v3.26.1
Long-term Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Long-term Debt Long-term Debt
A summary of the Company's long-term debt follows:
(in millions)
Fair Value(1)
March 31,
2026		December 31,
2025		March 31,
2026		December 31,
2025
5.55% Notes due 2040
$500.0 $500.0 $500.0 $505.6 
5.25% Notes due 2035
500.0 500.0 505.8 511.1 
2.20% Notes due 2032
550.0 550.0 473.8 479.4 
2.75% Notes due 2030
750.0 750.0 701.0 707.8 
3.75% Notes due 2027
600.0 600.0 593.1 597.1 
Unamortized discount and debt issuance costs(26.3)(27.3)
Other14.9 13.7 
Total debt2,888.6 2,886.4 
Less: Current portion of debt4.9 4.8 
Long-term debt$2,883.7 $2,881.6 
(1)The fair value is estimated based on current yield rates plus the Company’s estimated credit spread available for financings with similar terms and maturities. Based on these inputs, the debt instruments are classified as Level 2 in the fair value hierarchy.
Notes
On August 20, 2025, the Company completed a public offering of unsecured senior notes, consisting of $500.0 million in aggregate principal amount with a stated interest rate of 5.25% due September 15, 2035 and $500.0 million in aggregate principal amount with a stated interest rate of 5.55% due September 15, 2040.
Revolving Credit Facility
During the three months ended March 31, 2026, there were no borrowings or repayments under the Company's Fifth Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. (the "Credit Agreement"). As of March 31, 2026 and December 31, 2025, the Company had no outstanding balance and $1.0 billion available under the Credit Agreement.
Covenants and Limitations
The Notes and the Credit Agreement require the Company to meet various restrictive covenants and limitations, including certain leverage and interest coverage ratios and limits on outstanding debt balances held by certain subsidiaries. The Company was in compliance with all covenants and limitations as of March 31, 2026 and December 31, 2025.
Letters of Credit and Guarantees
During the normal course of business, the Company enters into commitments in the form of letters of credit and bank guarantees to provide its own financial and performance assurance to third parties. The Company has not issued any guarantees on behalf of any third parties. As of March 31, 2026 and December 31, 2025, the Company had $48.0 million and $48.8 million, respectively, in letters of credit and bank guarantees outstanding. The Company has multiple arrangements for up to $100.0 million in letters of credit, of which $52.0 million was available as of March 31, 2026.