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DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
As of June 30, 2025 and December 31, 2024, the Company had debt outstanding as follows:
June 30,December 31,
(in millions)
20252024
Short-term borrowings$3 $61 
Long-term debt
3.375% Senior notes due 03/15/25
— 334 
2.650% Senior notes due 07/01/27 ($1,100 million par value)
1,096 1,095 
7.125% Senior notes due 02/15/29 ($121 million par value)
120 120 
4.950% Senior notes due 08/15/29 ($500 million par value)
496 495 
1.000% Senior notes due 05/19/31 (€1,000 million par value)
1,166 1,022 
5.400% Senior notes due 08/15/34 ($500 million par value)
493 493 
4.375% Senior notes due 03/15/45 ($500 million par value)
495 495 
Term loan facilities, finance leases and other38 46 
Total long-term debt3,904 4,100 
Less: current portion3 337 
Long-term debt, net of current portion$3,901 $3,763 

On March 15, 2025, the Company’s 3.375% senior notes matured and were repaid in accordance with the terms of the indenture.

The Company may utilize uncommitted lines of credit for short-term working capital requirements. As of June 30, 2025 and December 31, 2024, the Company had $3 million and $61 million, respectively, in borrowings under these facilities, which are classified in Short-term debt in the Condensed Consolidated Balance Sheets. The short-term borrowings primarily relate to a European money market loan with an interest rate of Euribor plus 1.75% that is callable upon immediate notice by either party.

The following table provides details on Interest expense, net included in the Condensed Consolidated Statements of Operations:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2025202420252024
Interest expense$24 $17 $52 $32 
Interest income(12)(9)(28)(19)
Interest expense, net$12 $8 $24 $13 

The Company has a $2 billion multi-currency revolving credit facility that allows the Company to increase the facility by $1 billion with bank group approval. This facility matures in September 2028. The credit agreement contains customary events of default and one key financial covenant which is a debt-to-EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) ratio. The Company was in compliance with the financial covenant at June 30, 2025. At June 30, 2025 and December 31, 2024, the Company had no outstanding borrowings under this facility.

The Company’s commercial paper program allows the Company to issue up to $2 billion of short-term, unsecured commercial paper notes under the limits of its multi-currency revolving credit facility. Under this program, the Company may issue notes from time to time and use the proceeds for general corporate purposes. The Company had no outstanding borrowings under this program as of June 30, 2025 and December 31, 2024.
The total current combined borrowing capacity under the multi-currency revolving credit facility and commercial paper program cannot exceed $2 billion.

As of June 30, 2025 and December 31, 2024, the estimated fair values of the Company’s senior unsecured notes totaled $3,643 million and $3,797 million, respectively. The estimated fair values were $223 million lower than their carrying value at June 30, 2025 and $257 million lower than their carrying value at December 31, 2024. Fair market values of the senior unsecured notes are developed using observable values for similar debt instruments, which are considered Level 2 inputs as defined by ASC Topic 820. The carrying values of the Company's multi-currency revolving credit facility, commercial paper program and other debt facilities approximate fair value. The fair value estimates do not necessarily reflect the values the Company could realize in the current markets.

The Company had outstanding letters of credit of $34 million and $29 million at June 30, 2025 and December 31, 2024, respectively. The letters of credit typically act as guarantees of payment to certain third parties in accordance with specified terms and conditions.