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SHORT AND LONG-TERM DEBT
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
SHORT AND LONG-TERM DEBT SHORT AND LONG-TERM DEBT
Short-term Debt
As a source of short-term financing, we utilize cash on hand and commercial paper or bank loans with an original maturity of three months or less. We maintain a $1.875 billion unsecured revolving credit facility with the option to increase the aggregate amount of the commitments by up to $1.0 billion with the consent of the lenders. This facility is scheduled to expire on October 21, 2030; however, we may extend the termination date for up to two additional one-year periods upon notice to the administrative agent under the facility.
The unsecured committed revolving credit agreement contains a financial covenant whereby the ratio of (a) pre-tax income from operations from the most recent four fiscal quarters to (b) consolidated interest expense for the most recent four fiscal quarters may not be less than 2.0 to 1.0 at the end of each fiscal quarter. The credit agreement also contains customary representations, warranties and events of default. Payment of outstanding advances may be accelerated, at the option of the lenders, should we default in our obligation under the credit agreement. As of December 31, 2025, we are in compliance with all affirmative and negative covenants and the financial covenant pertaining to our credit agreement. There were no significant compensating balance agreements that legally restricted these funds.
In addition to the revolving credit facility, we maintain lines of credit with domestic and international commercial banks. Our credit limit in various currencies was $517,062 at December 31, 2025 and $391,279 at December 31, 2024. These lines permit us to borrow at the respective banks’ prime commercial interest rates, or lower. Commitment fees relating to our revolving credit facility and lines of credit are not material. Short-term debt consisted of the following:
December 31, 2025December 31, 2024
Short-term foreign bank borrowings against lines of credit$218,546$161,364
U.S. commercial paper—1,145,612
Total short-term debt$218,546$1,306,976
Weighted average interest rate on outstanding commercial paper— %4.5 %
The maximum amount of short-term borrowings outstanding during 2025 and 2024 was $1,121,718 and $1,321,274, respectively. The weighted-average interest rate on short-term borrowings outstanding was 7.9% as of December 31, 2025 and 4.8% as of December 31, 2024.
Long-term Debt
Long-term debt consisted of the following:
December 31,
Maturity Date20252024
0.900% Notes (1)
June 1, 2025— 300,000 
3.200% Notes (2)
August 21, 2025— 300,000 
2.300% Notes
August 15, 2026500,000 500,000 
7.200% Debentures
August 15, 2027193,639 193,639 
4.550% Notes (3)
February 24, 2028500,000 — 
4.250% Notes
May 4, 2028350,000 350,000 
2.450% Notes
November 15, 2029300,000 300,000 
4.750% Notes (3)
February 24, 2030500,000 — 
1.700% Notes
June 1, 2030350,000 350,000 
4.950% Notes (3)
February 24, 2032500,000 — 
4.500% Notes
May 4, 2033400,000 400,000 
5.100% Notes (3)
February 24, 2035500,000 — 
3.375% Notes
August 15, 2046300,000 300,000 
3.125% Notes
November 15, 2049400,000 400,000 
2.650% Notes
June 1, 2050350,000 350,000 
Finance lease obligations (see Note 7)
73,51073,802
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts(32,628)(22,266)
Total long-term debt5,184,521 3,795,175 
Less—current portion503,327604,965
Long-term portion$4,681,194 $3,190,210 
(1) In June 2025, we repaid $300,000 of 0.900% Notes due upon their maturity.
(2) In August 2025, we repaid $300,000 of 3.200% Notes due upon their maturity.
(3) During the first quarter of 2025, we issued $500,000 of 4.550% Notes due in February 2028, $500,000 of 4.750% Notes due in February 2030, $500,000 of 4.950% Notes due in February 2032 and $500,000 of 5.100% Notes due in February 2035 (together, the “2025 Notes”). Proceeds from the issuance of the 2025 Notes, net of discounts and issuance costs, totaled $1,984,545. The 2025 Notes were issued under a shelf registration on Form S-3 filed in May 2024 that registered an indeterminate amount of debt securities.
Aggregate annual maturities of our long-term Notes (excluding finance lease obligations and net impact of interest rate swaps, debt issuance costs and unamortized debt discounts) are as follows for the years ending December 31:
2026$500,000 
2027193,639 
2028850,000 
2029300,000 
2030850,000 
Thereafter2,450,000 
Our debt is principally unsecured and of equal priority. None of our debt is convertible into our Common Stock.
Interest Expense
Net interest expense consists of the following:
For the years ended December 31,202520242023
Interest expense$236,784 $194,240 $176,066 
Capitalized interest
(11,978)(19,923)(14,555)
Interest expense
224,806 174,317 161,511 
Interest income(34,600)(8,662)(9,726)
Interest expense, net
$190,206 $165,655 $151,785