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SHORT AND LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Short-term Debt Short-term debt consisted of the following:
December 31, 2024December 31, 2023
Short-term foreign bank borrowings against lines of credit$161,364$192,278
U.S. commercial paper1,145,612527,561
Total short-term debt$1,306,976$719,839
Weighted average interest rate on outstanding commercial paper4.5 %5.4 %
Schedule of Long-term Debt Instruments
Long-term debt consisted of the following:
December 31,
Maturity Date20242023
2.050% Notes (1)
November 15, 2024— 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, 2028350,000 350,000 
2.450% Notes
November 15, 2029300,000 300,000 
1.700% Notes
June 1, 2030350,000 350,000 
4.500% Notes (2)
May 4, 2033400,000 400,000 
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)
73,80276,385
Net impact of interest rate swaps, debt issuance costs and unamortized debt discounts(22,266)(25,834)
Total long-term debt3,795,175 4,094,190 
Less—current portion604,965305,058
Long-term portion$3,190,210 $3,789,132 
(1) In November 2024, we repaid $300,000 of 2.050% 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 (together, 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:
2025$600,000 
2026500,000 
2027193,639 
2028350,000 
2029300,000 
Thereafter1,800,000 
Schedule of Net Interest Expense
Net interest expense consists of the following:
For the years ended December 31,202420232022
Interest expense$194,240 $176,066 $148,226 
Capitalized interest
(19,923)(14,555)(8,131)
Interest expense
174,317 161,511 140,095 
Interest income(8,662)(9,726)(2,538)
Interest expense, net
$165,655 $151,785 $137,557