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BORROWINGS AND LINES OF CREDIT
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
BORROWINGS AND LINES OF CREDIT BORROWINGS AND LINES OF CREDIT
Short-term borrowings and current portion of long-term debt consisted of the following:

(In millions)March 31,
2026		December 31,
2025
Commercial paper$708 $325 
Short-term borrowings23 35 
Current portion of long-term debt1,005 108 
Short-term borrowings and current portion of long-term debt$1,736 $468 
Commercial Paper Program

The Company has a $2.0 billion USD-denominated facility and a $500 million Euro-denominated facility as part of an unsecured, unsubordinated commercial paper program, which can be used for general corporate purposes including the funding of working capital and potential acquisitions. At March 31, 2026, the Company had $708 million outstanding under its commercial paper facilities with a weighted average interest rate of 4.06%.

Long-term debt consisted of the following:

(In millions)March 31,
2026		December 31,
2025
2.493% Notes due 2027 (1)
900 900 
4.125% Notes due 2028
865 883 
2.722% Notes due 2030
2,000 2,000 
2.700% Notes due 2031
750 750 
4.500% Notes due 2032
980 1,001 
5.900% Notes due 2034
875 875 
3.625% Notes due 2037
865 883 
3.377% Notes due 2040
1,500 1,500 
3.577% Notes due 2050
1,400 1,400 
6.200% Notes due 2054
650 650 
Total long-term notes10,785 10,842 
Japanese Term Loan Facility338 345 
Other debt (including project financing obligations and finance leases)380 364 
Discounts and debt issuance costs(76)(78)
Total long-term debt11,427 11,473 
Less: current portion of long-term debt1,005 108 
Long-term debt, net of current portion$10,422 $11,365 
(1) 2.493% Notes due February 27, 2027; reclassified to Current portion of long-term debt.

Revolving Credit Facility

The Company maintains a $2.5 billion unsecured, unsubordinated revolving credit facility that matures in December 2029 (the "Revolving Credit Facility"). The Revolving Credit Facility supports the Company's commercial paper program and can be used for other general corporate purposes. Borrowings are available in U.S. Dollars and Euros. U.S. Dollar borrowings bear interest at either a Term SOFR Rate plus 0.10% and a ratings-based margin or, alternatively, at an alternate base rate plus a ratings-based margin. Euro borrowings bear interest at an adjusted EURIBOR rate plus a ratings-based margin. A ratings-based commitment fee is charged on unused commitments. As of March 31, 2026, there were no borrowings outstanding under the Revolving Credit Facility.

Project Financing Arrangements

The Company is involved in long-term construction contracts in which it arranges project financing with certain customers. As a result, the Company issued $14 million and $6 million of debt during the three months ended March 31, 2026 and 2025, respectively. Long-term debt repayments associated with these financing arrangements during the three months ended March 31, 2026 and 2025, were $14 million and zero, respectively.
Debt Covenants

The Revolving Credit Facility, the indenture for the long-term notes and the five-year, JPY 54 billion senior unsecured term loan facility ("Japanese Term Loan Facility") contain affirmative and negative covenants customary for financings of these types, which, among other things, limit the Company's ability to incur certain liens, to make certain fundamental changes and to enter into sale and leaseback transactions. As of March 31, 2026, the Company was in compliance with the covenants under the agreements governing its outstanding indebtedness.