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Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of debt, net of discounts and debt issuance costs | The Company’s debt consisted of the following:
|  | December 31,
(In millions) |  | 2024 |  | 2023
Short-term and current maturities of long-term debt: |  |  |  |
Foreign lines of credit |  | $ | 784 |  |  | $ | 442 |
Finance lease and other financing obligations |  | 326 |  |  | 313 |
Total short-term and current maturities of long-term debt |  | $ | 1,110 |  |  | $ | 755 |
Long-term debt: |  |  |  |
2.750% senior notes due July 2024 |  | $ | — |  |  | $ | 2,000 |
3.850% senior notes due June 2025 |  | 900 |  |  | 900 |
2.250% senior notes due July 2025 (British Pound-denominated) |  | 661 |  |  | 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) |  | 521 |  |  | 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 |
4.750% senior notes due March 2030 |  | 850 |  |  | — |
2.650% senior notes due June 2030 |  | 1,000 |  |  | 1,000 |
1.625% senior notes due July 2030 (Euro-denominated) |  | 521 |  |  | 555 |
5.350% senior notes due March 2031 |  | 500 |  |  | — |
4.500% senior notes due May 2031 (Euro-denominated) |  | 835 |  |  | 889 |
3.000% senior notes due July 2031 (British Pound-denominated) |  | 661 |  |  | 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 |  |  | — |
5.150% senior notes due August 2034 |  | 900 |  |  | — |
4.400% senior notes due July 2049 |  | 2,000 |  |  | 2,000 |
U.S. dollar commercial paper notes |  | 221 |  |  | 418 |
Euro commercial paper notes |  | 1,239 |  |  | 1,321 |
Revolving credit facility |  | 115 |  |  | 74 |
Unamortized discount and deferred financing costs |  | (150) |  |  | (145) |
Finance lease and other financing obligations |  | 656 |  |  | 652 |
Total long-term debt |  | $ | 23,730 |  |  | $ | 22,363 |
Schedule of annual maturities of total debt | Annual maturities of the Company’s total debt were as follows at December 31, 2024:
(In millions) |
Year Ending December 31, |
2025 | $ | 1,110 |
2026 | 2,268 |
2027 | 5,606 |
2028 | 2,711 |
2029 | 3,046 |
Thereafter | 10,249 |
Total principal payments | 24,990 |
Unamortized discount and deferred financing costs | (150) |
Total debt | $ | 24,840 |
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 December 31:
|  | Outstanding Borrowings (in millions) |  | Weighted-Average Interest Rate
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Argentina |  | $ | 597 |  |  | $ | 208 |  |  | 38.470 | % |  | 121.581 | %
Brazil |  | 94 |  |  | 123 |  |  | 12.976 | % |  | 13.500 | %
Uruguay |  | 49 |  |  | 55 |  |  | 9.766 | % |  | 11.125 | %
Other |  | 44 |  |  | 56 |  |  | 3.984 | % |  | 4.912 | %
Total |  | $ | 784 |  |  | $ | 442 |  |  | 31.695 | % |  | 63.060 | %

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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 + Details
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