Debt and Financing Arrangements

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt and Financing Arrangements

Debt and Financing Arrangements

At September 30, 2025 and December 31, 2024, the fair value of the Company’s long-term debt, excluding current portion, was $6.3 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 $6.6 billion and $7.6 billion as of September 30, 2025 and December 31, 2024, respectively.

At September 30, 2025 and December 31, 2024, the Company had lines of credit, including the accounts receivable securitization programs described in Note 15. Sale of Accounts Receivable, totaling $12.2 billion and $13.0 billion, respectively, of which $9.8 billion and $9.1 billion, respectively, was unused.

At each of September 30, 2025 and December 31, 2024, $5.1 billion of the Company’s total lines of credit supported the combined U.S. and European commercial paper borrowing programs. The weighted average interest rates on short-term borrowings outstanding at September 30, 2025 and December 31, 2024, were 4.6% and 4.7%, respectively. As of September 30, 2025 and December 31, 2024, there was $190 million and $1.7 billion of commercial paper outstanding, respectively.