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Borrowings
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Borrowings
10. Borrowings

Borrowings consist of the following:
 
Carrying amount (1)
PrincipalMarch 31, 2026December 31, 2025
Long-term
1.25% 10-year notes due November 9, 2026 (euro-denominated)
€600,000 692,848 706,677 
0.750% 8-year notes due November 4, 2027 (euro-denominated)
€500,000 576,532 588,082 
6.65% 30-year debentures due June 1, 2028
$200,000 199,782 199,757 
2.950% 10-year notes due November 4, 2029
$300,000 298,639 298,544 
3.50% 8-year notes due November 12, 2033 (euro-denominated)
€550,000 630,167 642,927 
5.375% 30-year debentures due October 15, 2035
$300,000 297,619 297,557 
6.60% 30-year notes due March 15, 2038
$250,000 248,647 248,618 
5.375% 30-year notes due March 1, 2041
$350,000 345,879 345,810 
Total long-term debt3,290,113 3,327,972 
Less long-term debt current portion(692,848)(706,677)
Net long-term debt
$2,597,265 $2,621,295 
(1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts on total long-term debt were $8.0 million and $8.6 million as of March 31, 2026 and December 31, 2025, respectively. Total deferred debt issuance costs on total long-term debt were $9.2 million and $9.7 million as of March 31, 2026 and December 31, 2025, 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.

As of March 31, 2026, the Company maintained a $1.0 billion five-year unsecured revolving credit facility and a $500.0 million 364-day unsecured revolving credit facility (together, the "Credit Agreements") with a syndicate of banks. The 364-day credit facility expired on April 2, 2026. 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 March 31, 2026 and December 31, 2025, there were no outstanding borrowings under the five-year or 364-day credit facilities.

On April 2, 2026, the Company entered into a new $1.5 billion five-year unsecured revolving credit facility with a syndicate of banks on substantially similar terms as the existing Credit Agreements. The new five-year credit facility replaced the existing Credit Agreements. See Note 20 — Subsequent Events for additional details.

The Company was in compliance with all covenants in the Credit Agreements and other long-term debt covenants at March 31, 2026 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 40.8 to 1.
Letters of Credit and other Guarantees

As of March 31, 2026, 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.