v3.26.1
Credit Arrangements
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Credit Arrangements Credit Arrangements
The following is a summary of the Company’s revolving credit facilities as of June 30, 2026:
Facility
Interest Rates
$2,000 million (revolving credit facility)
U.S. Dollar Term SOFR plus a margin of 1.25% as of June 30, 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 June 30, 2026
The following table summarizes the Company’s debt at the dates indicated:
(dollars in millions)June 30, 2026December 31, 2025
Revolving Credit Facility due 2030:
U.S. Dollar denominated borrowings—U.S. Dollar Term SOFR at average floating rates of 4.89%
$800 $800 
Senior Secured Credit Facilities:
Term A Loan due 2030—Euribor at floating rates of 3.54%
275 290 
Term A Loan due 2030—U.S. Dollar Term SOFR at floating rates of 4.98%
2,108 2,162 
Term B Loan due 2031—U.S. Dollar Term SOFR at floating rates of 5.48%
1,955 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
821 845 
2.875% Senior Notes due 2028—Euro denominated
811 835 
1.750% Senior Notes due 2026—Euro denominated
— 646 
2.250% Senior Notes due 2029—Euro denominated
1,027 1,057 
4.625% Senior Notes due 2033—Euro denominated
1,084 — 
Receivables financing facility due 2027—U.S. Dollar Term SOFR at floating rates of 4.80%:
Revolving Loan Commitment110 110 
Term Loan440 440 
Principal amount of debt16,081 15,800 
Less: unamortized discount and debt issuance costs(82)(76)
Less: current portion(2,294)(1,840)
Long-term debt$13,705 $13,884 
Contractual maturities of long-term debt as of June 30, 2026 are as follows:
(in millions)
Remainder of 2026$1,122 
20271,794 
20282,526 
20292,420 
20303,269 
Thereafter4,950 
$16,081 
Senior Secured Credit Facilities
As of June 30, 2026, the Company’s Fifth Amended and Restated Credit Agreement provided financing through several senior secured credit facilities of up to $6,333 million, which consisted of $5,138 million principal amounts of debt outstanding (as detailed in the table above), and $1,195 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 bore 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. The Term Loan due 2027 was repaid in full on June 11, 2026 with proceeds from the 4.625% senior notes due 2033 described below.
Senior Notes
On June 11, 2026, the Company completed the issuance and sale of €950 million in gross proceeds of 4.625% senior notes due 2033 (the “4.625% Notes”). The 4.625% Notes were issued pursuant to an Indenture, dated June 11, 2026, among the Company, U.S. Bank National Association, as trustee of the Notes, and certain subsidiaries of the Company as guarantors. The net proceeds from the 4.625% Notes offering were used to repay in full the Company’s outstanding Term Loan due 2027, to repay a portion of the existing borrowings under the Company’s revolving credit facility and to pay fees and expenses related to the offering.
The 4.625% Notes are unsecured obligations of the Company, will mature on June 15, 2033, and bear interest at the rate of 4.625% per year, with interest payable semiannually on June 15 and December 15 of each year, beginning on December 15, 2026.
The Company may redeem the 4.625% Notes prior to their final stated maturity, subject to a customary make-whole premium, at any time prior to June 15, 2029 (subject to a customary “equity claw” redemption right) and thereafter subject to a redemption premium declining from 1.02313% to 0.000%.
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 June 30, 2026, the Company was in compliance in all material respects with the financial covenants under the Company’s financing arrangements