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SHORT AND LONG-TERM DEBT (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Short-term Debt | Short-term debt consisted of the following:
| December 31, 2023 |  | December 31, 2022
Short-term foreign bank borrowings against lines of credit | $ | 192,278 |  | $ | 135,555
U.S. commercial paper | 527,561 |  | 558,235
Total short-term debt | $ | 719,839 |  | $ | 693,790
Weighted average interest rate on outstanding commercial paper | 5.4 | % |  | 4.3 | %
Schedule of Long-term Debt Instruments | Long-term debt consisted of the following:
December 31, |  | Maturity Date |  | 2023 |  | 2022
2.625% Notes (1) |  | May 1, 2023 |  | — |  |  | 250,000 |
3.375% Notes (1) |  | May 15, 2023 |  | — |  |  | 500,000 |
2.050% Notes |  | November 15, 2024 |  | 300,000 |  |  | 300,000 |
0.900% Notes |  | June 1, 2025 |  | 300,000 |  |  | 300,000 |
3.200% Notes |  | August 21, 2025 |  | 300,000 |  |  | 300,000 |
2.300% Notes |  | August 15, 2026 |  | 500,000 |  |  | 500,000 |
7.200% Debentures |  | August 15, 2027 |  | 193,639 |  |  | 193,639 |
4.250% Notes (2) |  | May 4, 2028 |  | 350,000 |  |  | — |
2.450% Notes |  | November 15, 2029 |  | 300,000 |  |  | 300,000 |
1.700% Notes |  | June 1, 2030 |  | 350,000 |  |  | 350,000 |
4.500% Notes (2) |  | May 4, 2033 |  | 400,000 |  |  | — |
3.375% Notes |  | August 15, 2046 |  | 300,000 |  |  | 300,000 |
3.125% Notes |  | November 15, 2049 |  | 400,000 |  | 400,000
2.650% Notes |  | June 1, 2050 |  | 350,000 |  | 350,000
Finance lease obligations (see Note 7) |  |  |  | 76,385 |  | 73,479
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts |  |  |  | (25,834) |  | (19,563)
Total long-term debt |  |  |  | 4,094,190 |  |  | 4,097,555 |
Less—current portion |  |  |  | 305,058 |  | 753,578
Long-term portion |  |  |  | $ | 3,789,132 |  |  | $ | 3,343,977 |
(1) In May 2023, we repaid $250,000 of 2.625% Notes and $500,000 of 3.375% Notes due upon their maturity. (2) During the second quarter of 2023, we issued $350,000 of 4.250% Notes due in May 2028 and $400,000 of 4.500% Notes due in May 2033 (the “2023 Notes”). Proceeds from the issuance of the 2023 Notes, net of discounts and issuance costs, totaled $744,092. The 2023 Notes were issued under a shelf registration on Form S-3 filed in May 2021 that registered an indeterminate amount of debt securities.
Schedule of Maturities of Long-term Debt | Aggregate annual maturities of our long-term Notes (excluding finance lease obligations and net impact of interest rate swaps, debt issuance costs and unamortized debt discounts) are as follows for the years ending December 31:
2024 | $ | 300,000 |
2025 | 600,000 |
2026 | 500,000 |
2027 | 193,639 |
2028 | 350,000 |
Thereafter | 2,100,000 |
Schedule of Net Interest Expense | Net interest expense consists of the following:
For the years ended December 31, |  | 2023 |  | 2022 |  | 2021
Interest expense |  | $ | 176,066 |  |  | $ | 148,226 |  |  | $ | 139,156 |
Capitalized interest |  | (14,555) |  |  | (8,131) |  |  | (9,310) |
Interest expense |  | 161,511 |  |  | 140,095 |  |  | 129,846 |
Interest income |  | (9,726) |  |  | (2,538) |  |  | (2,429) |
Interest expense, net |  | $ | 151,785 |  |  | $ | 137,557 |  |  | $ | 127,417 |

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