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Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of debt, net of discounts and debt issuance costs

The Company’s debt consisted of the following:

(In millions)						September 30, 2023						December 31, 2022
Short-term and current maturities of long-term debt:
Foreign lines of credit						$	369					$	198
Finance lease and other financing obligations						280						270
Total short-term and current maturities of long-term debt						$	649					$	468
Long-term debt:
0.375% senior notes due July 2023 (Euro-denominated)						$	—					$	531
3.800% senior notes due October 2023						1,000						1,000
2.750% senior notes due July 2024						2,000						2,000
3.850% senior notes due June 2025						900						900
2.250% senior notes due July 2025 (British Pound-denominated)						637						632
3.200% senior notes due July 2026						2,000						2,000
2.250% senior notes due June 2027						1,000						1,000
1.125% senior notes due July 2027 (Euro-denominated)						525						531
5.450% senior notes due March 2028						900						—
5.375% senior notes due August 2028						700						—
4.200% senior notes due October 2028						1,000						1,000
3.500% senior notes due July 2029						3,000						3,000
2.650% senior notes due June 2030						1,000						1,000
1.625% senior notes due July 2030 (Euro-denominated)						525						531
4.500% senior notes due May 2031 (Euro-denominated)						840						—
3.000% senior notes due July 2031 (British Pound-denominated)						637						632
5.600% senior notes due March 2033						900						—
5.625% senior notes due August 2033						1,300						—
4.400% senior notes due July 2049						2,000						2,000
U.S. dollar commercial paper notes						—						2,329
Euro commercial paper notes						1,249						1,210
Revolving credit facility						—						35
Term loan facility						—						200
Unamortized discount and deferred financing costs						(151)						(120)
Finance lease and other financing obligations						695						539
Total long-term debt						$	22,657					$	20,950

Schedule of short-term debt

The following table provides a summary of the outstanding borrowings and weighted average interest rates of the Company’s foreign lines of credit and other borrowing arrangements by country at September 30, 2023 and December 31, 2022:

						Outstanding Borrowings (in millions)												Weighted-Average Interest Rate
						September 30, 2023						December 31, 2022						September 30, 2023						December 31, 2022
Argentina						$	151					$	68					99.417		%				69.791		%
Brazil						119						61						14.978		%				16.254		%
Uruguay						88						34						11.896		%				12.188		%
Other						11						35						—		%				0.994		%
Total						$	369					$	198					48.428		%				30.578		%

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- References

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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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- Definition

Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

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