v3.24.3
Credit Arrangements (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Summary of Credit Facilities
The following is a summary of the Company’s revolving credit facilities as of September 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 September 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 September 30, 2024
Summary of Debt
The following table summarizes the Company’s debt at the dates indicated:
(dollars in millions)September 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 6.20%
1,216 1,270 
Term A Loan due 2026—Euribor at average floating rates of 4.60%
296 306 
Term A Loan due 2027—U.S. Dollar Term SOFR at average floating rates of 6.41%
1,109 1,156 
Term B Loan due 2025—Euribor at average floating rates of 5.35%
583 576 
Term B Loan due 2031—U.S. Dollar Term SOFR at average floating rates of 6.60%
1,489 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
469 464 
2.25% Senior Notes due 2028—Euro denominated
804 795 
2.875% Senior Notes due 2028—Euro denominated
793 785 
1.750% Senior Notes due 2026—Euro denominated
614 607 
2.250% Senior Notes due 2029—Euro denominated
1,005 993 
Receivables financing facility due 2027—U.S. Dollar Term SOFR at average floating rates of 6.22%:
Revolving Loan Commitment110 110 
Term Loan440 440 
Principal amount of debt13,578 13,752 
Less: unamortized discount and debt issuance costs(66)(79)
Less: current portion(1,219)(718)
Long-term debt$12,293 $12,955 
Schedule of Contractual Maturities of Long-term Debt
Contractual maturities of long-term debt as of September 30, 2024 are as follows:
(in millions)
Remainder of 2024$42 
20251,219 
20263,141 
20272,634 
20282,362 
Thereafter4,180 
$13,578