Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Note 4—Debt Short-Term Borrowings The Company maintains various short-term bank credit facilities, with a borrowing capacity of $2,118 and $1,220, in 2026 and 2025. This increase was primarily driven by the renewal and expansion of the Company's U.S. revolving credit facility in August 2026, which increased total borrowing capacity from $400 to $1,000 and extended the maturity date to August 2027, as well as credit facility expansions in the Japan and Mexico subsidiaries. There were no short-term borrowings outstanding at the end of 2026, and short-term borrowings were immaterial at the end of 2025. Long-Term Debt The Company's long-term debt consists primarily of Senior Notes, described below. The Company at its option may redeem the Senior Notes at any time, in whole or in part, at a redemption price plus accrued interest. The redemption price is equal to the greater of 100% of the principal amount or the sum of the present value of the remaining scheduled payments of principal and interest to maturity. Additionally, upon certain events, a holder has the right to require a repurchase at a price of 101% of the principal amount plus accrued and unpaid interest. Interest on all outstanding long-term debt is payable semi-annually. The estimated fair value of Senior Notes is valued using Level 2 inputs. Other long-term debt consists of Guaranteed Senior Notes issued by the Company's Japanese subsidiary, valued using Level 3 inputs. In 2026, the Company’s Japan subsidiary issued three series of Guaranteed Senior Notes, totaling approximately $500, at fixed interest rates ranging from 2.620% to 3.680%. Interest is payable semi-annually, and maturity dates range from June 2031 to June 2041. In 2026, 2025, and 2024 the Japanese subsidiary repaid $69, $103, and $77 of its Guaranteed Senior Notes. In 2024, the Company repaid the $1,000 outstanding principal balance on its 2.750% Senior Notes. At the end of 2026 and 2025, the fair value of the Company's long-term debt, including the current portion, was $5,689 and $5,370. The carrying value of long-term debt consisted of the following:
(1)Net of unamortized debt discounts and issuance costs. Maturities of long-term debt during the next five fiscal years and thereafter are as follows:
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