Debt |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| Debt | Debt On June 9, 2026, the Company, along with certain of its foreign subsidiaries, entered into an amended and restated revolving credit agreement (the “Revolving Credit Agreement”) and a separate term loan credit agreement (the “Term Loan Agreement”). The Revolving Credit Agreement increased the aggregate commitments from $2.3 billion to $3.5 billion and extended the maturity to June 9, 2031. The facility is subject to customary financial and restrictive covenants and may be used for general corporate purposes, including working capital, debt refinancing, and up to $1.0 billion to fund a portion of the consideration for the previously announced acquisition of Indicor. In the third quarter of 2026, the Company borrowed 550 million Euros and 500 million Canadian dollars under its revolving credit agreement. The revolver bears interest at variable rates and matures in June 2031. At September 30, 2026, the Company had $975.7 million borrowings outstanding under the revolver. The Term Loan Agreement provides for a senior unsecured term loan facility of up to $4.0 billion, consisting of three tranches: $1.625 billion maturing three years after funding, $1.625 billion maturing four years after funding, and $750 million maturing five years after funding. In the third quarter of 2026, the Company borrowed $4.0 billion in three tranches to fund the Indicor acquisition. At September 30, 2026, the Company had $4.0 billion borrowings outstanding under the term loans. Both agreements contain customary affirmative and negative covenants, financial maintenance covenants, and events of default. Borrowings under the facilities bear interest at variable rates based on either a secured overnight financing rate (“SOFR”) or an alternate base rate, in each case plus an applicable margin determined by reference to the Company’s credit rating or leverage. The Company may prepay borrowings at any time without premium or penalty, subject to customary breakage costs. In connection with entering into the purchase agreement for the Indicor acquisition, the Company previously obtained $5.0 billion in bridge financing commitments. Upon execution of the Revolving Credit Agreement and the Term Loan Agreement, these bridge commitments were automatically reduced and terminated in full. At September 30, 2026, the Company had $306.0 million outstanding under its commercial paper program. In the third quarter of 2026, the Company paid in full, at maturity, a $100.0 million in aggregate principal amount of 3.83% senior notes.
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