v3.26.1
Long-Term Debt and Short-Term Borrowings (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Long-term debt and short-term borrowings consist of the following:

($ in millions)March 31, 2026December 31, 2025
Senior Credit Agreement
Term Loan B Facility:
SOFR plus 225 bps term loan due 2031
$1,522 $1,543 
EURIBOR plus 275 bps euro-denominated term loan due 2031 (€707 million in 2026 and €717 million in 2025)
814 843 
4.125% secured notes due 2028
2,100 2,100 
2.875% euro-denominated secured notes due 2028 (€1.25 billion)
1,439 1,470 
5.125% notes due 2031
1,582 1,582 
6.750% secured notes due 2034
500 500 
7.875% notes due 2034
500 500 
Revenue Interest Purchase and Sale Agreement (1)
181 179 
Other borrowings8 8 
Other (discounts and debt issuance costs)(77)(81)
Total principal long-term debt and short-term borrowings$8,569 $8,644 
Less: Current portion of long-term debt and short-term borrowings16 16 
Total Long-term debt, net of current portion$8,553 $8,628 
(1) Recognized at the amortized cost basis. The remaining principal is determined as the initial fair value less principal payments. As of March 31, 2026, the remaining principal of the revenue interest purchase and sale agreement (the “RIPSA”) that the Company assumed in connection with its 2024 acquisition of Dermavant is $156 million.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
Long-term debt was recorded at the carrying amount. The estimated fair value of long-term debt (including current portion) is as follows:
($ in millions)Fair Value Measurement LevelMarch 31, 2026December 31, 2025
Long-term debt
2$7,803 $7,922 
Long-term debt - RIPSA
3136 136 
Schedule of Maturities on Long-term Debt
The schedule of principal payments required on long-term debt and short-term borrowings for the next five years, exclusive of $25 million of accrued interest related to the RIPSA, and thereafter are as follows:
($ in millions)
2026$1 
202761 
20283,500 
20299 
203021 
Thereafter5,029