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v3.25.2

LONG-TERM DEBT (Tables) | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | Long-term debt consisted of the following:
| Effective Interest Rate |  | Face Value |  | June 30, 2025 |  | December 31, 2024
In millions |  |  | Book Value |  | Fair Value 1 |  | Book Value |  | Fair Value 1
2025 Credit Agreement: |  |  |  |  |  |  |  |  |  |  |
Revolving Credit Facility | 5.6 | % |  | N/A |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Term Loan Facility | 5.6 | % |  | $ | 475 |  |  | 470 |  |  | 475 |  |  | — |  |  | — |
2024 Credit Agreement: |  |  |  |  |  |  |  |  |  |  |
Term Loan | — | % |  | $ | — |  |  | — |  |  | — |  |  | 224 |  |  | 225 |
2022 Credit Agreement: |  |  |  |  |  |  |  |  |  |  |
Delayed Draw Term Loan | — | % |  | $ | — |  |  | — |  |  | — |  |  | 250 |  |  | 250 |
Senior Notes: |  |  |  |  |  |  |  |  |  |  |
3.20% Senior Notes, due 2025 | — | % |  | $ | — |  |  | — |  |  | — |  |  | 500 |  |  | 496 |
3.45% Senior Notes, due 2026 | 3.5 | % |  | $ | 750 |  |  | 750 |  |  | 740 |  |  | 750 |  |  | 732 |
1.25% Senior Notes (EUR), due 2027 | 1.5 | % |  | € | 500 |  |  | 583 |  |  | 567 |  |  | 514 |  |  | 495 |
4.70% Senior Notes, due 2028 | 4.8 | % |  | $ | 1,250 |  |  | 1,247 |  |  | 1,256 |  |  | 1,246 |  |  | 1,239 |
4.90% Senior Notes, due 2030 | 5.0 | % |  | $ | 500 |  |  | 495 |  |  | 506 |  |  | — |  |  | — |
5.611% Senior Notes, due 2034 | 5.7 | % |  | $ | 500 |  |  | 496 |  |  | 516 |  |  | 496 |  |  | 507 |
5.50% Senior Notes, due 2035 | 5.5 | % |  | $ | 750 |  |  | 743 |  |  | 759 |  |  | — |  |  | — |
Total |  |  |  |  | 4,784 |  |  | 4,819 |  |  | 3,980 |  |  | 3,944 |
Less: current portion |  |  |  |  | — |  |  | — |  |  | (500) |  |  | (496) |
Long-term portion |  |  |  |  | $ | 4,784 |  |  | $ | 4,819 |  |  | $ | 3,480 |  |  | $ | 3,448 |
1. See Note 13 for information on the fair value measurement of the Company's long-term debt.
Schedule of Line of Credit Facilities | The following table presents availability under the 2025 Credit Agreement at June 30, 2025:
In millions |  | Revolving Credit Facility |  | Term Loan Facility |  | Total
Maximum Availability |  | $ | 2,000 |  |  | $ | 725 |  |  | $ | 2,725 |
Outstanding Borrowings (1) |  | — |  |  | (475) |  |  | (475) |
Letters of Credit Under Credit Agreement |  | — |  |  | — |  |  | — |
Current Availability (1) |  | $ | 2,000 |  |  | $ | 250 |  |  | $ | 2,250 |
(1) After June 30, 2025, the remaining $250 million under the Term Loan Facility was drawn in connection with the closing of the acquisition of Inspection Technologies.

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