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v3.25.4

DEBT | 12 Months Ended
--- | ---
Dec. 31, 2025
Debt Disclosure [Abstract] |
DEBT | DEBT Long-Term Debt The table below summarizes the carrying value of the Company’s outstanding debt, net of capitalized debt issuance costs, discounts and premiums:
| Due Date |  | 2025 |  | 2024 |  | 2023
3.45% Senior Notes | 2027 |  | $ | 1,497.5 |  |  | $ | 1,495.7 |  |  | $ | 1,493.9 |
4.50% Senior Notes | 2047 |  | 1,234.5 |  |  | 1,233.7 |  |  | 1,233.0 |
2.95% Senior Notes | 2029 |  | 796.5 |  |  | 795.5 |  |  | 794.6 |
3.80% Senior Notes | 2049 |  | 544.0 |  |  | 543.7 |  |  | 543.6 |
2.30% Senior Notes | 2030 |  | 498.0 |  |  | 497.6 |  |  | 497.1 |
4.30% Senior Notes | 2028 |  | 497.1 |  |  | — |  |  | — |
2.20% Senior Notes | 2032 |  | 496.1 |  |  | 495.5 |  |  | 494.8 |
4.50% Senior Notes | 2030 |  | 495.5 |  |  | — |  |  | — |
5.15% Senior Notes | 2035 |  | 495.4 |  |  | — |  |  | — |
3.30% Senior Notes | 2050 |  | 494.8 |  |  | 494.6 |  |  | 494.3 |
2.90% Senior Notes | 2052 |  | 492.4 |  |  | 492.1 |  |  | 491.9 |
4.80% Senior Notes | 2031 |  | 445.7 |  |  | 445.0 |  |  | — |
4.55% Senior Notes | 2028 |  | 398.4 |  |  | 397.6 |  |  | — |
4.55% Senior Notes | 2045 |  | 395.6 |  |  | 395.4 |  |  | 395.2 |
3.95% Senior Notes | 2026 |  | 350.1 |  |  | 351.6 |  |  | 353.1 |
4.00% Senior Notes | 2042 |  | 297.3 |  |  | 297.2 |  |  | 297.0 |
4.40% Senior Notes | 2045 |  | 241.8 |  |  | 241.3 |  |  | 240.9 |
0.53% to 8.00% Promissory Notes | Through 2026 |  | 0.1 |  |  | 0.2 |  |  | 0.9 |
3.45% Senior Notes | 2025 |  | — |  |  | 399.8 |  |  | 399.4 |
4.25% Senior Notes | 2025 |  | — |  |  | 399.5 |  |  | 398.6 |
3.30% Senior Notes | 2025 |  | — |  |  | 250.0 |  |  | 249.9 |
4.05% Senior Notes | 2024 |  | — |  |  | — |  |  | 598.8 |
3.125% Senior Notes | 2024 |  | — |  |  | — |  |  | 499.7 |
Total (1) |  |  | 9,670.8 |  |  | 9,226.0 |  |  | 9,476.7 |
Less amounts due within one year |  |  | 350.1 |  |  | 1,049.2 |  |  | 1,098.8 |
Long-term debt |  |  | $ | 9,320.7 |  |  | $ | 8,176.8 |  |  | $ | 8,377.9 |
(1) Net of capitalized debt issuance costs of $53.6 million, $48.6 million and $49.3 million and net of discounts and premiums of $25.7 million, $26.0 million and $25.2 million at December 31, 2025, 2024 and 2023, respectively. Maturities of long-term debt are as follows for the next five years: $350.1 million in 2026; $1.5 billion in 2027; $900.0 million in 2028; $800.0 million in 2029 and $1.0 billion in 2030. Interest expense on long-term debt was $396.2 million, $354.7 million and $374.6 million for 2025, 2024 and 2023, respectively. Subsequent event In January 2026, the Company repaid the principal of $350 million related to the Company’s 3.95% senior notes using commercial paper. Activity in the current year 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 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. In February 2025, the Company repaid the principal of $250.0 million related to the Company’s 3.30% senior notes due February 1, 2025 using commercial paper. Activity in 2024 In August 2024, the Company repaid principal of $600.0 million related to the Company’s 4.05% senior notes due August 8, 2024 using commercial paper and subsequently issued $400.0 million of 4.55% senior notes due 2028 and $450.0 million of 4.80% senior notes due 2031 in a public offering. The net proceeds from the issuance of these notes were used to repay outstanding borrowings under the Company’s domestic commercial paper program and for general corporate purposes. The newly issued senior notes contain customary qualitative covenants as defined in their respective agreements. In June 2024, the Company repaid the principal of $500.0 million related to its 3.125% senior notes due June 1, 2024 using commercial paper. Activity in 2023 In December 2023, the Company exercised its call provision to make-whole the entire outstanding $119.4 million aggregate principal amount of its 7.38% Debentures due 2027 and the entire outstanding $3.5 million aggregate principal amount of its 7.45% Debentures due 2097. The retirement of the Debentures resulted in a loss of $12.8 million recorded in Other general (income) expense - net. See Note 19 for further information. Short-Term Borrowings Activity in the current year In November 2025, the Company amended and restated its credit agreement dated May 9, 2016, as amended (2016 Credit Agreement), to extend the maturity of $75.0 million of the commitments available for borrowing or obtaining letters of credit from December 20, 2025 to December 20, 2030 (2025 Credit Agreement). This amended and restated credit agreement grants the Company the right to borrow or obtain letters of credit up to an aggregate availability of $875.0 million and may be used for general corporate purposes, including the financing of working capital requirements. The 2025 Credit Agreement was subsequently amended in February 2026 to extend the maturity of commitments available for borrowing or letters of credit under the agreement. In August 2025, the Company amended its revolving credit agreement dated July 31, 2024 (2024 Credit Agreement) 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 delayed draw term loan (DDTL) credit agreement which provided for a $750.0 million US dollar-denominated senior unsecured DDTL (USD DDTL) and a €250.0 million Euro-denominated senior unsecured DDTL (EUR DDTL) 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 further information on the acquisition of Suvinil. Activity in 2024 In July 2024, the Company entered into the $2.5 billion 2024 Credit Agreement maturing on July 31, 2029, replacing the credit agreement dated August 30, 2022 (2022 Credit Agreement). Under the terms of the 2024 Credit Agreement, the Company may request to extend the maturity date for two additional one-year periods, request an uncommitted increase up to $750.0 million and issue letters of credit under a $250.0 million subfacility. This credit agreement may be used for general corporate purposes, including the financing of working capital requirements. Activity in 2022 and prior In August 2022, the Company entered into the 2022 Credit Agreement maturing on August 30, 2027, replacing the credit agreement dated June 29, 2021. The 2022 Credit Agreement gave the Company the right to borrow $2.25 billion and to obtain letters of credit in an amount of up to $250.0 million. This credit agreement was permitted to be used for general corporate purposes, including the financing of working capital requirements. In August 2021, the Company amended and restated its credit agreement dated September 11, 2017, as amended, which gives the Company the right to borrow and obtain letters of credit up to an aggregate availability of $625.0 million. This credit agreement may be used for general corporate purposes, including the financing of working capital requirements. The 2021 Credit Agreement was subsequently amended on multiple dates to extend the maturity of commitments available for borrowing or letters of credit under the agreement. In May 2016, the Company entered into the 2016 Credit Agreement which gives the Company the right to borrow and obtain letters of credit up to an aggregate availability of $875.0 million. This credit agreement was permitted to be used for general corporate purposes, including the financing of working capital requirements. The 2016 Credit Agreement was subsequently amended on multiple dates to extend the maturity of commitments available for borrowing or letters of credit under the agreement. Other than the outstanding balances on the USD DDTL and EUR DDTL at December 31, 2025 presented in the Short-term borrowings summary table below, there were no borrowings outstanding under any of the Company’s credit agreements at December 31, 2025, 2024 and 2023. The Company’s available capacity under its committed credit agreements is reduced for amounts outstanding under its domestic commercial paper program and letters of credit. At December 31, 2025, the Company had unused capacity under its various credit agreements of $3.649 billion. The table below summarizes the Company’s Short-term borrowings:
| 2025 |  | 2024 |  | 2023
Domestic: |  |  |  |  |
Domestic commercial paper | $ | 281.4 |  |  | $ | 655.6 |  |  | $ | 347.7 |
USD DDTL | 625.0 |  |  | — |  |  | — |
Foreign: |  |  |  |  |
EUR DDTL | 293.6 |  |  | — |  |  | — |
Foreign facilities | 0.5 |  |  | 6.8 |  |  | 26.5 |
Total | $ | 1,200.5 |  |  | $ | 662.4 |  |  | $ | 374.2 |
Weighted average interest rate: |  |  |  |  |
Domestic | 4.4 | % |  | 4.7 | % |  | 5.5 | %
Foreign | 2.8 | % |  | 3.1 | % |  | 3.6 | %
Interest expense on Short-term borrowings was $68.8 million, $61.0 million and $42.9 million for 2025, 2024 and 2023, respectively. Among other restrictions, the Company’s notes, debentures, revolving credit agreement and credit agreements contain certain covenants relating to liens, ratings changes, merger and sale of assets, consolidated leverage and change of control, as defined in the agreements. In the event of default under any one of these arrangements, acceleration of the maturity of any one or more of these borrowings may result. The Company was in compliance with all covenants for all years presented.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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