v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
June 30, 2025December 31, 2024
USD Term Loan Facility, due 2026(1)
$63 $140 
JPY Term Loan Facility, due 2026(1)
206 188 
5.900% Notes, due 2027
625 625 
6.750% Bonds, due 2028
300 300 
3.000% Notes, due 2029
700 700 
4.850% Notes, due 2031(2)
500 500 
5.950% Notes, due 2037
625 625 
4.750% Iowa Finance Authority Loan, due 2042
250 250 
Other, net(3)
(11)(13)
3,258 3,315 
Less: long-term debt due within one year5 6 
Total long-term debt$3,253 $3,309 
(1)The Company entered into interest rate swaps to exchange the floating interest rates of the term loan facilities to fixed interest rates. Based on the Company’s current long-term debt ratings, the interest rate on the USD Term Loan Facility was 5.548% and 5.670% and the interest rate on the JPY Term Loan Facility was 1.794% and 1.919% as of June 30, 2025 and December 31, 2024, respectively.
(2)The Company concurrently entered into a cross-currency swap to synthetically convert the 4.850% Notes due October 2031 (the “2031 Notes”) into a Euro liability of approximately €458 million with a fixed annual interest rate of 3.720%.
(3)Includes unamortized debt discounts and unamortized debt issuance costs related to outstanding notes and bonds listed in the table above and various financing arrangements related to subsidiaries.