.0 550.0 
3.70% Euro-denominated senior unsecured notes due 2029
800.6 822.2 
3.15% senior unsecured notes due 2026
— 900.0 
3.70% Euro-denominated senior unsecured notes due 2026
— 291.3 
Long-term debt, principal amounts
3,527.2 3,213.5 
Less: aggregate unamortized debt discounts, premiums, and issuance costs17.9 7.5 
Long-term debt, carrying value3,509.3 3,206.0 
Less: current portion of long-term debt, carrying value— 899.5 
Long-term debt, net of current maturities$3,509.3 $2,306.5 
Refer to Note 8 of our 2025 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 days 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.
Credit support for the Commercial Paper Programs is provided by a five-year $2.0 billion senior unsecured revolving credit facility that expires on March 17, 2031 (the “Revolving Credit Facility”) which, to the extent not otherwise providing credit support for our Commercial Paper Programs, can also be used for working capital and other general corporate purposes. As of July 3, 2026, no borrowings were outstanding under the Revolving Credit Facility. Refer to the section below for further discussion on the Revolving Credit Facility.
The details of our outstanding Commercial Paper Programs as of July 3, 2026 were as follows ($ in millions):
Carrying value (a)
Annual effective rateWeighted average maturity (in days)
U.S. dollar-denominated commercial paper$824.0 4.02 %12
Euro-denominated commercial paper
251.2 2.45 %25
(a) Net of unamortized debt discount.
We classified our borrowings outstanding under the Commercial Paper Programs as of July 3, 2026 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.
Senior Unsecured Notes Due 2031 and 2036
On May 14, 2026, we completed the registered offering of the following senior unsecured notes:
•$600 million in aggregate principal amount of our 4.75% senior unsecured notes due 2031 (the “2031 Notes”) issued at 99.771% of their principal amount and bearing interest at 4.75% per annum. The 2031 Notes mature on May 15, 2031 with interest payable in arrears on May 15 and November 15 of each year, beginning in November 2026.
•$500 million in aggregate principal amount of our 5.25% senior unsecured notes due 2036 (the “2036 Notes”) issued at 99.685% of their principal amount and bearing interest at 5.25% per annum. The 2036 Notes mature on May 15, 2036 with interest payable in arrears on May 15 and November 15 of each year, beginning in November 2026.

The net proceeds from the offering, after underwriting discounts and commissions and offering expenses, were approximately $1.1 billion. We used the net proceeds to repay the $900 million of outstanding principal of the 3.15% senior unsecured notes due 2026, and the accrued interest thereon, and for other general corporate purposes.

We may redeem the 2031 Notes and the 2036 Notes at our option, in whole or in part, at any time and from time to time. Prior to April 15, 2031 for the 2031 Notes and February 15, 2036 for the 2036 Notes (each, respectively, the “Par Call Date”), we may redeem the 2031 Notes and the 2036 Notes, as applicable, at the corresponding make-whole redemption price as specified in the indentures. On or after the applicable Par Call Date, the redemption price will equal 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest up to, but not including, the redemption date. The 2031 Notes and 2036 Notes contain customary covenants, none of which are considered restrictive to our operations.

If a change of control triggering event occurs, we will, in certain circumstances, be required to make an offer to repurchase the 2031 Notes and 2036 Notes from each holder at a purchase price equal to 101% of the principal amount thereof being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date. A change of control triggering event is defined as the occurrence of both a change of control and a rating event, each as defined in the indentures. Except in connection with a change of control triggering event, the 2031 Notes and 2036 Notes do not have any credit rating downgrade triggers that would accelerate the maturity of the notes.
Revolving Credit Facility
On March 17, 2026, we entered into a third amended and restated credit agreement (the “Amended and Restated Credit Agreement”) which extended the availability period of the Revolving Credit Facility to March 17, 2031, with two one-year extension options at our request and with the consent of the lenders. The Amended and Restated Credit Agreement also contains an option permitting us to request an aggregate additional $1.0 billion as a revolving credit facility (or increase thereof), term loan facility, or combination thereof.

We are obligated to pay an annual facility fee for the Revolving Credit Facility of between 6 and 15 basis points varying according to our long-term debt credit rating. Borrowings under the Revolving Credit Facility in U.S. Dollars bear interest at a rate equal, at our option, to either (1) Term Secured Overnight Financing Rate (“Term SOFR”), plus a margin of between 69 and 110 basis points, depending on our long-term debt credit rating or (2) Base Rate (which is the highest of (a) the Federal funds rate plus 50 basis points, (b) the prime rate, (c) Term SOFR plus 100 basis points and (d) 1.0%), plus a margin between zero and 10 basis points depending on our long-term debt credit rating.

The Amended and Restated Credit Agreement requires us to maintain a defined consolidated net leverage ratio of no greater than 3.75 to 1.00. The maximum consolidated net leverage ratio will be increased to 4.25 to 1.00 for the four consecutive full fiscal quarters immediately following the consummation of any acquisition by us in which the purchase price exceeds $250 million.
As of July 3, 2026, we were in compliance with all applicable debt covenants.