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LONG-TERM DEBT (Tables)
9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long-term debt consisted of the following:
Effective Interest RateFace ValueSeptember 30, 2025December 31, 2024
In millionsBook Value
Fair Value1
Book Value
Fair Value1
2025 Credit Agreement:
Revolving Credit Facility6.0 %N/A$— $— $— $— 
Term Loan Facility5.6 %$725 720 725 — — 
2024 Credit Agreement:
Term Loan— %$— — — 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 %$750 750 743 750 732 
1.25% Senior Notes (EUR), due 2027
1.5 %500 582 567 514 495 
4.70% Senior Notes, due 2028
4.8 %$1,250 1,247 1,265 1,246 1,239 
4.90% Senior Notes, due 2030
5.1 %$500 496 511 — — 
5.611% Senior Notes, due 2034
5.7 %$500 496 525 496 507 
5.50% Senior Notes, due 2035
5.6 %$750 743 776 — — 
Other Borrowings251 251 — — 
Total5,285 5,363 3,980 3,944 
Less: current portion(251)(251)(500)(496)
Long-term portion$5,034 $5,112 $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 September 30, 2025:
In millionsRevolving Credit FacilityTerm Loan FacilityTotal
Maximum Availability$2,000 $725 $2,725 
Outstanding Borrowings— (725)(725)
Letters of Credit Under Credit Agreement— — — 
Current Availability$2,000 $— $2,000