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DEBT
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
As of March 31, 2026 and December 31, 2025, the Company had debt outstanding as follows:
March 31,December 31,
(in millions)
20262025
Short-term borrowings$3 $3 
Long-term debt
2.650% Senior notes due 07/01/27 ($1,100 million par value)
1,098 1,097 
7.125% Senior notes due 02/15/29 ($121 million par value)
120 120 
4.950% Senior notes due 08/15/29 ($500 million par value)
496 496 
1.000% Senior notes due 05/19/31 (€1,000 million par value)
1,144 1,163 
5.400% Senior notes due 08/15/34 ($500 million par value)
494 494 
4.375% Senior notes due 03/15/45 ($500 million par value)
495 495 
Term loan facilities, finance leases and other31 31 
Total long-term debt3,878 3,896 
Less: current portion2 2 
Long-term debt, net of current portion$3,876 $3,894 

The Company may utilize uncommitted lines of credit for short-term working capital requirements. As of both March 31, 2026 and December 31, 2025, the Company had $3 million in borrowings under these facilities, which are classified in Short-term debt in the Condensed Consolidated Balance Sheets.

The following table provides details on Interest expense, net included in the Condensed Consolidated Statements of Operations:
Three Months Ended March 31,
(in millions)20262025
Interest expense$25 $28 
Interest income(14)(16)
Interest expense, net$11 $12 

The Company has a $2 billion multi-currency revolving credit facility that allows the Company to increase the facility by $1 billion with bank group approval. This facility matures in September 2028. The credit agreement contains customary events of default and one key financial covenant, which is a debt-to-EBITDA (“Earnings Before Interest, Taxes, Depreciation and Amortization”) ratio. The Company was in compliance with the financial covenant at March 31, 2026. At March 31, 2026 and December 31, 2025, the Company had no outstanding borrowings under this facility.

The Company’s commercial paper program allows the Company to issue up to $2 billion of short-term, unsecured commercial paper notes under the limits of its multi-currency revolving credit facility. Under this program, the Company may issue notes from time to time and use the proceeds for general corporate purposes. The Company had no outstanding borrowings under this program as of March 31, 2026 and December 31, 2025.

The total current combined borrowing capacity under the multi-currency revolving credit facility and commercial paper program cannot exceed $2 billion.

As of March 31, 2026 and December 31, 2025, the estimated fair values of the Company’s senior unsecured notes totaled $3,630 million and $3,690 million, respectively. The estimated fair values were $217 million lower than their carrying value at March 31, 2026 and $175 million lower than their carrying value at December 31, 2025. Fair market values of the senior unsecured notes are developed using
observable values for similar debt instruments, which are considered Level 2 inputs as defined by ASC Topic 820. The carrying values of the Company's multi-currency revolving credit facility, commercial paper program and other debt facilities approximate fair value. The fair value estimates do not necessarily reflect the values the Company could realize in the current markets.

The Company had outstanding letters of credit of $33 million and $36 million at March 31, 2026 and December 31, 2025, respectively. The letters of credit typically act as guarantees of payment to certain third parties in accordance with specified terms and conditions.