v3.26.1
Debt and Finance Lease Liability
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt and Finance Lease Liability
Note 7. Debt and Finance Lease Liability
Our long-term debt and finance lease liability consisted of the following:
June 30, 2026December 31, 2025
Term Loan B due 2032$1,095 $1,100 
Euro Term Loan due 2029383 470 
Incremental Term Facility due 2028336 339 
Incremental Term Facility due 2029170 171 
Incremental Term Facility due 2031319 321 
Incremental Term Facility due 2032536 539 
Revolving Credit Facility (1)
— — 
Securitization Facility (2)
100 100 
Senior Notes due 2028 (3)
750 750 
Unamortized debt issuance costs(26)(28)
Total debt3,663 3,762 
Finance lease liability255 255 
3,918 4,017 
Less current portion of long-term debt and finance lease liability73 74 
Total long-term debt and finance lease liability$3,845 $3,943 
(1)Our Revolving Credit Facility provides up to $750 million in borrowing capacity, bears interest at Term SOFR plus a spread dependent on our Net Total Leverage Ratio, as defined within the agreement, which was 1.50% at June 30, 2026, and matures in July 2029.
(2)Our Securitization Facility is secured and collateralized by our U.S. Net Eligible Receivables Balance, bears interest at Term SOFR plus 1.25% and matures in June 2028. Our borrowing capacity under our Securitization Facility is subject to monthly fluctuation based on the level of our borrowing base as reported to the lender. During the six months ended June 30, 2026, we borrowed $50 million on our Securitization Facility for general corporate purposes and to complete the acquisition of AHV (see Note 4. Acquisitions and Divestitures), which we subsequently repaid prior to June 30, 2026.
(3)Our Senior Notes due 2028 are subject to interest rate adjustments based on credit rating agency actions. A rating upgrade in the fourth quarter of 2025 reduced the applicable interest rate, and as of June 30, 2026, these notes bear interest at a rate of 6.40%.
As of June 30, 2026, approximately 80% of our long-term indebtedness, excluding our finance lease liability, bore interest at a fixed rate, including variable-rate debt converted to fixed-rate through the use of interest rate swaps (see Note 8. Financial Instruments for additional information). We were in compliance with all of our debt covenants as of June 30, 2026.