FINANCING ARRANGEMENTS |
3 Months Ended |
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Mar. 31, 2026 | |
| Debt Disclosure [Abstract] | |
| FINANCING ARRANGEMENTS | FINANCING ARRANGEMENTS The Company has a five-year senior unsecured multi-currency revolving facility, for an aggregate principal amount of $700 million, that expires on May 12, 2028. The Company also has a $700 million commercial paper program. The $700 million multi-currency revolving credit facility serves as a back-up to the commercial paper facility, resulting in an aggregate of $700 million as the total available credit under the commercial paper facility and the multi-currency revolving credit facility. The Company had $35 million in outstanding borrowings under the commercial paper facility at March 31, 2026 and $82 million in outstanding borrowings under the commercial paper facility at December 31, 2025, and the Company had no outstanding borrowings under the multi-currency revolving credit facility at March 31, 2026 and December 31, 2025. The Company also has access to $19 million in uncommitted short-term financing available under lines of credit from various financial institutions, which is reduced by other outstanding short-term borrowings of less than $1 million. At March 31, 2026, the weighted-average interest rate for short-term debt was 4.3%. At March 31, 2026, the Company had $684 million of borrowings available under lines of credit, including lines available under its short-term arrangements and revolving credit facility. In February 2026, the Company repaid in full €26 million aggregate principal amount of its 2.1% private placement notes upon their scheduled maturity. The repayment was funded with available cash. No amounts were outstanding under these notes at March 31, 2026. The repayment is reflected in cash flows used in financing activities for the three months ended March 31, 2026. The Company’s private placement notes and revolving credit facility contain financial covenants, including maximum Total Leverage Ratio and maximum Senior Leverage Ratio requirements. At March 31, 2026, the Company was in compliance with all of its covenants. Interest expense, net includes interest income of $2 million and $4 million for the three months ended March 31, 2026 and 2025, respectively. Interest income primarily relates to interest-bearing cash and cash equivalents.
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