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Debt (Tables)

6 Months Ended

Jun. 30, 2025

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, 2025						December 31, 2024
Short-term and current maturities of long-term debt:
Foreign lines of credit			$	1,100					$	784
Finance lease and other financing obligations			428						326
Total short-term and current maturities of long-term debt			$	1,528					$	1,110
Long-term debt:
3.850% senior notes due June 2025			$	—					$	900
2.250% senior notes due July 2025 (British Pound-denominated)			721						661
3.200% senior notes due July 2026			2,000						2,000
5.150% senior notes due March 2027			750						750
2.250% senior notes due June 2027			1,000						1,000
1.125% senior notes due July 2027 (Euro-denominated)			585						521
5.450% senior notes due March 2028			900						900
2.875% senior notes due June 2028 (Euro-denominated)			877						—
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						850
2.650% senior notes due June 2030			1,000						1,000
1.625% senior notes due July 2030 (Euro-denominated)			585						521
5.350% senior notes due March 2031			500						500
4.500% senior notes due May 2031 (Euro-denominated)			935						835
3.000% senior notes due July 2031 (British Pound-denominated)			721						661
3.500% senior notes due June 2032 (Euro-denominated)			906						—
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						750
5.150% senior notes due August 2034			900						900
4.000% senior notes due June 2036 (Euro-denominated)			760						—
4.400% senior notes due July 2049			2,000						2,000
U.S. dollar commercial paper notes			1,908						221
Euro commercial paper notes			1,309						1,239
Revolving credit facility			61						115
Unamortized discount and deferred financing costs			(169)						(150)
Finance lease and other financing obligations			1,310						656
Total long-term debt			$	28,059					$	23,730

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, 2025						December 31, 2024						June 30, 2025						December 31, 2024
Argentina						$	791					$	597					34.437		%				38.470		%
Brazil						209						94						15.840		%				12.976		%
Uruguay						63						49						9.892		%				9.766		%
Other						37						44						2.590		%				3.984		%
Total						$	1,100					$	784					28.425		%				31.695		%

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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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