FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Short-Term Debt

Short-term debt was as follows:

	Year Ended December 31,
	2024				2023
	Principal		Interest		Principal		Interest
(in millions except percentages)	Balance		Rate		Balance		Rate
Corporate commercial paper facility	$	410	5.3	%	$	225	5.8	%
Other short-term borrowings	11		4.9	%	20		4.9	%
Add: Current portion of long-term debt	128				77
Total short-term debt	$	549			$	322
Maximum month-end short-term debt outstanding during the year	$	549			$	399
Average amount of short-term debt outstanding during the year	344				284
Weighted-average interest rate on short-term debt at year-end			5.3	%			5.7	%

Schedule of Long-term Debt

Long-term debt was as follows:

	Year Ended December 31,
	2024				2023
	Principal		Interest		Principal		Interest
(in millions except percentages)	Balance		Rate		Balance		Rate
Private placement notes 70 million euros due October 2024	$	—	—	%	$	77	1.0	%
Private placement notes 25 million Swiss franc due December 2025	28		0.9	%	30		0.9	%
Private placement notes 97 million euros due December 2025	100		2.1	%	107		2.1	%
Private placement notes 26 million euros due February 2026	27		2.1	%	29		2.1	%
Private placement notes 58 million Swiss franc due August 2026	64		1.0	%	69		1.0	%
Private placement notes 106 million euros due August 2026	110		2.3	%	117		2.3	%
Private placement notes 70 million euros due October 2027	72		1.3	%	77		1.3	%
Private placement notes 8 million Swiss franc due December 2027	8		1.0	%	9		1.0	%
Private placement notes 15 million euros due December 2027	16		2.2	%	17		2.2	%
Private placement notes 140 million Swiss franc due August 2028	154		1.2	%	166		1.2	%
Private placement notes 70 million euros due October 2029	72		1.5	%	77		1.5	%
Fixed rate senior notes 750 million due June 2030	750		3.3	%	750		3.3	%
Private placement notes 70 million euros due October 2030	72		1.6	%	77		1.6	%
Private placement notes 45 million euros due February 2031	47		2.5	%	50		2.5	%
Private placement notes 65 million Swiss franc due August 2031	72		1.3	%	77		1.3	%
Private placement notes 12.6 billion Japanese yen due September 2031	80		1.0	%	89		1.0	%
Private placement notes 70 million euros due October 2031	72		1.7	%	77		1.7	%
Other borrowings, various currencies and rates	4				14
Hedge accounting fair value adjustment(a)	(28)				(28)
	$	1,720			$	1,881
Less: Current portion
(included in “Notes payable and current portion of long-term debt” in the Consolidated Balance Sheets)	128				77
Less: Long-term portion of deferred financing costs	6				8
Long-term portion	$	1,586			$	1,796

(a) Represents the fair value of interest rate swap agreements entered into on a portion of the outstanding senior notes.

Schedule of Contractual Maturity Dates of Long-term Debt

The contractual maturity dates of the Company’s long-term borrowings as of December 31, 2024 were as follows:

(in millions)
2025	$	128
2026	204
2027	96
2028	154
2029	73
2030 and beyond	1,093
	$	1,748