v3.26.1
Debt
6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
June 30, 2026December 31, 2025
PrincipalCarryingPrincipalCarrying
outstandingamountoutstandingamount
Short-term debt$44 $44 $83 $83 
Long-term debt
Senior secured borrowings:
Revolving credit facilities105105— — 
Term loan facilities
U.S. dollar due 20311,1751,1701,1751,173
Euro due 20311
571569587587
Senior notes and debentures:
U.S. dollar at 4.25% due 2026
400400400400
€500 at 5.00% due 2028
571 567 587583
€500 at 4.75% due 2029
571 566 587582
€600 at 4.50% due 2030
685 679 705697
U.S. dollar at 5.25% due 2030
500 497 500496
€500 at 3.750% due 2031
571 563 587578
U.S. dollar at 5.875% due 2033
700 692 700691
U.S. dollar at 7.50% due 2096
40 40 4040
Other indebtedness in various currencies1701705454
Total long-term debt6,059 6,018 5,922 5,881 
Less current maturities(519)(519)(480)(480)
Total long-term debt, less current maturities$5,540 $5,499 $5,442 $5,401 
(1) €500 at June 30, 2026 and December 31, 2025

The estimated fair value of the Company’s debt, using a market approach incorporating Level 2 inputs such as quoted market prices for the same or similar issues, was $6,121 at June 30, 2026 and $6,077 at December 31, 2025.

In March 2026, the Company amended and restated the credit agreement governing its senior secured credit facilities (the "Second A&R Credit Agreement"). The Second A&R Credit Agreement extended the existing facilities' maturity to March 2031. All other material terms of the credit agreement remained unchanged. The facilities under the Second A&R Credit Agreement include a $800 U.S. dollar denominated revolving facility, a $800 multicurrency revolving facility, a $50 Canadian dollar-denominated revolving facility, a $1,175 Term A Loan, and a €499.5 Euro Term Loan.

The U.S. dollar term loan interest rate was SOFR plus 1.00% and the Euro term loan interest rate was EURIBOR plus 1.00% at June 30, 2026. The U.S. dollar term loan interest rate was SOFR plus 1.10% and the Euro term loan interest rate was EURIBOR plus 1.00% at December 31, 2025.