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BORROWINGS AND LINES OF CREDIT
 6 Months Ended
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 notes10,826 11,728 
Japanese Term Loan Facility374 342 
Other debt (including project financing obligations and finance leases)326 296 
Discounts and debt issuance costs(83)(88)
Total debt11,443 12,278 
Less: current portion of long-term debt107 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.