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SHORT AND LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Short-term Debt Short-term debt consisted of the following:
December 31, 2023December 31, 2022
Short-term foreign bank borrowings against lines of credit$192,278$135,555
U.S. commercial paper527,561558,235
Total short-term debt$719,839$693,790
Weighted average interest rate on outstanding commercial paper5.4 %4.3 %
Schedule of Long-term Debt Instruments
Long-term debt consisted of the following:
December 31,
Maturity Date20232022
2.625% Notes (1)
May 1, 2023— 250,000 
3.375% Notes (1)
May 15, 2023— 500,000 
2.050% Notes
November 15, 2024300,000 300,000 
0.900% Notes
June 1, 2025300,000 300,000 
3.200% Notes
August 21, 2025300,000 300,000 
2.300% Notes
August 15, 2026500,000 500,000 
7.200% Debentures
August 15, 2027193,639 193,639 
4.250% Notes (2)
May 4, 2028350,000 — 
2.450% Notes
November 15, 2029300,000 300,000 
1.700% Notes
June 1, 2030350,000 350,000 
4.500% Notes (2)
May 4, 2033400,000 — 
3.375% Notes
August 15, 2046300,000 300,000 
3.125% Notes
November 15, 2049400,000400,000
2.650% Notes
June 1, 2050350,000350,000
Finance lease obligations (see Note 7)
76,38573,479
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts(25,834)(19,563)
Total long-term debt4,094,190 4,097,555 
Less—current portion305,058753,578
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 
2025600,000 
2026500,000 
2027193,639 
2028350,000 
Thereafter2,100,000 
Schedule of Net Interest Expense
Net interest expense consists of the following:
For the years ended December 31,202320222021
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