v3.26.1
Credit Arrangements
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Credit Arrangements Credit Arrangements
The following is a summary of the Company’s revolving credit facilities as of March 31, 2026:
Facility
Interest Rates
$2,000 million (revolving credit facility)
U.S. Dollar Term SOFR plus a margin of 1.25% as of March 31, 2026
$110 million (receivables financing facility)
U.S. Dollar Term SOFR plus a margin of 1.00% plus a 10 basis credit spread adjustment as of March 31, 2026
The following table summarizes the Company’s debt at the dates indicated:
(dollars in millions)March 31, 2026December 31, 2025
Revolving Credit Facility due 2030:
U.S. Dollar denominated borrowings—U.S. Dollar Term SOFR at average floating rates of 4.92%
$1,000 $800 
Senior Secured Credit Facilities:
Term A Loan due 2030—Euribor at floating rates of 3.14%
281 290 
Term A Loan due 2030—U.S. Dollar Term SOFR at floating rates of 4.92%
2,135 2,162 
Term B Loan due 2031—U.S. Dollar Term SOFR at floating rates of 5.45%
1,960 1,965 
5.700% Senior Secured Notes due 2028—U.S. Dollar denominated
750 750 
6.250% Senior Secured Notes due 2029—U.S. Dollar denominated
1,250 1,250 
5.0% Senior Notes due 2027—U.S. Dollar denominated
1,100 1,100 
5.0% Senior Notes due 2026—U.S. Dollar denominated
1,050 1,050 
6.500% Senior Notes due 2030—U.S. Dollar denominated
500 500 
6.250% Senior Notes due 2032—U.S. Dollar denominated
2,000 2,000 
2.25% Senior Notes due 2028—Euro denominated
828 845 
2.875% Senior Notes due 2028—Euro denominated
818 835 
1.750% Senior Notes due 2026—Euro denominated
— 646 
2.250% Senior Notes due 2029—Euro denominated
1,036 1,057 
Term Loan due 2027—U.S. Dollar Term SOFR at floating rates of 4.92%
650 — 
Receivables financing facility due 2027—U.S. Dollar Term SOFR at floating rates of 4.78%:
Revolving Loan Commitment110 110 
Term Loan440 440 
Principal amount of debt15,908 15,800 
Less: unamortized discount and debt issuance costs(75)(76)
Less: current portion(1,844)(1,840)
Long-term debt$13,989 $13,884 
Contractual maturities of long-term debt as of March 31, 2026 are as follows:
(in millions)
Remainder of 2026$1,158 
20272,444 
20282,540 
20292,429 
20303,471 
Thereafter3,866 
$15,908 
Senior Secured Credit Facilities
As of March 31, 2026, the Company’s Fifth Amended and Restated Credit Agreement provided financing through several senior secured credit facilities of up to $6,371 million, which consisted of $5,376 million principal amounts of debt outstanding (as detailed in the table above), and $995 million of available borrowing capacity on the $2,000 million revolving credit facility and standby letters of credit. The revolving credit facility is comprised of a $2,000 million senior secured revolving facility available in U.S. dollars.
Term Loan due 2027
On March 11, 2026, the Company entered into a 364-Day Term A Loan Agreement to borrow $650 million in U.S. Dollar denominated Term A loans due 2027 (the “Term Loan due 2027”). The Term Loan due 2027 bears interest based on the Secured Overnight Financing Rate term rates (“Term SOFR”), plus a margin ranging from 1.125% to 2.00%, with a Term SOFR floor of 0.00% per annum. The proceeds from the Term Loan due 2027 were used to repay approximately €550 million of the 1.750% senior notes due 2026 (the “1.750% Notes”) at maturity, including the payment of fees and expenses related to the offering, and for general corporate purposes.
Senior Notes
On March 16, 2026, the proceeds from the Term Loan due 2027 were used to repay all of the Company’s outstanding €550 million 1.750% Notes. The Company’s obligations with respect to the 1.750% Notes were discharged on the same day as the notes were repaid in full.
Restrictive Covenants
The Company’s debt agreements provide for certain covenants and events of default customary for similar instruments, including a covenant not to exceed a specified ratio of consolidated senior secured net indebtedness to Consolidated EBITDA, as defined in the senior secured credit facility agreement and a covenant to maintain a specified minimum interest coverage ratio. If an event of default occurs under any of the Company’s or the Company’s subsidiaries’ financing arrangements, the creditors under such financing arrangements will be entitled to take various actions, including the acceleration of amounts due under such arrangements, and in the case of the lenders under the revolving credit facility and term loans, other actions permitted to be taken by a secured creditor. The Company’s long-term debt arrangements contain other usual and customary restrictive covenants that, among other things, place limitations on the Company’s ability to declare dividends. As of March 31, 2026, the Company was in compliance in all material respects with the financial covenants under the Company’s financing arrangements