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Financing Arrangements
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Financing Arrangements Financing Arrangements
Debt carrying amounts, net of related discounts, premiums and debt issuance costs, were as follows:
As of
September 30, 2025		As of
December 31, 2024
2.900% senior notes due June 1, 2030
$597 $597 
3.200% senior notes due October 1, 2026
499 499 
3.900% senior notes due June 1, 2050
391 391 
6.625% senior notes due April 15, 2037
253 253 
Revolving credit agreement— — 
Other long-term borrowings1 47 
Total long-term debt1,741 1,787 
Commercial paper— — 
Other short-term borrowings57 44 
Total short-term borrowings57 44 
Total debt$1,798 $1,831 
On August 27, 2025, we entered into a new revolving credit agreement to replace the previous revolving credit agreement, which was simultaneously terminated. The new revolving credit agreement provides for a five-year unsecured revolving credit facility in an aggregate principal amount of $1.0 billion outstanding at any time that matures on August 27, 2030. Loans under the revolving credit facility accrue interest at a per annum rate equal, at our option, to either a term rate based upon the secured overnight financing rate (“SOFR”) plus an applicable margin, or a base rate (generally determined according to the highest of the prime rate, the federal funds rate plus 0.50%, or the one-month term SOFR rate plus 1.00%) plus an applicable margin.
We maintain a commercial paper program under which we may issue senior unsecured notes of short-term maturities up to a maximum aggregate principal amount of $1.0 billion outstanding at any time. The notes may be sold from time to time on customary terms in the U.S. commercial paper market, and we may use the note proceeds for general corporate purposes. As of September 30, 2025 and December 31, 2024, there was no commercial paper outstanding. During year-to-date 2025, there was no activity related to this program. During year-to-date 2024, the average amount of commercial paper outstanding was $41 million with an average interest rate of 5.51 percent and a weighted average maturity of eight days. The amount of commercial paper outstanding under this program for the remainder of 2025 may fluctuate.
Other short-term borrowings as of September 30, 2025 and December 31, 2024 primarily include amounts outstanding under various unsecured local country operating lines of credit.