Debt And Financing Arrangements

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt And Financing Arrangements

Debt and Financing Arrangements

At September 30, 2024, the fair value of the Company’s long-term debt, excluding current portion, was $7.5 billion, as estimated using quoted market prices (a Level 2 measurement under applicable accounting standards), compared to a carrying value of $7.6 billion.

At September 30, 2024, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $12.5 billion, of which $8.7 billion was unused. Of the Company’s total lines of credit, $5.0 billion supported the combined U.S. and European commercial paper borrowing programs, against which there was $1.5 billion of commercial paper outstanding at September 30, 2024.

The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $2.8 billion in funding resulting from the sale of accounts receivable, with $0.7 billion unused capacity as of September 30, 2024. See Note 15. Sale of Accounts Receivable for further information on the Programs.