Financing

3 Months Ended

Apr. 03, 2026

Debt Disclosure [Abstract]

Financing

FINANCING

The Company had the following debt outstanding as of:

($ in millions)	April 3, 2026		December 31, 2025
Short-term borrowings:
364-day Term Loan due 2027(a)	$	299.6	$	—
Short-term borrowings and bank overdrafts	6.0		2.4
Total short-term borrowings	$	305.6	$	2.4
Long-term debt:
Three-Year Term Loans due 2028	$	500.0	$	500.0
1.800% senior unsecured notes due 2026	—		500.0
2.400% senior unsecured notes due 2028	500.0		500.0
2.950% senior unsecured notes due 2031	600.0		600.0
Revolving Credit Facility due 2030	—		—
Total long-term debt	1,600.0		2,100.0
Less: current portion of long-term debt	—		(499.8)
Less: discounts and debt issuance costs	(5.3)		(6.0)
Total long-term debt, net	$	1,594.7	$	1,594.2

(a) The 364-day Term Loan due 2027 is presented net of unamortized debt issuance costs.

The Company’s long-term debt requires, among others, that the Company maintains certain financial covenants, and the Company was in compliance with all of these covenants as of April 3, 2026.

Credit Facilities

Revolving Credit Facility

The Revolving Credit Facility bears interest at a variable rate equal to SOFR plus a ratings-based margin. As of April 3, 2026, there were no borrowings outstanding and $750.0 million of available borrowing capacity under the Revolving Credit Facility.

364-Day Term Loan Due 2027

On March 31, 2026, the Company entered into a 364-day Term Loan Agreement (the “364-day Term Loan due 2027”). The Company utilized the $300.0 million of proceeds from the 364-Day Term Loan due 2027 to partially fund the repayment of the senior notes due 2026, as further discussed below.

The 364-day Term Loan due 2027, which matures on March 30, 2027, bears interest at a variable rate equal to SOFR plus a ratings-based margin which was 95.0 basis points as of April 3, 2026. The interest rate was 4.62% per annum as of April 3, 2026. There was no material difference between the carrying value and the estimated fair value of the debt outstanding as of April 3, 2026.

Three-Year Term Loans Due 2028

The Three-Year Term Loans Due 2028 (together with the 364-day Term Loan due 2027, the “Term Loans”), which mature on February 12, 2028, bear interest at a variable rate equal to SOFR plus a ratings-based margin which was 112.5 basis points as of April 3, 2026. The interest rate was 4.79% per annum as of April 3, 2026. There was no material difference between the carrying value and the estimated fair value of the debt outstanding as of April 3, 2026.

Senior Unsecured Notes

On April 1, 2026, the Company repaid the $500.0 million senior notes due April 1, 2026, with $300.0 million from proceeds from the 364-day Term Loan due 2027 and $200.0 million cash on hand. As of April 3, 2026, the Company’s senior unsecured notes (collectively, the “Registered Notes”) consist of the following:

•$500.0 million aggregate principal amount of senior notes due April 1, 2028 bearing interest at the rate of 2.400% per year; and

•$600.0 million aggregate principal amount of senior notes due April 1, 2031 bearing interest at the rate of 2.950% per year.

The estimated fair value of the Registered Notes was $1.0 billion as of April 3, 2026. The fair value of the Registered Notes was determined based upon Level 2 inputs including indicative prices based upon observable market data. The difference between the fair value and the carrying amounts of the Registered Notes may be attributable to changes in market interest rates and/or the Company’s credit ratings subsequent to the incurrence of the borrowing.

Short-term Borrowings

As of April 3, 2026, certain of the Company’s businesses were in a cash overdraft position, and such overdrafts are included in Short-term borrowings and current portion of long-term debt on the Consolidated Condensed Balance Sheets. Additionally, the Company has other short-term borrowing arrangements with various banks to facilitate short-term cash flow requirements in certain countries also included in Short-term borrowings and current portion of long-term debt on the Consolidated Condensed Balance Sheets. Given the nature of the short-term borrowings, the carrying value approximates fair value as of April 3, 2026.