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DEBT AND INTEREST

9 Months Ended

Sep. 30, 2025

DEBT AND INTEREST

DEBT AND INTEREST

5. DEBT AND INTEREST

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Short-term Debt

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The following table provides the components of the Company’s short-term debt obligations as of September 30, 2025 and December 31, 2024.

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​	​	​	​	​	​	​	​	​
​	​	September 30			​	December 31
(millions)		2025			​	2024
Short-term debt	​	​	​	​	​	​	​	​
Notes payable	​	​	$4.8	​	​	​	$3.6	​
Long-term debt, current maturities	​	​	11.4	​	​	​	612.1	​
Total	​	​	$16.2	​	​	​	$615.7	​

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Lines of Credit

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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 September 30, 2025 or December 31, 2024.

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Commercial Paper

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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.

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The Company had no outstanding commercial paper under its U.S. and Euro commercial paper programs as of September 30, 2025 or December 31, 2024.

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Notes Payable

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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 September 30, 2025 and December 31, 2024, the Company had $4.8 million and $3.6 million, respectively, outstanding under these credit lines.

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Long-term Debt

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The following table provides the components of the Company’s long-term debt obligations, including current maturities, as of September 30, 2025 and December 31, 2024.

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​	​	​	​	​	​	​	​	​	​	​
​	​					​	​			​
​	​	​	​	​	​	​	​	​	​	​
​	​	Maturity	​	September 30			​	December 31
(millions)	​	by Year	​	2025			​	2024
​	​	​	​	​	​	​	​	​	​	​
Long-term debt	​	​	​	​	​	​	​	​	​	​
Public notes (2025 principal amount)	​	​	​	​	​	​	​	​	​	​
Ten year 2015 senior notes (€575 million)	​	2025	​	​	$-	​	​	​	$607.8	​
Ten year 2016 senior notes ($750 million)	​	2026	​	​	743.8	​	​	​	735.2	​
Ten year 2017 senior notes ($500 million)	​	2027	​	​	477.9	​	​	​	456.5	​
Six year 2021 senior notes ($500 million)	​	2027	​	​	498.9	​	​	​	498.2	​
Five year 2022 senior notes ($500 million)	​	2028	​	​	496.7	​	​	​	495.6	​
Three year 2025 senior notes ($500 million)	​	2028	​	​	496.3	​	​	​	-	​
Ten year 2020 senior notes ($698 million)	​	2030	​	​	670.2	​	​	​	657.2	​
Ten year 2020 senior notes ($600 million)	​	2031	​	​	570.3	​	​	​	559.3	​
Eleven year 2021 senior notes ($650 million)	​	2032	​	​	646.2	​	​	​	645.8	​
Ten year 2025 senior notes ($500 million)	​	2035	​	​	495.0	​	​	​	-	​
Thirty year 2011 senior notes ($389 million)	​	2041	​	​	385.1	​	​	​	385.0	​
Thirty year 2016 senior notes ($200 million)	​	2046	​	​	197.6	​	​	​	197.5	​
Thirty year 2017 senior notes ($484 million)	​	2047	​	​	429.3	​	​	​	428.2	​
Thirty year 2020 senior notes ($500 million)	​	2050	​	​	491.7	​	​	​	491.4	​
Thirty year 2021 senior notes ($850 million)	​	2051	​	​	840.0	​	​	​	839.7	​
Thirty-four year 2021 senior notes ($685 million)	​	2055	​	​	542.9	​	​	​	541.2	​
Finance lease obligations and other	​	​	​	​	82.2	​	​	​	22.7	​
Total debt	​	​	​	​	8,064.1	​	​	​	7,561.3	​
Long-term debt, current maturities	​	​	​	​	(11.4)	​	​	​	(612.1)	​
Total long-term debt	​	​	​	​	$8,052.7	​	​	​	$6,949.2	​

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Public Notes and Other

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In June 2025, the Company issued $500 million aggregate principal three-year fixed rate notes with a coupon rate of 4.30%, and an effective interest rate of 4.36%. In August 2025, the Company issued $500 million aggregate principal ten-year fixed rate notes with a coupon rate of 5.00% and an effective interest rate of 5.05%. The proceeds will be used for general corporate purposes, which may include partial funding of the Ovivo Electronics acquisition.

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In July 2025, the Company repaid in full €575 million ($674 million) on its ten year 2015 senior notes.

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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.

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In June 2025, one of the Company’s Chinese subsidiaries entered into a construction loan facility that provides up to 1.1 billion in Chinese Yuan (“CNY”) ($157 million) of proceeds to fund capital expenditures. This loan facility has a tenor of 13 years and is secured by certain assets of its Chinese subsidiaries. Any borrowings under this facility are included in Finance lease obligations and other in the table above.

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Covenants

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The Company is in compliance with all covenants under the Company’s outstanding indebtedness as of September 30, 2025.

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Net Interest Expense

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Interest expense and interest income recognized during the third quarter and first nine months of 2025 and 2024 were as follows:

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Third Quarter Ended

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Nine Months Ended

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September 30

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September 30

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(millions)

2025

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2024

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2025

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2024

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Interest expense

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​

$74.6

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​

​

$86.4

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​

$223.3

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​

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$261.1

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Interest income

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(19.3)

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​

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(16.0)

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(46.5)

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​

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(40.3)

Interest expense, net

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$55.3

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​

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$70.4

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$176.8

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$220.8

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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.

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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.

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