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DEBT | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Disclosure [Abstract] |
DEBT | DEBT The following table summarizes the Company’s outstanding debt:
| September 30, |  | December 31, |  | September 30,
| 2025 |  | 2024 |  | 2024
Long-term debt (including current portion) | $ | 9,668.6 |  |  | $ | 9,226.0 |  |  | $ | 9,224.2 |
Short-term borrowings | 1,846.9 |  |  | 662.4 |  |  | 915.5 |
Total debt outstanding | $ | 11,515.5 |  |  | $ | 9,888.4 |  |  | $ | 10,139.7 |
Long-Term Debt The Company’s long-term debt primarily consists of senior notes. In July 2025, the Company issued $500.0 million of 4.30% senior notes due 2028, $500.0 million of 4.50% senior notes due 2030 and $500.0 million of 5.15% senior notes due 2035 in a public offering. The net proceeds from the issuance of these senior notes were used to repay the outstanding principal of $400.0 million related to the Company’s 3.45% senior notes due August 1, 2025, the outstanding principal of $400.0 million related to the Company’s 4.25% senior notes due August 8, 2025 and a portion of the outstanding borrowings under the Company’s domestic commercial paper program. The newly issued senior notes contain customary qualitative covenants as defined in their respective agreements. The Company is in compliance with these and all other covenants related to the senior notes as of September 30, 2025. During the first quarter of 2025, the Company repaid the principal of $250.0 million related to the Company’s 3.3% senior notes due February 1, 2025 using commercial paper. For further details on the Company’s long-term debt, see Note 7 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Short-Term Borrowings In August 2025, the Company amended its existing revolving credit agreement dated July 31, 2024 to extend the maturity of $2.5 billion of the commitments under the agreement from July 31, 2029 to August 8, 2030, remove a credit spread adjustment and modify the pricing grid. Also in August 2025, the Company entered into a new 364-day senior unsecured DDTL credit agreement which provided for a $750.0 million US dollar-denominated senior unsecured delayed draw term loan (USD DDTL) and €250.0 million Euro-denominated senior unsecured delayed draw term loan (EUR DDTL) tranches available as a single draw for general corporate purposes, including to finance working capital requirements. The Company exercised the full amount of the draw in September 2025 to fund the acquisition of Suvinil. See Note 3 for additional information on the acquisition of Suvinil. In March 2025, the Company amended its credit agreement dated August 2, 2021, as amended, to extend the maturity of $75.0 million of the commitments available for borrowing and issuing letters of credit under the credit agreement from June 20, 2025 to June 20, 2030. 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, 2025, the Company had unused capacity under its various credit agreements of $3.131 billion. The following table summarizes the Company’s short-term borrowings:
| September 30, |  | December 31, |  | September 30,
| 2025 |  | 2024 |  | 2024
Domestic: |  |  |  |  |
Domestic commercial paper | $ | 799.5 |  |  | $ | 655.6 |  |  | $ | 904.0 |
USD DDTL | 750.0 |  |  | — |  |  | — |
Foreign: |  |  |  |  |
EUR DDTL | 293.3 |  |  | — |  |  | — |
Foreign facilities | 4.1 |  |  | 6.8 |  |  | 11.5 |
Total | $ | 1,846.9 |  |  | $ | 662.4 |  |  | $ | 915.5 |
Weighted average interest rate: |  |  |  |  |
Domestic | 4.7 | % |  | 4.7 | % |  | 5.2 | %
Foreign | 2.8 | % |  | 3.1 | % |  | 3.4 | %
For further details 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, 2024.

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