v3.26.3
DEBT
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
As of September 30, 2026 and December 31, 2025, the Company had debt outstanding as follows:
September 30,December 31,
(in millions)
20262025
Short-term borrowings$5 $3 
Long-term debt
2.650% Senior notes due 07/01/27 ($1,100 million par value)
1,099 1,097 
7.125% Senior notes due 02/15/29
— 120 
4.950% Senior notes due 08/15/29 ($227 million par value)
226 496 
1.000% Senior notes due 05/19/31 (€1,000 million par value)
1,123 1,163 
5.400% Senior notes due 08/15/34 ($160 million par value)
158 494 
4.375% Senior notes due 03/15/45 ($370 million par value)
366 495 
Term loan facilities, finance leases and other30 31 
Total long-term debt3,002 3,896 
Less: current portion1,101 2 
Long-term debt, net of current portion$1,901 $3,894 

In August 2026, the Company executed tender offers to purchase for cash certain of the Company’s outstanding 7.125% senior notes due February 2029 (the “February 2029 Senior Notes”), 4.950% senior notes due August 2029 (the “August 2029 Senior Notes”), 5.400% senior notes due August 2034 (the “August 2034 Senior Notes”) and 4.375% senior notes due March 2045 (the “March 2045 Senior Notes”). Pursuant to the tender offers, the Company purchased and extinguished aggregate principal amounts of $27 million of the February 2029 Senior Notes, $273 million of the August 2029 Senior Notes, $340 million of the August 2034 Senior Notes and $130 million of the March 2045 Senior Notes. In September 2026, the Company redeemed the remaining $94 million aggregate principal amount outstanding February 2029 Senior Notes through a make-whole redemption. The tender offer and make-whole redemption resulted in a net loss on extinguishment of $4 million, which was recorded to Interest expense (income), net in the Condensed Consolidated Statements of Operations.

The Company may utilize uncommitted lines of credit for short-term working capital requirements. As of September 30, 2026 and December 31, 2025, the Company had $5 million and $3 million, respectively, in borrowings under these facilities, which are classified in Short-term debt in the Condensed Consolidated Balance Sheets.

The following table provides details on Interest expense (income), net included in the Condensed Consolidated Statements of Operations:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2026202520262025
Interest expense$17 $25 $67 $77 
Loss on debt extinguishment4 — 4 — 
Interest income(15)(16)(44)(44)
Interest expense (income), net$6 $9 $27 $33 
The Company has a $2 billion multi-currency revolving credit facility that allows the Company to increase the facility by $1 billion with bank group approval. This facility matures in September 2028. The credit agreement contains customary events of default and one key financial covenant, which is a debt-to-EBITDA (“Earnings Before Interest, Taxes, Depreciation and Amortization”) ratio. The Company was in compliance with the financial covenant at September 30, 2026. At September 30, 2026 and December 31, 2025, the Company had no outstanding borrowings under this facility.

The Company’s commercial paper program allows the Company to issue up to $2 billion of short-term, unsecured commercial paper notes under the limits of its multi-currency revolving credit facility. Under this program, the Company may issue notes from time to time and use the proceeds for general corporate purposes. The Company had no outstanding borrowings under this program as of September 30, 2026 and December 31, 2025.

The total current combined borrowing capacity under the multi-currency revolving credit facility and commercial paper program cannot exceed $2 billion.

As of September 30, 2026 and December 31, 2025, the estimated fair values of the Company’s senior unsecured notes totaled $2,725 million and $3,690 million, respectively. The estimated fair values were $247 million lower than their carrying value at September 30, 2026 and $175 million lower than their carrying value at December 31, 2025. Fair market values of the senior unsecured notes are developed using observable values for similar debt instruments, which are considered Level 2 inputs as defined by ASC Topic 820. The carrying values of the Company's multi-currency revolving credit facility, commercial paper program and other debt facilities approximate fair value. The fair value estimates do not necessarily reflect the values the Company could realize in the current markets.

The Company had outstanding letters of credit of $39 million and $36 million at September 30, 2026 and December 31, 2025, respectively. The letters of credit typically act as guarantees of payment to certain third parties in accordance with specified terms and conditions.