v3.26.1
Debt and Financing Arrangements (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the carrying value of the Company’s debt:
June 30,December 31,
(In millions, except percentages)
Rate(1)
20262025
Unsecured notes due 20261.65 %$400 $400 
Unsecured notes due 2029(2)
6.25 %595 594 
Unsecured notes due 2031(3)
2.65 %398 398 
Unsecured notes due 2034(4)
6.50 %491 491 
Euro unsecured notes due 2030 (€500 principal)(5)
3.75 %565 580 
Five-Year Term Loan due 2027
5.12 %275 275 
Finance leases and other debtVarious479 327 
Total Debt$3,203 $3,065 
Less: Current debt(6)
751 446 
Total Long-term debt$2,452 $2,619 
(1) Interest rate as of June 30, 2026.
(2) Net of unamortized discount and debt issuance costs of $5 million and $6 million as of June 30, 2026 and December 31, 2025, respectively.
(3) Net of unamortized discount and debt issuance costs of $2 million as of June 30, 2026 and December 31, 2025.
(4) Net of unamortized discount and debt issuance costs of $9 million as of June 30, 2026 and December 31, 2025.
(5) Net of unamortized discount and debt issuance costs of $6 million and $7 million as of June 30, 2026 and December 31, 2025, respectively.
(6) As of June 2026, current debt includes $400 million unsecured notes due in July 2026 and $275 million five-year term loan due in May 2027. As of December 31, 2025, current debt includes $400 million unsecured notes due in July 2026.
Schedule of Trade Receivables Sold Under the Factoring Agreements Information related to the trade receivables sold under the factoring agreements was as follows:
Three Months Ended June 30, Six Months Ended June 30,
(In millions)2026202520262025
Receivables sold in period$661 $792 $1,262 $1,394 
Cash consideration658 787 1,255 1,385