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Quantitative and Qualitative Disclosures About Market Risk in its 2025 Annual Report.
−Removed: From time to time, the Company may borrow under the Revolving Credit Facility, Commercial Paper Programs and Delayed Draw Term Loans.
+Added: From time to time, the Company may borrow under the Revolving Credit Facility and Commercial Paper Programs.
In addition to the outstanding borrowings under the Company’s Euro Notes (as discussed in Note 4 of the Notes to Condensed Consolidated Financial Statements), any borrowings under the Euro Commercial Paper Program and Revolving Credit Facility have been and may continue to be denominated in various foreign currencies, including the Euro, and there can be no assurance that the Company can successfully manage changes in exchange rates, including in the event of a significant and sudden decline in the value of any of the foreign currencies in which such borrowings are made.
−Removed: The Company manages its exposure to interest rate risk through a mix of fixed and variable rate debt.
+Added: The Company manages its exposure to interest rate risk through a mix of fixed and variable rate debt and hedging contracts in some cases.
The Company currently has various fixed rate senior notes outstanding, in both the United States and Europe, with various maturity dates, the most recent of which were issued in 2026.
+Added: In August 2025, the Company entered into $1,500.0 10-year and $1,000.0 30-year notional treasury lock derivative instruments to hedge interest rate risk prior to the issuance of the November Senior Notes.
+Added: In November 2025, the Company issued the November Senior Notes.
+Added: The treasury locks were settled upon the issuance of the 4.625% Senior Notes and the 5.300% Senior Notes, respectively, for a cumulative loss of $88.0 ($67.4 after-tax).
+Added: The cumulative after-tax loss was recorded in Accumulated other comprehensive income (loss) and is being amortized to Interest Expense over the terms of the 4.625% Senior Notes and the 5.300% Senior Notes, respectively.
+Added: Refer to Note 4 and Note 5 of the accompanying Notes to Condensed Consolidated Financial Statements herein for further discussion related to these debt instruments.
In addition, any borrowings under the Revolving Credit Facility bear interest at rates that fluctuate with a spread that varies, based on the Company’s debt rating, over certain currency-specific benchmark rates, which benchmark rates in the case of U.S.
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Any borrowings under the Commercial Paper Programs are subject to floating interest rates.
−Removed: Any borrowings under the Delayed Draw Term Loans bear interest at rates that fluctuate with a spread over either the base rate or the adjusted term SOFR, which spread varies based on the Company’s debt rating.
+Added: Borrowings under each Delayed Draw Term Loan bear interest at rates that fluctuate with a spread over either the base rate or the adjusted term SOFR, which spread varies based on the Company’s debt rating.
+Added: The Floating Rate Senior Notes bear interest at a floating rate per annum, reset quarterly, equal to compounded SOFR, plus 0.53%.
Therefore, when the Company borrows under these debt instruments, the Company is exposed to market risk related to changes in interest rates.
−Removed: As of September 30, 2025 and December 31, 2024, the Company had no borrowings outstanding under the Revolving Credit Facility, U.S.
−Removed: Commercial Paper Program, Euro Commercial Paper Program and Delayed Draw Term Loans.
+Added: As of March 31, 2026 and December 31, 2025, the Company had no borrowings outstanding under the Revolving Credit Facility and Commercial Paper Programs.
However, the Company borrowed under the U.S.
−Removed: Commercial Paper Program during the first nine months of 2025 from time to time, the proceeds of which were used for general corporate purposes, including, but not limited to, partially funding the acquisition of the Andrew Business in January 2025, as discussed further in Note 11 of the Notes to Condensed Consolidated Financial Statements.
−Removed: The Company may make additional borrowings under any of its debt instruments from time to time, including to finance a portion of the consideration for the Company’s acquisition of the CCS Business.
−Removed: To the extent that interest rates change related to floating interest rate debt and the Company borrows under any of our floating interest rate instruments in the future (Commercial Paper Programs, Revolving Credit Facility and Delayed Draw Term Loans), our interest expense and interest payments will be impacted accordingly.
−Removed: Although the Company does not expect changes in interest rates to have a material effect on income or cash flows for the remainder of 2025, there can be no assurance that interest rates will not change significantly from current levels.
+Added: Commercial Paper Program during the first quarter of 2026 from time to time, the proceeds of which were used for general corporate purposes.
+Added: As of March 31, 2026, the Company had $1,534.1 outstanding under each Delayed Draw Term Loan.
+Added: As of December 31, 2025, the Company had no borrowings outstanding under either Delayed Draw Term Loan.
+Added: The Company may make additional borrowings under the Revolving Credit Facility and the Commercial Paper Programs in the future.
+Added: To the extent that interest rates change related to floating interest rate debt and the Company has outstanding borrowings under any of our floating rate debt instruments (Commercial Paper Programs, Revolving Credit Facility and Delayed Draw Term Loans), our interest expense and interest payments will be impacted accordingly.
+Added: Although the Company does not expect changes in interest rates to have a material effect on net income or cash flows for the remainder of 2026, there can be no assurance that interest rates will not change significantly from current levels.
In addition, the Company may utilize interest rate derivative instruments to hedge interest rate risk associated with future debt issuances (see Note 5 of the Notes to Condensed Consolidated Financial Statements).
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.