v3.26.1
Borrowings and Lines of Credit (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Short-Term Debt
Short-term borrowings consisted of the following:

(dollars in millions)June 30, 2026December 31, 2025
Commercial paper$—$—
Other borrowings210215
Total short-term borrowings$210$215
Schedule of Long-Term Debt
As of June 30, 2026, the Company is in compliance with all covenants in the revolving credit agreement and the indentures governing all outstanding long-term debt. Long-term debt, including the current portion, consisted of the following:

(dollars in millions)June 30, 2026December 31, 2025
0.370% notes due 2026 (¥21.5 billion principal value)
$— $137 
0.318% notes due 2026 (€600 million principal value)
681 705 
2.293% notes due 2027
500 500 
2.875% notes due 2027 (€850 million principal value)
965 999 
5.250% notes due 2028
750 750 
4.488% notes due 2029
700 — 
2.565% notes due 2030
1,500 1,500 
5.125% notes due 2031
600 600 
0.934% notes due 2031 (€500 million principal value)
568 588 
5.131% notes due 2035
500 500 
3.112% notes due 2040
750 750 
3.362% notes due 2050
750 750 
Other (including finance leases)6 6 
Total principal long-term debt8,270 7,785 
Other (discounts and debt issuance costs)(44)(44)
Total long-term debt8,226 7,741 
Less: current portion1,180 841 
Long-term debt, net of current portion$7,046 $6,900 
Schedule of Debt The Condensed Consolidated Statements of Operations for the quarters and six months ended June 30, 2026 and 2025 reflect the following:
Quarter Ended June 30,Six Months Ended June 30,
(dollars in millions)2026202520262025
Debt issuance costs amortization$3 $2 $5 $5 
Total interest expense on external debt62 50 120 107 
The weighted average interest expense rate on our borrowings outstanding as of June 30, 2026 and December 31, 2025 was as follows:
June 30, 2026December 31, 2025
Short-term commercial paper—%—%
Total long-term debt3.2%3.0%
Schedule of Average Interest Expense Rate
The weighted average interest expense rate on our borrowings during the quarters and six months ended June 30, 2026 and 2025 was as follows:

Quarter Ended June 30,Six Months Ended June 30,
2026202520262025
Short-term commercial paper3.5%4.2%3.5%4.2%
Total long-term debt3.1%2.8%3.0%2.8%