v3.25.2
LONG-TERM DEBT (Tables)
6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long-term debt consisted of the following:
Effective Interest RateFace ValueJune 30, 2025December 31, 2024
In millionsBook Value
Fair Value1
Book Value
Fair Value1
2025 Credit Agreement:
Revolving Credit Facility5.6 %N/A$— $— $— $— 
Term Loan Facility5.6 %$475 470 475 — — 
2024 Credit Agreement:
Term Loan— %$— — — 224 225 
2022 Credit Agreement:
Delayed Draw Term Loan— %$— — — 250 250 
Senior Notes:
3.20% Senior Notes, due 2025
— %$— — — 500 496 
3.45% Senior Notes, due 2026
3.5 %$750 750 740 750 732 
1.25% Senior Notes (EUR), due 2027
1.5 %500 583 567 514 495 
4.70% Senior Notes, due 2028
4.8 %$1,250 1,247 1,256 1,246 1,239 
4.90% Senior Notes, due 2030
5.0 %$500 495 506 — — 
5.611% Senior Notes, due 2034
5.7 %$500 496 516 496 507 
5.50% Senior Notes, due 2035
5.5 %$750 743 759 — — 
Total4,784 4,819 3,980 3,944 
Less: current portion— — (500)(496)
Long-term portion$4,784 $4,819 $3,480 $3,448 
1. See Note 13 for information on the fair value measurement of the Company's long-term debt.
Schedule of Line of Credit Facilities
The following table presents availability under the 2025 Credit Agreement at June 30, 2025:
In millionsRevolving Credit FacilityTerm Loan FacilityTotal
Maximum Availability$2,000 $725 $2,725 
Outstanding Borrowings (1)
— (475)(475)
Letters of Credit Under Credit Agreement— — — 
Current Availability (1)
$2,000 $250 $2,250 
(1) After June 30, 2025, the remaining $250 million under the Term Loan Facility was drawn in connection with the closing of the acquisition of Inspection Technologies.