Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

	March 31, 2025		December 31, 2024
USD Term Loan Facility, due 2026(1)(2)	139		140
JPY Term Loan Facility, due 2026(2)	197		188
5.900% Notes, due 2027	625		625
6.750% Bonds, due 2028	300		300
3.000% Notes, due 2029	700		700
4.850% Notes, due 2031(3)	500		500
5.950% Notes, due 2037	625		625
4.750% Iowa Finance Authority Loan, due 2042	250		250
Other, net(4)	(12)		(13)
	3,324		3,315
Less: amount due within one year	7		6
Total long-term debt	$	3,317	$	3,309

(1)The Company made its first quarterly repayment of a portion of the outstanding principal amount under the USD Term Loan Facility in accordance with the provisions of the applicable term loan agreement.

(2)The Company entered into interest rate swaps to exchange the floating interest rates of the term loan facilities to fixed interest rates. Based on the Company’s current long-term debt ratings, the interest rate on the USD Term Loan Facility was 5.545% and 5.670% and the interest rate on the JPY Term Loan Facility was 1.794% and 1.919% as of March 31, 2025 and December 31, 2024, respectively.

(3)The Company concurrently entered into a cross-currency swap to synthetically convert the 2031 Notes into a Euro liability of approximately €458 million with a fixed annual interest rate of 3.720%.

(4)Includes unamortized debt discounts and unamortized debt issuance costs related to outstanding notes and bonds listed in the table above and various financing arrangements related to subsidiaries.