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Debt | 3 Months Ended
--- | ---
Mar. 31, 2025
Debt Disclosure [Abstract] |
Debt | Debt
| March 31, 2025 |  | December 31, 2024
USD Term Loan Facility, due 2026(1)(2) | 139 |  |  | 140 |
JPY Term Loan Facility, due 2026(2) | 197 |  |  | 188 |
5.900% Notes, due 2027 | 625 |  |  | 625 |
6.750% Bonds, due 2028 | 300 |  |  | 300 |
3.000% Notes, due 2029 | 700 |  |  | 700 |
4.850% Notes, due 2031(3) | 500 |  |  | 500 |
5.950% Notes, due 2037 | 625 |  |  | 625 |
4.750% Iowa Finance Authority Loan, due 2042 | 250 |  |  | 250 |
Other, net(4) | (12) |  |  | (13) |
| 3,324 |  |  | 3,315 |
Less: amount due within one year | 7 |  |  | 6 |
Total long-term debt | $ | 3,317 |  |  | $ | 3,309 |
(1)The Company made its first quarterly repayment of a portion of the outstanding principal amount under the USD Term Loan Facility in accordance with the provisions of the applicable term loan agreement. (2)The Company entered into interest rate swaps to exchange the floating interest rates of the term loan facilities to fixed interest rates. Based on the Company’s current long-term debt ratings, the interest rate on the USD Term Loan Facility was 5.545% and 5.670% and the interest rate on the JPY Term Loan Facility was 1.794% and 1.919% as of March 31, 2025 and December 31, 2024, respectively. (3)The Company concurrently entered into a cross-currency swap to synthetically convert the 2031 Notes into a Euro liability of approximately €458 million with a fixed annual interest rate of 3.720%. (4)Includes unamortized debt discounts and unamortized debt issuance costs related to outstanding notes and bonds listed in the table above and various financing arrangements related to subsidiaries. Term Loan Facilities The Company maintains (i) a U.S. dollar-denominated, senior unsecured term loan facility (the “USD Term Loan Facility”) and (ii) a Japanese yen-denominated, senior unsecured term loan facility (the “JPY Term Loan Facility”), each of which matures on November 22, 2026 unless earlier terminated in accordance with the provisions of the applicable term loan agreement. The term loan agreements relating to these facilities contain respective covenants, including, among others, a limitation requiring the ratio of Consolidated Net Debt to Consolidated EBITDA (as defined in the agreements) as of the end of each fiscal quarter for the period of the four fiscal quarters most recently ended, to be less than or equal to 3.75 to 1.00. As of March 31, 2025 and December 31, 2024, the Company was in compliance with all covenants under the USD Term Loan Facility and JPY Term Loan Facility. The amounts outstanding under the USD Term Loan Facility were $139 and $140 as of March 31, 2025 and December 31, 2024, respectively. The amounts outstanding under the JPY Term Loan Facility were ¥29,702 million ($197) and ¥29,702 million ($188) as of March 31, 2025 and December 31, 2024, respectively. Credit Facility The Company has entered into a Five-Year Revolving Credit Agreement (the “Credit Agreement”) that provides a $1,000 senior unsecured revolving credit facility that matures on July 27, 2028. The Credit Agreement contains covenants, including, among others, a limitation requiring the ratio of Consolidated Net Debt to Consolidated EBITDA (as defined in the Credit Agreement) as of the end of each fiscal quarter for the period of the four fiscal quarters most recently ended, to be less than or equal to 3.75 to 1.00. As of March 31, 2025 and December 31, 2024, the Company was in compliance with all covenants under the Credit Agreement. There were no amounts outstanding under the Credit Agreement as of March 31, 2025 or December 31, 2024, and no amounts were borrowed during 2025 or 2024 under the Credit Agreement. Commercial Pape r On April 4, 2024, the Company established a commercial paper program under which the Company may issue unsecured commercial paper notes (“commercial paper”) from time to time up to a maximum aggregate face amount of $1,000 outstanding at any time. The maturities of the commercial paper may vary but will not exceed 397 days from the date of issue and will rank equal in right of payment with all other unsecured senior indebtedness of the Company. The proceeds of the commercial paper will be used for general corporate purposes. There were no amounts outstanding under the commercial paper program as of March 31, 2025 or December 31, 2024.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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