v3.26.3
Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
September 30, 2026December 31, 2025
PrincipalCarryingPrincipalCarrying
outstandingamountoutstandingamount
Short-term debt$15 $15 $83 $83 
Long-term debt
Senior secured borrowings:
Revolving credit facilities360360— — 
Term loan facilities
U.S. dollar due 20311,1751,1701,1751,173
Euro due 20311
566564587587
Senior notes and debentures:
U.S. dollar at 4.25% due 2026
——400400
€500 at 5.00% due 2028
567 564 587583
€500 at 4.75% due 2029
567 562 587582
€600 at 4.50% due 2030
680 674 705697
U.S. dollar at 5.25% due 2030
500 497 500496
€500 at 3.750% due 2031
567 559 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 currencies1561565454
Total long-term debt5,878 5,838 5,922 5,881 
Less current maturities(127)(127)(480)(480)
Total long-term debt, less current maturities$5,751 $5,711 $5,442 $5,401 
(1) €500 at September 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 $5,793 at September 30, 2026 and $6,077 at December 31, 2025.

The Company repaid, at maturity, the $400 principal amount of 4.25% senior unsecured notes due September 2026.

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 September 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.