Debt and Financing Arrangements |
9 Months Ended |
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Sep. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| Debt and Financing Arrangements | Debt and Financing Arrangements In the three months ended September 30, 2026, the Company issued $1.0 billion of senior unsecured notes, consisting of $500 million 4.83% Notes due September 1, 2031 and $500 million 5.27% Notes due September 1, 2036. In the three months ended September 30, 2026, the Company redeemed the entire $1.0 billion aggregate principal amount outstanding of its 2.50% Notes, previously included in Current maturities of long-term debt, which matured in August 2026. At September 30, 2026 and December 31, 2025, the fair value of the Company’s long-term debt, excluding the current portion, was $6.7 billion and $6.3 billion, respectively, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards), compared to carrying values of $7.4 billion and $6.6 billion as of September 30, 2026 and December 31, 2025, respectively. At September 30, 2026 and December 31, 2025, the Company had lines of credit, including accounts receivable securitization programs, totaling $12.7 billion and $12.3 billion, respectively, of which $9.2 billion and $9.4 billion, respectively, were unused. See Note 14. Sale of Accounts Receivable for further information on the accounts receivable securitization programs. As of September 30, 2026, short-term debt includes $690 million of commercial paper outstanding and $466 million of other short-term debt. As of December 31, 2025, short term debt includes $715 million of commercial paper outstanding and $83 million of other short term debt. The weighted average interest rates on short-term borrowings outstanding at September 30, 2026 and December 31, 2025, were 3.7% and 4.0%, respectively. Of the Company’s total lines of credit, $5.1 billion supported the combined U.S. and European commercial paper borrowing programs.
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