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Debt (Tables)
12 Months Ended
Dec. 31, 2025
Debt  
Schedule of debt

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December 31, 2025

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December 31, 2024

 

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​

  ​ ​ ​

Carrying

  ​ ​ ​

Approximate

  ​ ​ ​

Carrying

  ​ ​ ​

Approximate

 

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Maturity

  ​

Amount

  ​

Fair Value (1)

  ​

Amount

  ​

Fair Value (1)

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Revolving Credit Facility

 

March 2029

  ​ ​ ​

$

—

​

$

—

​

$

—

​

$

—

​

U.S. Commercial Paper Program (less unamortized discount of nil at December 31, 2025 and 2024)

 

March 2029

  ​ ​ ​

​

—

​

​

—

​

​

—

​

​

—

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Euro Commercial Paper Program

 

March 2029

  ​ ​ ​

​

—

​

​

—

​

​

—

​

​

—

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2.050% Senior Notes (less unamortized discount of nil at December 31, 2024)

 

March 2025

  ​ ​ ​

​

—

​

​

—

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400.0

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398.0

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4.750% Senior Notes (less unamortized discount of $0.1 and $0.5 at December 31, 2025 and 2024, respectively)

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March 2026

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349.9

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350.8

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349.5

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350.0

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0.750% Euro Senior Notes (less unamortized discount of $0.1 and $0.5 at December 31, 2025 and 2024, respectively)

 

May 2026

  ​ ​ ​

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586.5

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584.2

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518.6

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505.8

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5.050% Senior Notes (plus unamortized premium of $1.2 and $2.2 at December 31, 2025 and 2024, respectively)

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April 2027

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701.2

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709.8

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702.2

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​

706.1

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Floating Rate Senior Notes (less unamortized discount of nil at December 31, 2025)

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November 2027

​

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500.0

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501.0

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​

—

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​

—

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3.800% Senior Notes (less unamortized discount of $0.5 at December 31, 2025)

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November 2027

​

​

749.5

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749.5

​

​

—

​

​

—

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4.375% Senior Notes (less unamortized discount of $0.5 at December 31, 2025)

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June 2028

​

​

749.5

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​

757.5

​

​

—

​

​

—

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2.000% Euro Senior Notes (less unamortized discount of $0.8 and $1.1 at December 31, 2025 and 2024, respectively)

 

October 2028

  ​ ​ ​

​

585.8

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​

578.2

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​

518.2

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​

505.9

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3.900% Senior Notes (less unamortized discount of $0.8 at December 31, 2025)

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November 2028

​

​

749.2

​

​

747.7

​

​

—

​

​

—

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5.050% Senior Notes (less unamortized discount of $0.3 and $0.4 at December 31, 2025 and 2024, respectively)

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April 2029

​

​

449.7

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​

463.0

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449.6

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452.4

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4.350% Senior Notes (less unamortized discount of $0.2 and $0.2 at December 31, 2025 and 2024, respectively)

 

June 2029

  ​ ​ ​

​

499.8

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502.4

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499.8

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​

489.1

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2.800% Senior Notes (less unamortized discount of $0.3 and $0.4 at December 31, 2025 and 2024, respectively)

 

February 2030

  ​ ​ ​

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899.7

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853.9

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​

899.6

​

​

814.1

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4.125% Senior Notes (less unamortized discount of $1.0 at December 31, 2025)

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November 2030

​

​

999.0

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​

993.8

​

​

—

​

​

—

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2.200% Senior Notes (less unamortized discount of $1.6 and $1.8 at December 31, 2025 and 2024, respectively)

 

September 2031

  ​ ​ ​

​

748.4

​

​

669.4

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​

748.2

​

​

624.9

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3.125% Euro Senior Notes (less unamortized discount of $4.9 at December 31, 2025)

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June 2032

​

​

699.1

​

​

697.2

​

​

—

​

​

—

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4.400% Senior Notes (less unamortized discount of $1.5 at December 31, 2025)

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February 2033

​

​

1,248.5

​

​

1,236.4

​

​

—

​

​

—

​

5.250% Senior Notes (less unamortized discount of $0.5 and $0.6 at December 31, 2025 and 2024, respectively)

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April 2034

​

​

599.5

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623.0

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599.4

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​

601.0

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5.000% Senior Notes (less unamortized discount of $3.3 and $3.7 at December 31, 2025 and 2024, respectively)

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January 2035

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746.7

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762.9

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746.3

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731.3

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4.625% Senior Notes (less unamortized discount of $1.7 at December 31, 2025)

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February 2036

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1,598.3

​

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1,569.1

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​

—

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​

—

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5.375% Senior Notes (less unamortized discount of $7.5 and $7.8 at December 31, 2025 and 2024, respectively)

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November 2054

​

​

492.5

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​

485.8

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492.2

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​

476.1

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5.300% Senior Notes (less unamortized discount of $2.7 at December 31, 2025)

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November 2055

​

​

1,647.3

​

​

1,575.4

​

​

—

​

​

—

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Other debt

 

2026-2032

  ​ ​ ​

​

1.8

​

​

1.8

​

 

4.3

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​

4.3

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Less: unamortized deferred debt issuance costs

 

​

  ​ ​ ​

​

(99.9)

​

​

—

​

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(41.8)

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​

—

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Total debt

 

​

  ​ ​ ​

​

15,502.0

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​

15,412.8

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6,886.1

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6,659.0

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Less: current portion

 

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  ​ ​ ​

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937.2

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935.8

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401.7

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399.7

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Total long-term debt

 

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  ​ ​ ​

$

14,564.8

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$

14,477.0

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$

6,484.4

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$

6,259.3

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(1)The fair value of each series of the Company’s Senior Notes is based on recent bid prices in an active market and is therefore classified as Level 1 in the fair value hierarchy (Note 5).

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Schedule of maturity of the Company's debt (exclusive of unamortized deferred debt issuance costs) over each of the next five years and thereafter

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2026

​

$

937.2

 

2027

​

 

1,950.9

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2028

​

 

2,084.6

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2029

​

 

949.6

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2030

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1,898.7

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Thereafter

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7,780.9

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$

15,601.9

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