XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.25.1

DEBT AND INTEREST | 3 Months Ended
--- | ---
Mar. 31, 2025
DEBT AND INTEREST |
DEBT AND INTEREST | ​ 5. DEBT AND INTEREST ​ Short-term Debt ​ The following table provides the components of the Company’s short-term debt obligations as of March 31, 2025 and December 31, 2024. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31 | ​ | December 31
(millions) |  | 2025 | ​ | 2024
Short-term debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Notes payable | ​ | ​ | $8.2 | ​ | ​ | ​ | $3.6 | ​
Long-term debt, current maturities | ​ | ​ | 606.0 | ​ | ​ | ​ | 612.1 | ​
Total | ​ | ​ | $614.2 | ​ | ​ | ​ | $615.7 | ​
​ Lines of Credit ​ As of December 31, 2024, the Company had a $2.0 billion multi-year revolving credit facility which was due to expire in April 2026. In March 2025, the Company entered into an amended and restated revolving credit facility which extended the maturity from April 2026 to 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 March 31, 2025 or December 31, 2024. ​ 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 March 31, 2025 or December 31, 2024. ​ 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 March 31, 2025 and December 31, 2024, the Company had $8.2 million and $3.6 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 March 31, 2025 and December 31, 2024. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ |  |  |  | ​ | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Maturity | ​ | March 31 | ​ | December 31
(millions) | ​ | by Year | ​ | 2025 | ​ | 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term debt | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Public notes (2025 principal amount) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ten year 2015 senior notes (€575 million) | ​ | 2025 | ​ | ​ | $598.1 | ​ | ​ | ​ | $607.8 | ​
Ten year 2016 senior notes ($750 million) | ​ | 2026 | ​ | ​ | 739.7 | ​ | ​ | ​ | 735.2 | ​
Ten year 2017 senior notes ($500 million) | ​ | 2027 | ​ | ​ | 468.3 | ​ | ​ | ​ | 456.5 | ​
Six Year 2021 senior notes ($500 million) | ​ | 2027 | ​ | ​ | 498.4 | ​ | ​ | ​ | 498.2 | ​
Five Year 2022 senior notes ($500 million) | ​ | 2028 | ​ | ​ | 496.0 | ​ | ​ | ​ | 495.6 | ​
Ten year 2020 senior notes ($698 million) | ​ | 2030 | ​ | ​ | 660.6 | ​ | ​ | ​ | 657.2 | ​
Ten year 2020 senior notes ($600 million) | ​ | 2031 | ​ | ​ | 564.3 | ​ | ​ | ​ | 559.3 | ​
Eleven year 2021 senior notes ($650 million) | ​ | 2032 | ​ | ​ | 645.9 | ​ | ​ | ​ | 645.8 | ​
Thirty year 2011 senior notes ($389 million) | ​ | 2041 | ​ | ​ | 385.1 | ​ | ​ | ​ | 385.0 | ​
Thirty year 2016 senior notes ($200 million) | ​ | 2046 | ​ | ​ | 197.5 | ​ | ​ | ​ | 197.5 | ​
Thirty year 2017 senior notes ($484 million) | ​ | 2047 | ​ | ​ | 428.6 | ​ | ​ | ​ | 428.2 | ​
Thirty year 2020 senior notes ($500 million) | ​ | 2050 | ​ | ​ | 491.5 | ​ | ​ | ​ | 491.4 | ​
Thirty year 2021 senior notes ($850 million) | ​ | 2051 | ​ | ​ | 839.8 | ​ | ​ | ​ | 839.7 | ​
Thirty-four year 2021 senior notes ($685 million) | ​ | 2055 | ​ | ​ | 541.7 | ​ | ​ | ​ | 541.2 | ​
Finance lease obligations and other | ​ | ​ | ​ | ​ | 48.1 | ​ | ​ | ​ | 22.7 | ​
Total debt | ​ | ​ | ​ | ​ | 7,603.6 | ​ | ​ | ​ | 7,561.3 | ​
Long-term debt, current maturities | ​ | ​ | ​ | ​ | (606.0) | ​ | ​ | ​ | (612.1) | ​
Total long-term debt | ​ | ​ | ​ | ​ | $6,997.6 | ​ | ​ | ​ | $6,949.2 | ​
​ Public Notes ​ 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. ​ In January 2024, the Company repaid €575 million ($630 million) of long-term debt. ​ Covenants ​ The Company is in compliance with all covenants under the Company’s outstanding indebtedness as of March 31, 2025. ​ Net Interest Expense ​ Interest expense and interest income recognized during the first quarter of 2025 and 2024 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | First Quarter Ended | ​
​ | ​ | March 31 | ​
(millions) | ​ | 2025 | ​ | 2024 | ​
Interest expense | ​ | ​ | $72.6 | ​ | ​ | ​ | $94.5 | ​
Interest income |  | ​ | (14.3) | ​ | ​ | ​ | (22.9) |
Interest expense, net | ​ | ​ | $58.3 | ​ | ​ | ​ | $71.6 | ​
​ ​ 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.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration