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DEBT
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
The following table summarizes the Company’s outstanding debt:
September 30,December 31,September 30,
202620252025
Long-term debt (including current portion)$9,441.5 $9,670.8 $9,668.6 
Short-term borrowings2,353.6 1,200.5 1,846.9 
Total debt outstanding$11,795.1 $10,871.3 $11,515.5 
Long-Term Debt
The Company’s long-term debt primarily consists of senior notes and periodically, amounts borrowed under its credit agreements. In January 2026, the Company repaid the principal of $350.0 million related to the Company’s 3.95% senior notes using commercial paper. For further information on the Company’s long-term debt, see the Credit Agreements section below and Note 7 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Credit Agreements
In September 2026, the Company entered into a new 364-day €100.0 million bi-lateral term loan credit agreement to be used for general corporate purposes. The agreement includes a right to extend the maturity date for two successive six-month periods. At September 30, 2026, the Company classified the borrowing as Long-term debt in the Consolidated Balance Sheets.
In June 2026, the Company amended its amended and restated credit agreement dated as of August 2, 2021, to extend the maturity of $200.0 million of commitments available for borrowing and issuing letters of credit under the credit agreement from June 20, 2026 to June 20, 2031.
In February 2026, the Company amended its amended and restated credit agreement dated as of November 17, 2025, to extend the maturity of $75.0 million of commitments available for borrowing and issuing letters of credit under the credit agreement from June 20, 2026 to December 20, 2030. In June 2026, the Company borrowed $500.0 million on this credit agreement for general corporate purposes which was subsequently fully repaid in the third quarter of 2026.
The Company’s available capacity under its committed credit agreements is reduced for amounts outstanding under its domestic commercial paper program, various credit agreements and letters of credit. At September 30, 2026, the Company had unused capacity under its various credit agreements of $2.322 billion.
For further information on the Company’s credit agreements, see Note 7 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Short-Term Borrowings
In September 2026, the Company entered into a new 364-day senior unsecured term loan credit agreement which provided for a $750.0 million senior unsecured loan. This loan was used to fully pay down the 2025 USD delayed draw term loan (USD DDTL) and EUR delayed draw term loan (EUR DDTL) and for general corporate purposes.
The following table summarizes the Company’s short-term borrowings:
September 30,December 31,September 30,
202620252025
Domestic:
Domestic commercial paper$1,603.9$281.4$799.5
Term Loan749.7——
USD DDTL—625.0750.0
Foreign:
EUR DDTL—293.6293.3
Foreign facilities—0.54.1
Total$2,353.6$1,200.5$1,846.9
Weighted average interest rate:
Domestic4.3 %4.4 %4.7 %
Foreign— %2.8 %2.8 %
For further information on the Company’s short-term borrowings, see Note 7 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.