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Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of debt, net of discounts and debt issuance costs

The Company’s debt consisted of the following:

(In millions)						June 30, 2024						December 31, 2023
Short-term and current maturities of long-term debt:
Foreign lines of credit						$	794					$	442
Finance lease and other financing obligations						314						313
Total short-term and current maturities of long-term debt						$	1,108					$	755
Long-term debt:
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)						664						672
3.200% senior notes due July 2026						2,000						2,000
5.150% senior notes due March 2027						750						—
2.250% senior notes due June 2027						1,000						1,000
1.125% senior notes due July 2027 (Euro-denominated)						535						555
5.450% senior notes due March 2028						900						900
5.375% senior notes due August 2028						700						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)						535						555
5.350% senior notes due March 2031						500						—
4.500% senior notes due May 2031 (Euro-denominated)						857						889
3.000% senior notes due July 2031 (British Pound-denominated)						664						672
5.600% senior notes due March 2033						900						900
5.625% senior notes due August 2033						1,300						1,300
5.450% senior notes due March 2034						750						—
4.400% senior notes due July 2049						2,000						2,000
U.S. dollar commercial paper notes						667						418
Euro commercial paper notes						1,273						1,321
Revolving credit facility						—						74
Unamortized discount and deferred financing costs						(152)						(145)
Finance lease and other financing obligations						658						652
Total long-term debt						$	24,401					$	22,363

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:

						Outstanding Borrowings (in millions)												Weighted-Average Interest Rate
						June 30, 2024						December 31, 2023						June 30, 2024						December 31, 2023
Argentina						$	575					$	208					40.363		%				121.581		%
Brazil						105						123						11.612		%				13.500		%
Uruguay						50						55						10.277		%				11.125		%
Other						64						56						2.825		%				4.912		%
Total						$	794					$	442					31.623		%				63.060		%

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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
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-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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