Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

Debt

	March 31, 2026				December 31, 2025
	Principal		Carrying		Principal		Carrying
	outstanding		amount		outstanding		amount
Short-term debt	$	53	$	53	$	83	$	83
Long-term debt
Senior secured borrowings:
Revolving credit facilities	250		250		—		—
Term loan facilities
U.S. dollar due 2031	1,175		1,169		1,175		1,173
Euro due 20311	577		575		587		587
Senior notes and debentures:
U.S. dollar at 4.25% due 2026	400		400		400		400
€500 at 5.00% due 2028	578		574		587		583
€500 at 4.75% due 2029	578		573		587		582
€600 at 4.50% due 2030	693		686		705		697
U.S. dollar at 5.25% due 2030	500		496		500		496
€500 at 3.750% due 2031	578		569		587		578
U.S. dollar at 5.875% due 2033	700		691		700		691
U.S. dollar at 7.50% due 2096	40		40		40		40
Other indebtedness in various currencies	181		181		54		54
Total long-term debt	6,250		6,204		5,922		5,881
Less current maturities	(507)		(507)		(480)		(480)
Total long-term debt, less current maturities	$	5,743	$	5,697	$	5,442	$	5,401

(1) €500 at March 31, 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 $6,286 at March 31, 2026 and $6,077 at December 31, 2025.

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 March 31, 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.