Borrowings

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Borrowings

12. Borrowings

Borrowings consist of the following:

	December 31, 2024		December 31, 2023
Short-term
Current portion of long-term debt	$	399,411	$	—
Commercial paper	—		467,600
Other	645		682
Short-term borrowings and current portion of long-term debt	$	400,056	$	468,282

The weighted average annual interest rate for borrowings outstanding under the commercial paper program as of December 31, 2023 was 5.51%.

			Carrying amount (1)
	Principal		December 31, 2024		December 31, 2023
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	399,411	$	398,737
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	622,313		657,628
0.750% 8-year notes due November 4, 2027 (euro denominated)	€	500,000	517,863		547,342
6.65% 30-year debentures due June 1, 2028	$	200,000	199,657		199,557
2.950% 10-year notes due November 4, 2029	$	300,000	298,166		297,787
5.375% 30-year debentures due October 15, 2035	$	300,000	297,308		297,058
6.60% 30-year notes due March 15, 2038	$	250,000	248,505		248,392
5.375% 30-year notes due March 1, 2041	$	350,000	345,534		345,258
Total long-term debt			$	2,928,757	$	2,991,759
Less current portion of long-term debt			(399,411)		—
Net long-term debt			$	2,529,346	$	2,991,759

(1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $8.5 million and $10.9 million as of December 31, 2024 and December 31, 2023, respectively. Total deferred debt issuance costs were $6.8 million and $8.9 million as of December 31, 2024 and December 31, 2023, respectively.

The discounts are being amortized to interest expense using the effective interest method over the life of the issuances. The deferred issuance costs are amortized on a straight-line basis over the life of the debt, as this approximates the effective interest method.

On April 6, 2023, the Company entered into new $1.0 billion five-year unsecured revolving credit facility and on April 4, 2024, the Company entered into a new $500.0 million 364-day unsecured revolving credit facility (together, the "Credit Agreements") with a syndicate of banks. The current 364-day credit facility replaced the previous $500.0 million 364-day credit facility, which expired on April 4, 2024. The lenders' commitments under the Credit Agreements will terminate and any outstanding loans under the Credit Agreements will mature on April 6, 2028 and April 3, 2025, respectively. The Company may elect to extend the maturity date of any loans under the new 364-day credit facility until April 3, 2026, subject to conditions specified therein. The Credit Agreements are designated as a liquidity back-stop for the Company's commercial paper program and also are available for general corporate purposes. At the Company's election, loans under the Credit Agreements will bear interest at a base rate plus an applicable margin. The Credit Agreements require the Company to pay facility fees and impose various restrictions on the Company such as, among other things, a requirement to maintain a minimum interest coverage ratio of consolidated EBITDA to consolidated net interest expense of not less than 3.0 to 1. As of December 31, 2024 and December 31, 2023, there were no outstanding borrowings under the five-year, current or previous 364-day credit facilities.

The Company was in compliance with all covenants in the Credit Agreements and other long-term debt covenants at December 31, 2024 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 42.5 to 1.

As of December 31, 2024, the future maturities of long-term debt were as follows:

	Future Maturities
2025	$	400,000
2026	624,350
2027	520,291
2028	200,000
2029	300,000
2030 and thereafter	900,000
Total	$	2,944,641

Letters of Credit and other Guarantees

As of December 31, 2024, the Company had approximately $160.0 million outstanding in letters of credit, surety bonds, and performance and other guarantees which primarily expire on various dates through 2035. These letters of credit and bonds are primarily issued as security for insurance, warranty and other performance obligations. In general, we would only be liable for the amount of these guarantees in the event of default in the performance of our obligations, the probability of which is believed to be remote.