Debt and Financing Arrangements

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt and Financing Arrangements

Debt and Financing Arrangements

At March 31, 2025 and December 31, 2024, the fair value of the Company’s long-term debt, excluding current portion, was $7.2 billion and $7.1 billion, respectively, as estimated using market values that utilize observable inputs, where available (a Level 2 measurement under applicable accounting standards), compared to a carrying value of $7.6 billion as of each such date.

At March 31, 2025 and December 31, 2024, the Company had lines of credit, including the accounts receivable securitization programs described below, totaling $12.4 billion and $13.0 billion, respectively, of which $7.6 billion and $9.1 billion, respectively, was unused.

The Company has accounts receivable securitization programs (the “Programs”). The Programs provide the Company with up to $2.9 billion in funding resulting from the sale of accounts receivable. As of March 31, 2025 and December 31, 2024, the Company utilized $2.1 billion and $2.0 billion, respectively, of its facility under the Programs. See Note 15. Sale of Accounts Receivable for further information on the Programs.

The weighted average interest rates on short-term borrowings outstanding at March 31, 2025 and December 31, 2024, were 4.5% and 4.7%, respectively. Of the Company’s total lines of credit, $5.1 billion supported the combined U.S. and European commercial paper borrowing programs, against which there was $2.6 billion of commercial paper outstanding at March 31, 2025.