v3.26.3
Debt and Financing Arrangements (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes the carrying value of the Company’s debt:
September 30,December 31,
(In millions, except percentages)Rate20262025
Unsecured notes due 20261.65 %$— $400 
Unsecured notes due 2029(1)
6.25 %595 594 
Unsecured notes due 2031(2)
2.65 %398 398 
Unsecured notes due 2034(3)
6.50 %492 491 
Euro unsecured notes due 2030 (€500 principal)(4)
3.75 %561 580 
Five-year term loan due 2027(5)
5.38 %275 275 
Finance leases and other debtVarious497 327 
Total Debt$2,818 $3,065 
Less: Current debt(6)
366 446 
Total Long-term debt$2,452 $2,619 
(1) Net of unamortized discount and debt issuance costs of $5 million and $6 million as of September 30, 2026 and December 31, 2025, respectively.
(2) Net of unamortized discount and debt issuance costs of $2 million as of September 30, 2026 and December 31, 2025.
(3) Net of unamortized discount and debt issuance costs of $8 million and $9 million as of September 30, 2026 and December 31, 2025, respectively.
(4) Net of unamortized discount and debt issuance costs of $6 million and $7 million as of September 30, 2026 and December 31, 2025, respectively.
(5) Variable-rate debt.
(6) As of September 30, 2026, current debt consisted of $275 million five-year term loan maturing in May 2027, $82 million of finance lease liabilities and $9 million of other debt. As of December 31, 2025, current debt consisted of $400 million in unsecured notes maturing in July 2026, $45 million of finance lease liabilities and $1 million of other debt.
Schedule of Trade Receivables Sold Under the Factoring Agreements Information related to the trade receivables sold under the factoring agreements was as follows:
Three Months Ended September 30, Nine Months Ended September 30,
(In millions)2026202520262025
Receivables sold in period$623 $678 $1,885 $2,072 
Cash consideration620 674 1,875 2,059