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DEBT AND INTEREST
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT AND INTEREST DEBT AND INTEREST
Short-term Debt
The following table provides the components of the Company’s short-term debt obligations as of June 30, 2026 and December 31, 2025.
(millions)June 30
2026		December 31
2025
Short-term debt
Commercial paper$- $100.0 
Notes payable5.4 11.0 
Long-term debt, current maturities1,265.7 759.4 
Total$1,271.1 $870.4 
Lines of Credit
As of June 30, 2026, the Company had a $2.0 billion multi-year revolving credit facility which expires in March 2030. The credit facility has been established with a diverse syndicate of banks and supports the Company’s U.S. and Euro commercial paper programs. There were no borrowings under the Company’s credit facility as of either June 30, 2026 or December 31, 2025.
Commercial Paper
The Company’s commercial paper program is used as a potential source of liquidity and consists of a $2.0 billion U.S. commercial paper program and a $2.0 billion Euro commercial paper program. The maximum aggregate amount of commercial paper that may be issued by the Company under its commercial paper programs may not exceed $2.0 billion.
The Company had no outstanding commercial paper under its U.S. and Euro commercial paper programs as of June 30, 2026. As of December 31, 2025, the Company had $100 million and none outstanding under its U.S. and Euro commercial paper programs, respectively.

Notes Payable
The Company’s notes payable consists of uncommitted credit lines with major international banks and financial institutions, primarily to support global cash pooling structures. As of June 30, 2026 and December 31, 2025, the Company had $5.4 million and $11 million, respectively, outstanding under these credit lines.
Long-term Debt
The following table provides the components of the Company’s long-term debt obligations, including current maturities, as of June 30, 2026 and December 31, 2025.
(millions)Maturity
by Year		June 30
2026		December 31
2025
Long-term debt
Public notes (2026 principal amount)
Ten year 2016 senior notes ($750 million)
2026$748.0 $744.4 
Ten year 2017 senior notes ($500 million)
2027480.0 477.7 
Six year 2021 senior notes ($500 million)
2027499.5 499.1 
Five year 2022 senior notes ($500 million)
2028497.8 497.1 
Three year 2025 senior notes ($500 million)
2028497.4 496.7 
Three year 2026 senior notes ($1,200 million)
20291,192.3 - 
Ten year 2020 senior notes ($698 million)
2030672.2 677.5 
Ten year 2020 senior notes ($600 million)
2031570.6 572.3 
Five year 2026 senior notes ($900 million)
2031890.6 - 
Eleven year 2021 senior notes ($650 million)
2032646.7 646.4 
Seven year 2026 senior notes ($1,500 million)
20331,485.3 - 
Ten year 2025 senior notes ($500 million)
2035495.4 495.1 
Ten year 2026 senior notes ($1,400 million)
20361,383.3 - 
Thirty year 2011 senior notes ($389 million)
2041385.3 385.2 
Thirty year 2016 senior notes ($200 million)
2046197.7 197.6 
Thirty year 2017 senior notes ($484 million)
2047430.4 429.6 
Thirty year 2020 senior notes ($500 million)
2050491.8 491.7 
Thirty year 2021 senior notes ($850 million)
2051840.2 840.1 
Thirty four year 2021 senior notes ($685 million)
2055544.5 543.4 
Finance lease obligations and other221.8 131.4 
Total debt13,170.8 8,125.3 
Long-term debt, current maturities(1,265.7)(759.4)
Total long-term debt$11,905.1 $7,365.9 
Public Notes and Other

In May 2026, the Company issued $1.2 billion aggregate principal three-year fixed rate notes with a coupon rate of 4.60% and an effective interest rate of 4.61%, $0.9 billion aggregate principal five-year fixed rate notes with a coupon rate of 4.80% and an effective interest rate of 4.84%, $1.5 billion aggregate principal seven-year fixed rate notes with a coupon of 5.15% and effective interest rate of 5.17%, and $1.4 billion aggregate principal ten-year fixed rate notes with a coupon rate of 5.35% and an effective interest rate of 5.39% . The total proceeds of $5.0 billion were used to fund the CoolIT Systems acquisition and for general corporate purposes. As a result of the public note issuances, the Company terminated its unsecured committed delayed draw term loan credit facility dated April 10, 2026, the proceeds from which were only to be used to finance the CoolIT Systems acquisition and to pay fees, costs and expenses related to the acquisition and the credit facility. No amounts were drawn under the facility and no borrowings were outstanding at the time of termination.

The Company’s public notes may be redeemed by the Company at its option at redemption prices that include accrued and unpaid interest and a make-whole premium. Upon the occurrence of a change of control accompanied by a downgrade of the public notes below investment grade rating, within a specified time period, the Company would be required to offer to repurchase the public notes at a price equal to 101% of the aggregate principal amount thereof, plus any accrued and unpaid interest to the date of repurchase. The public notes are senior unsecured and unsubordinated obligations of the Company and rank equally with all other senior and unsubordinated indebtedness of the Company.

One of the Company’s Chinese subsidiaries maintains a construction loan facility that provides up to 1.1 billion in Chinese Yuan (“CNY”) ($163 million) of proceeds to fund capital expenditures. This loan facility has a tenor of 13 years and is secured by certain assets of its Chinese subsidiaries. Any borrowings under this facility are included in Finance lease obligations and other in the table above.
Covenants
The Company is in compliance with all covenants under the Company’s outstanding indebtedness as of June 30, 2026.
Net Interest Expense
Interest expense and interest income recognized during the second quarter and first six months of 2026 and 2025 were as follows:
Second Quarter EndedSix Months Ended
June 30June 30
(millions)2026202520262025
Interest expense$95.0 $76.2 $172.3 $148.8 
Interest income(21.9)(13.0)(26.5)(27.3)
Interest expense, net$73.1 $63.2 $145.8 $121.5 

Interest expense generally includes the expense associated with the interest on the Company’s outstanding borrowings, including the impact of the Company’s interest rate swap agreements. Interest expense also includes the amortization of debt issuance costs and debt discounts, which are both recognized over the term of the related debt.