v3.24.2
Credit Arrangements
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Credit Arrangements Credit Arrangements
The following is a summary of the Company’s revolving credit facilities as of June 30, 2024:
Facility
Interest Rates
$2,000 million (revolving credit facility)
U.S. Dollar Term SOFR plus a margin of 1.25% plus a 10 basis credit spread adjustment as of June 30, 2024
$110 million (receivables financing facility)
U.S. Dollar Term SOFR plus a margin of 0.90% plus a 11 basis credit spread adjustment as of June 30, 2024
The following table summarizes the Company’s debt at the dates indicated:
(dollars in millions)June 30, 2024December 31, 2023
Revolving Credit Facility due 2026:
U.S. Dollar denominated borrowings—U.S. Dollar Term SOFR at average floating rates of —%
$— $100 
Senior Secured Credit Facilities:
Term A Loan due 2026—U.S. Dollar Term SOFR at average floating rates of 6.69%
1,234 1,270 
Term A Loan due 2026—Euribor at average floating rates of 4.97%
289 306 
Term A Loan due 2027—U.S. Dollar Term SOFR at average floating rates of 6.69%
1,125 1,156 
Term B Loan due 2025—Euribor at average floating rates of 5.72%
559 576 
Term B Loan due 2031—U.S. Dollar Term SOFR at average floating rates of 7.34%
1,493 1,500 
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 
2.875% Senior Notes due 2025—Euro denominated
450 464 
2.25% Senior Notes due 2028—Euro denominated
772 795 
2.875% Senior Notes due 2028—Euro denominated
762 785 
1.750% Senior Notes due 2026—Euro denominated
589 607 
2.250% Senior Notes due 2029—Euro denominated
965 993 
Receivables financing facility due 2024—U.S. Dollar Term SOFR at average floating rates of 6.34%:
Revolving Loan Commitment— 110 
Term Loan440 440 
Principal amount of debt13,328 13,752 
Less: unamortized discount and debt issuance costs(70)(79)
Less: current portion(1,167)(718)
Long-term debt$12,091 $12,955 
Contractual maturities of long-term debt as of June 30, 2024 are as follows:
(in millions)
Remainder of 2024$524 
20251,176 
20263,105 
20272,084 
20282,299 
Thereafter4,140 
$13,328 
Senior Secured Credit Facilities
As of June 30, 2024, the Company’s Fifth Amended and Restated Credit Agreement provided financing through several senior secured credit facilities of up to $6,695 million, which consisted of $4,700 million principal amounts of debt outstanding (as detailed in the table above), and $1,995 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 $1,175 million senior secured revolving facility available in U.S. dollars, a $600 million senior secured revolving facility available in U.S. dollars, Euros, Swiss Francs and other foreign currencies, and a $225 million senior secured revolving facility available in U.S. dollars and Yen.
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, 2024, the Company was in compliance in all material respects with the financial covenants under the Company’s financing arrangements