Indebtedness

3 Months Ended

Mar. 31, 2025

INDEBTEDNESS

Long-term debt consisted of the following at March 31, 2025 and December 31, 2024 (in millions):


	March 31, 2025		December 31, 2024
Credit Facility, expires 2027	$	476.2	$	—
5.450% Senior notes due 2027	400.0		400.0
5.800% Senior notes due 2034	700.0		700.0
0.800% Senior notes due 2028	648.5		622.7
1.002% EIB Senior term loan due 2025	—		259.5
EIB Senior term loan due 2029	270.2		259.5
EIB Senior term loan due 2030	183.7		176.4
Senior term loans due between 2025 and 2028	158.3		152.0
Other long-term debt	—		—
Debt issuance costs	(11.4)		(12.0)
	2,825.5		2,558.1

Less:
Current portion of other long-term debt	—		—
1.002% EIB Senior term loan due 2025	—		(259.5)
Senior term loans due 2025	(68.0)		(65.3)
Total long-term indebtedness	$	2,757.5	$	2,233.3

Credit Facility

The Company has a credit facility providing for a $1.25 billion multi-currency unsecured revolving credit facility (“Credit Facility”) that matures on December 19, 2027. As of March 31, 2025, the Company had $476.2 million in outstanding borrowings under the revolving credit facility and had the ability to borrow $773.8 million.

Uncommitted Credit Facility

The Company has an uncommitted revolving credit facility that allows the Company to borrow up to €100.0 million (or approximately $108.1 million as of March 31, 2025). The credit facility expires on December 31, 2026. As of March 31, 2025 and December 31, 2024, the Company had no outstanding borrowings under the revolving credit facility.

1.002% European Investment Bank (“EIB”) Senior Term Loan due 2025

On January 24, 2025, the Company repaid €250.0 million (or approximately $262.3 million) upon maturity of the EIB Senior term loan due 2025.

Other Short-Term Borrowings

As of March 31, 2025 and December 31, 2024, the Company had short-term borrowings due within one year, excluding the current portion of long-term debt, of approximately $114.1 million and $90.4 million, respectively.

Standby Letters of Credit and Similar Instruments

The Company has arrangements with various banks to issue standby letters of credit or similar instruments, which guarantee the Company’s obligations for the purchase or sale of certain inventories and for potential claims exposure for insurance coverage. At March 31, 2025 and December 31, 2024, outstanding letters of credit totaled approximately $14.0 million and $13.2 million, respectively.