Debt and Financing Arrangements |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Debt Disclosure [Abstract] | |
| Debt and Financing Arrangements | Debt and Financing Arrangements At March 31, 2026 and December 31, 2025, the fair value of the Company’s long-term debt, excluding the current portion, was $6.1 billion and $6.3 billion, respectively, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards), compared to carrying values of $6.5 billion and $6.6 billion as of March 31, 2026 and December 31, 2025, respectively. At March 31, 2026 and December 31, 2025, the Company had lines of credit, including accounts receivable securitization programs, totaling $12.4 billion and $12.3 billion, respectively, of which $8.4 billion and $9.4 billion, respectively, was unused. See Note 15. Sale of Accounts Receivable for further information on the account receivable securitization programs. The weighted average interest rates on short-term borrowings outstanding at March 31, 2026 and December 31, 2025, was 4.0%. Of the Company’s total lines of credit, $5.1 billion supported the combined U.S. and European commercial paper borrowing programs. As of March 31, 2026 and December 31, 2025, there was $1.6 billion and $715 million of commercial paper outstanding, respectively.
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