Debt |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Debt Total debt as of September 30, 2026 and December 31, 2025 was as follows:
Short-term debt included commercial paper of $369 million and $1.3 billion as of September 30, 2026 and December 31, 2025, respectively. The weighted-average interest rate on commercial paper as of September 30, 2026 and December 31, 2025 was 3.99% and 3.84%, respectively. Short-term debt also included $1.0 billion and $999 million as of September 30, 2026 and December 31, 2025, respectively, related to the 2.65% notes due November 15, 2026, which were reclassified from Long-term debt to Short-term debt in the fourth quarter of 2025. Additionally, Short-term debt as of September 30, 2026 included $850 million outstanding under the Company's Euro-denominated credit agreement entered into on May 5, 2023 (the "Euro Credit Agreement") with an interest rate of 3.25%. The Euro Credit Agreement was reclassified from Long-term debt to Short-term debt in the third quarter of 2026. On February 24, 2025, the Company entered into an amendment to the Euro Credit Agreement to extend the termination date from April 30, 2025 to February 28, 2027, with an option to further extend the termination date to September 15, 2027. The amendment also decreased the interest rate spread applicable to the loans from 0.75% to 0.70% and removed the option for a one-month interest period. As of December 31, 2025, the Company had $881 million outstanding under the Euro Credit Agreement with an interest rate of 2.77%, which was included in Long-term debt. The Company intends to exercise its option to extend the termination date to September 15, 2027. On February 20, 2026, the Company entered into a $3.0 billion, five-year revolving credit facility with a termination date of February 20, 2031, which is available to provide additional liquidity, including to support the potential issuances of commercial paper. This agreement replaced the existing $3.0 billion, five-year revolving credit facility with a termination date of October 21, 2027. No amounts were outstanding under the revolving credit facility as of September 30, 2026 or December 31, 2025. On August 13, 2026, the Company issued $1.5 billion of 4.65% notes due August 13, 2029 at 99.748% of face value. Proceeds from the issuance were used to repay a portion of the indebtedness under the Company's commercial paper program. The approximate fair value and related carrying value of the Company's total long-term debt, including current maturities of long-term debt presented as short-term debt, as of September 30, 2026 and December 31, 2025 were as follows:
The approximate fair values of the Company's long-term debt, including current maturities, were based on a valuation model using Level 2 observable inputs which included market rates for comparable instruments for the respective periods.
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