Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt Obligations

Debt Obligations

	As of
	March 31, 2026		December 31, 2025
	(In millions)
Long-term debt
CAD 500 million 3.44% senior notes due July 2026(1)	$	359.3	$	364.3
$2.0 billion 3.0% senior notes due July 2026(1)	2,000.0		2,000.0
EUR 800 million 3.8% senior notes due June 2032	924.2		939.7
$1.1 billion 5.0% senior notes due May 2042	1,100.0		1,100.0
$1.8 billion 4.2% senior notes due July 2046	1,800.0		1,800.0
Finance leases	61.0		64.7
Other	5.5		26.1
Less: unamortized debt discounts and debt issuance costs	(33.6)		(34.7)
Total long-term debt (including current portion)	6,216.4		6,260.1
Less: current portion of long-term debt	(2,367.9)		(2,394.7)
Total long-term debt	$	3,848.5	$	3,865.4
Short-term borrowings(2)	55.5		39.4
Current portion of long-term debt	2,367.9		2,394.7
Current portion of long-term debt and short-term borrowings	$	2,423.4	$	2,434.1

(1)We have upcoming debt maturities in July 2026. We are currently evaluating various alternatives with respect to these maturities, including the potential refinancing of all or a portion of the outstanding debt, which may involve utilizing the remaining capacity on our amended and restated $2.0 billion multi-currency revolving credit facility ($1.8 billion as of April 30, 2026), cash and cash equivalents and/or cash flows from operations. We have not made a decision at this time, and the timing, structure and terms of any such transactions will depend on capital market conditions and other factors at the time of issuance.

(2)Our short-term borrowings include bank overdrafts, borrowings on our overdraft facilities and other items.

As of March 31, 2026, we had $49.4 million in bank overdrafts and $68.3 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $18.9 million. As of December 31, 2025, we had $32.3 million in bank overdrafts and $62.0 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $29.7 million.

In addition, we have CAD, GBP and USD overdraft facilities under which we had no outstanding borrowings as of March 31, 2026 and December 31, 2025. See further detail within Part II.—Item 8. Financial Statements, Note 13, "Commitments and Contingencies" in our Annual Report for further discussion related to letters of credit.