Borrowings

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Borrowings

12. Borrowings

Borrowings consist of the following:

	December 31, 2025		December 31, 2024
Short-term
Current portion of long-term debt	$	706,677	$	399,411
Other	—		645
Short-term borrowings and current portion of long-term debt	$	706,677	$	400,056

			Carrying amount (1)
	Principal		December 31, 2025		December 31, 2024
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	—	$	399,411
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	706,677		622,313
0.750% 8-year notes due November 4, 2027 (euro-denominated)	€	500,000	588,082		517,863
6.65% 30-year debentures due June 1, 2028	$	200,000	199,757		199,657
2.950% 10-year notes due November 4, 2029	$	300,000	298,544		298,166
3.50% 8-year notes due November 12, 2033 (euro-denominated)	€	550,000	642,927		—
5.375% 30-year debentures due October 15, 2035	$	300,000	297,557		297,308
6.60% 30-year notes due March 15, 2038	$	250,000	248,618		248,505
5.375% 30-year notes due March 1, 2041	$	350,000	345,810		345,534
Total long-term debt			$	3,327,972	$	2,928,757
Less current portion of long-term debt			(706,677)		(399,411)
Net long-term debt			$	2,621,295	$	2,529,346

(1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $8.6 million and $8.5 million as of December 31, 2025 and December 31, 2024, respectively. Total deferred debt issuance costs were $9.7 million and $6.8 million as of December 31, 2025 and December 31, 2024, 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 November 12, 2025, the Company issued €550,000 of 3.50% euro-denominated notes due 2033 ("2033 Notes"). The proceeds of €546,552 from the issuance of the 2033 Notes, net of discounts and issuance costs, were used for general corporate purposes.

On November 15, 2025, the outstanding 3.150% notes with a principal value of $400,000 matured. The repayment of the notes at maturity was funded by the Company's existing cash balances.

On April 6, 2023, the Company entered into a $1.0 billion five-year unsecured revolving credit facility and on April 3, 2025, 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 3, 2025. 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 2, 2026, respectively. The Company may elect to extend the maturity date of any loans under the new 364-day credit facility until April 2, 2027, 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, 2025 and December 31, 2024, there were no outstanding borrowings under the five-year, previous or current 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, 2025 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 48.8 to 1.

As of December 31, 2025, the future maturities of long-term debt were as follows:

	Future Maturities
2026	$	707,714
2027	589,762
2028	200,000
2029	300,000
2030	—
2031 and thereafter	1,548,738
Total	$	3,346,214

Letters of Credit and other Guarantees

As of December 31, 2025, the Company had approximately $230.0 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.