XML 101 R48.htm IDEA: XBRL DOCUMENT
v3.24.0.1

FINANCING ARRANGEMENTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Short-Term Debt | Short-term debt was as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022
|  | Principal |  | Interest |  | Principal |  | Interest
(in millions except percentages) |  | Balance |  | Rate |  | Balance |  | Rate
Corporate commercial paper facility |  | $ | 225 |  |  | 5.8 | % |  | $ | 95 |  |  | 5.1 | %
Other short-term borrowings |  | 20 |  |  | 4.9 | % |  | 22 |  |  | 4.6 | %
Add: Current portion of long-term debt |  | 77 |  |  |  |  | 1 |  |  |
Total short-term debt |  | $ | 322 |  |  |  |  | $ | 118 |  |  |
Maximum month-end short-term debt outstanding during the year |  | $ | 399 |  |  |  |  | $ | 395 |  |  |
Average amount of short-term debt outstanding during the year |  | 284 |  |  |  |  | 289 |  |  |
Weighted-average interest rate on short-term debt at year-end |  |  |  | 5.7 | % |  |  |  | 5.0 | %
Schedule of Long-term Debt | Long-term debt was as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022
|  | Principal |  | Interest |  | Principal |  | Interest
(in millions except percentages) |  | Balance |  | Rate |  | Balance |  | Rate
Private placement notes 70 million euros due October 2024 |  | $ | 77 |  |  | 1.0 | % |  | $ | 75 |  |  | 1.0 | %
Private placement notes 25 million Swiss franc due December 2025 |  | 30 |  |  | 0.9 | % |  | 27 |  |  | 0.9 | %
Private placement notes 97 million euros due December 2025 |  | 107 |  |  | 2.1 | % |  | 104 |  |  | 2.1 | %
Private placement notes 26 million euros due February 2026 |  | 29 |  |  | 2.1 | % |  | 28 |  |  | 2.1 | %
Private placement notes 58 million Swiss franc due August 2026 |  | 69 |  |  | 1.0 | % |  | 63 |  |  | 1.0 | %
Private placement notes 106 million euros due August 2026 |  | 117 |  |  | 2.3 | % |  | 114 |  |  | 2.3 | %
Private placement notes 70 million euros due October 2027 |  | 77 |  |  | 1.3 | % |  | 75 |  |  | 1.3 | %
Private placement notes 8 million Swiss franc due December 2027 |  | 9 |  |  | 1.0 | % |  | 8 |  |  | 1.0 | %
Private placement notes 15 million euros due December 2027 |  | 17 |  |  | 2.2 | % |  | 16 |  |  | 2.2 | %
Private placement notes 140 million Swiss franc due August 2028 |  | 166 |  |  | 1.2 | % |  | 151 |  |  | 1.2 | %
Private placement notes 70 million euros due October 2029 |  | 77 |  |  | 1.5 | % |  | 75 |  |  | 1.5 | %
Fixed rate senior notes 750 million due June 2030 |  | 750 |  |  | 3.3 | % |  | 750 |  |  | 3.3 | %
Private placement notes 70 million euros due October 2030 |  | 77 |  |  | 1.6 | % |  | 75 |  |  | 1.6 | %
Private placement notes 45 million euros due February 2031 |  | 50 |  |  | 2.5 | % |  | 48 |  |  | 2.5 | %
Private placement notes 65 million Swiss franc due August 2031 |  | 77 |  |  | 1.3 | % |  | 70 |  |  | 1.3 | %
Private placement notes 12.6 billion Japanese yen due September 2031 |  | 89 |  |  | 1.0 | % |  | 96 |  |  | 1.0 | %
Private placement notes 70 million euros due October 2031 |  | 77 |  |  | 1.7 | % |  | 75 |  |  | 1.7 | %
Other borrowings, various currencies and rates |  | 14 |  |  |  |  | 21 |  |  |
Hedge accounting fair value adjustment(a) |  | (28) |  |  |  |  | (35) |  |  |
|  | $ | 1,881 |  |  |  |  | $ | 1,836 |  |  |
Less: Current portion |  |  |  |  |  |  |  |
(included in “Notes payable and current portion of long-term debt” in the Consolidated Balance Sheets) |  | 77 |  |  |  |  | 1 |  |  |
Less: Long-term portion of deferred financing costs |  | 8 |  |  |  |  | 9 |  |  |
Long-term portion |  | $ | 1,796 |  |  |  |  | $ | 1,826 |  |  |
(a) Represents the fair value of interest rate swap agreements entered into on a portion of the outstanding senior notes.
Schedule of Contractual Maturity Dates of Long-term Debt | The contractual maturity dates of the Company’s long-term borrowings as of December 31, 2023 were as follows:
(in millions) |  |
2024 |  | $ | 77 |
2025 |  | 148 |
2026 |  | 218 |
2027 |  | 103 |
2028 |  | 166 |
2029 and beyond |  | 1,197 |
|  | $ | 1,909 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-6 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfShortTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration