Debt (Tables)

6 Months Ended

Jun. 30, 2026


	June 30, 2026		December 31, 2025






JPY Term Loan Facility, due 2026(1)	$	—	$	191

6.750% Bonds, due 2028(2)	300		300
3.750% Notes, due 2028	400		—
3.000% Notes, due 2029	700		700
3.900% Notes, due 2029	300		—
4.850% Notes, due 2031(3)	500		500
4.550% Notes, due 2032	500		500
4.750% Notes, due 2036	500		—
5.950% Notes, due 2037	625		625
4.750% Iowa Finance Authority Loan, due 2042	250		250
Short-term borrowings	450		—
Other, net(4)	(24)		(16)
	4,501		3,050
Less: amounts due within one year	451		191
Total long-term debt	$	4,050	$	2,859

(1)On May 22, 2026, the Company completed the early prepayment of the remaining amount outstanding under the JPY Term Loan Facility. The Company had entered into an interest rate swap to exchange the floating interest rate of the JPY Term Loan Facility to a fixed interest rate of 1.794% as of December 31, 2025, based on the Company’s long-term debt ratings. This swap was settled upon the prepayment of the JPY Term Loan Facility with an impact to the Consolidated Financial Statements of less than $1.

(2)The Company entered into a cross-currency swap to synthetically convert the 6.750% Bonds due 2028 (the “2028 Bonds”) into a Japanese Yen liability of approximately ¥47,760 million with a fixed annual interest rate of 3.880%.

(3)The Company entered into a cross-currency swap to synthetically convert the 4.850% Notes due 2031 (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.