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BORROWINGS AND LINES OF CREDIT | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
BORROWINGS AND LINES OF CREDIT | BORROWINGS AND LINES OF CREDIT Long-term debt consisted of the following:
(In millions) |  |  |  | June 30, 2025 |  | December 31, 2024
2.242% Notes due 2025 (1) |  |  |  | $ | — |  |  | $ | 1,200 |
2.493% Notes due 2027 |  |  |  | 900 |  |  | 900 |
4.125% Notes due 2028 |  |  |  | 878 |  |  | 783 |
2.722% Notes due 2030 |  |  |  | 2,000 |  |  | 2,000 |
2.700% Notes due 2031 |  |  |  | 750 |  |  | 750 |
4.500% Notes due 2032 |  |  |  | 995 |  |  | 887 |
5.900% Notes due 2034 |  |  |  | 875 |  |  | 875 |
3.625% Notes due 2037 |  |  |  | 878 |  |  | 783 |
3.377% Notes due 2040 |  |  |  | 1,500 |  |  | 1,500 |
3.577% Notes due 2050 |  |  |  | 1,400 |  |  | 1,400 |
6.200% Notes due 2054 |  |  |  | 650 |  |  | 650 |
Total long-term notes |  |  |  | 10,826 |  |  | 11,728 |
Japanese Term Loan Facility |  |  |  | 374 |  |  | 342 |
Other debt (including project financing obligations and finance leases) |  |  |  | 326 |  |  | 296 |
Discounts and debt issuance costs |  |  |  | (83) |  |  | (88) |
Total debt |  |  |  | 11,443 |  |  | 12,278 |
Less: current portion of long-term debt |  |  |  | 107 |  |  | 1,252 |
Long-term debt, net of current portion |  |  |  | $ | 11,336 |  |  | $ | 11,026 |
(1) 2.242% Notes due February 15, 2025; repaid during February 2025. Revolving Credit Facility On December 20, 2024, the Company refinanced its revolving credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders, permitting aggregate borrowings of up to $2.5 billion pursuant to an unsecured, unsubordinated revolving credit facility that matures in December 2029 (the "Revolving Credit Facility"). The Revolving Credit Facility supports the Company's commercial paper program and can be used for other general corporate purposes. Borrowings are available in U.S. Dollars and Euros. U.S. Dollar borrowings bear interest at either a Term SOFR Rate plus 0.10% and a ratings-based margin or, alternatively, at an alternate base rate plus a ratings-based margin. Euro borrowings bear interest at an adjusted EURIBOR rate plus a ratings-based margin. A ratings-based commitment fee is charged on unused commitments. Upon entering into the agreement, the Company capitalized $11 million of deferred financing costs which are being amortized over its term. As of June 30, 2025, there were no borrowings outstanding under the Revolving Credit Facility. Commercial Paper Program The Company has a $2.0 billion USD-denominated unsecured, unsubordinated commercial paper program, which can be used for general corporate purposes, including the funding of working capital and potential acquisitions. As of June 30, 2025, there were no borrowings outstanding under the commercial paper program. Project Financing Arrangements The Company is involved in long-term construction contracts in which it arranges project financing with certain customers. As a result, the Company issued $10 million and $20 million of debt during the six months ended June 30, 2025 and 2024, respectively. Long-term debt repayments associated with these financing arrangements during the six months ended June 30, 2025 and 2024, were zero and $6 million, respectively. Debt Covenants The Revolving Credit Facility, the indenture for the long-term notes and the five-year, JPY 54 billion (approximately $400 million) senior unsecured term loan facility ("Japanese Term Loan Facility") contain affirmative and negative covenants customary for financings of these types, which, among other things, limit the Company's ability to incur certain liens, to make certain fundamental changes and to enter into sale and leaseback transactions. As of June 30, 2025, the Company was in compliance with the covenants under the agreements governing its outstanding indebtedness.

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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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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