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Indebtedness | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Indebtedness | INDEBTEDNESS Long-term debt consisted of the following at June 30, 2025 and December 31, 2024 (in millions):
| June 30, 2025 |  | December 31, 2024
Credit Facility, expires 2027 | $ | 375.0 |  |  | $ | — |
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 | 703.0 |  |  | 622.7 |
1.002% EIB Senior term loan due 2025 | — |  |  | 259.5 |
EIB Senior term loan due 2029 | 292.9 |  |  | 259.5 |
EIB Senior term loan due 2030 | 199.2 |  |  | 176.4 |
Senior term loans due between 2025 and 2028 | 171.6 |  |  | 152.0 |
Debt issuance costs | (11.0) |  |  | (12.0) |
| 2,830.7 |  |  | 2,558.1 |
Less: |  |  |
1.002% EIB Senior term loan due 2025 | — |  |  | (259.5) |
Senior term loans due 2025 | (73.8) |  |  | (65.3) |
Total long-term indebtedness | $ | 2,756.9 |  |  | $ | 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. In May 2025, the Company amended the Credit Facility with respect to the net leverage ratio financial covenant requirements for the remainder of 2025 and in the event of a future material acquisition. As of June 30, 2025, the Company had $375.0 million in outstanding borrowings under the revolving credit facility and had the ability to borrow $875.0 million. Uncommitted Credit Facility The Company has an uncommitted revolving credit facility that allows the Company to borrow up to €200.0 million (or approximately $234.3 million as of June 30, 2025). The credit facility expires on December 31, 2026. As of June 30, 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 June 30, 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 $134.1 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 June 30, 2025 and December 31, 2024, outstanding letters of credit totaled approximately $14.0 million and $13.2 million, respectively.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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