Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt

Schedule of short-term borrowings, including current portion of long-term debt

(thousands)	2023		2022
4.50% notes, due March 2023	$	—	$	299,895
3.25% notes, due September 2024		499,224		—
Uncommitted lines of credit		—		78,000
Commercial paper		1,121,882		173,407
Other short-term borrowings		32,848		38,581
	$	1,653,954	$	589,883

Schedule of long-term debt

Long-term debt consists of the following at December 31:

(thousands)	2023		2022
North American asset securitization program	$	198,000	$	1,235,000
3.25% notes, due 2024		—		498,122
4.00% notes, due 2025		349,061		348,344
6.125% notes, due 2026 (a)		497,661		—
7.50% senior debentures, due 2027		110,184		110,103
3.875% notes, due 2028		497,098		496,448
2.95% notes, due 2032		495,039		494,522
Other obligations with various interest rates and due dates		6,510		425
	$	2,153,553	$	3,182,964

Schedule of estimated fair market value of long-term debt, using quoted market prices

The estimated fair market value of long-term debt at December 31, using quoted market prices, is as follows:

(thousands)	2023		2022
3.25% notes, due 2024	$	—	$	481,500
4.00% notes, due 2025		343,500		338,000
6.125% notes, due 2026		502,000		—
7.50% senior debentures, due 2027		117,000		116,500
3.875% notes, due 2028		475,000		456,000
2.95% notes, due 2032		425,000		395,500