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DEBT
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Short-Term Debt and Current Portion of Long-Term Debt is comprised of the following:

In millionsMarch 31, 2025December 31, 2024
Short-Term Borrowings$19 $18 
Current Portion of Finance Leases6 7 
Current Portion of Long-Term Debt16 14 
Total
$41 $39 
Long-Term Debt is comprised of the following:

In millionsMarch 31, 2025December 31, 2024
Senior Notes with interest payable semi-annually at 1.512%, effective rate of 1.51%, payable in 2026(a)
$400 $400 
Senior Notes with interest payable semi-annually at 4.75%, effective rate of 4.77%, payable in 2027(a)
300 300 
Senior Notes with interest payable semi-annually at 3.50%, effective rate of 3.52%, payable in 2028(a)
450 450 
Senior Notes with interest payable semi-annually at 3.50%, effective rate of 3.53%, payable in 2029(a)
350 350 
Senior Notes (€290 million) with interest payable semi-annually at 2.625%, effective rate of 2.65%, payable in 2029(a)
314 300 
Senior Notes with interest payable semi-annually at 3.75%, effective rate of 3.78%, payable in 2030(a)
400 400 
Senior Notes with interest payable semi-annually at 6.375%, effective rate of 6.45%, payable in 2032(a)
500 500 
Green Bond, net of unamortized premium with interest payable at 4.00%, effective rate of 1.71%, payable in 2026(a)
103 104 
Senior Secured Term Loan A-2 Facility with interest payable quarterly at 2.67%, effective rate of 2.68% payable in 2028(a)
425 425 
Senior Secured Term Loan A-3 Facility with interest payable monthly payable at floating rates (6.17% at March 31, 2025), effective rate of 6.19%, payable in 2028(a)
250 250 
Senior Secured Term Loan A-5 Facility with interest payable monthly payable at floating rates (6.17% at March 31, 2025), effective rate of 6.19%, payable in 2029(a)
50 50 
Senior Secured Term Loan A-6 Facility with interest payable monthly payable at floating rates (6.17% at March 31, 2025), effective rate of 6.19%, payable in 2029(a)
200 200 
Senior Secured Term Loan A-1 Facilities with interest payable at various dates at floating rates (5.92% at March 31, 2025) payable through 2029(a)
494 497 
Senior Secured Term Loan Facility (€200 million) with interest payable at various dates at floating rates (3.90% at March 31, 2025) payable through 2029(a)
217 207 
Senior Secured Revolving Credit Facilities with interest payable at floating rates (5.88% at March 31, 2025) payable in 2029(a)(b)
1,117 610 
Finance Leases143 145 
Other3 3 
Total Long-Term Debt Including Current Portion5,716 5,191 
Less: Current Portion22 21 
Total Long-term Debt Excluding Current Portion5,694 5,170 
Less: Unamortized Debt Deferred Issuance Costs24 25 
Total Long-Term Debt$5,670 $5,145 
(a) Guaranteed by Graphic Packaging International Partners, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company (“GPIP”) and certain domestic subsidiaries.
(b) The year-to-date weighted average effective interest rates for the Company’s Senior Secured Revolving Credit Facilities were 5.87% and 6.65% as of March 31, 2025 and December 31, 2024, respectively.
At March 31, 2025, the Company and its U.S. and international subsidiaries had the following commitments, amounts outstanding and amounts available under revolving credit facilities:

In millionsTotal CommitmentsTotal Outstanding
Total Available(a)
Senior Secured Domestic Revolving Credit Facility$1,900 $1,050 $848 
Senior Secured International Revolving Credit Facility195 67 128 
Other International Facilities49 22 27 
Total$2,144 $1,139 $1,003 
(a) In accordance with its debt agreements, the Company’s availability under its revolving credit facilities has been reduced by the amount of standby letters of credit issued of $2 million as of March 31, 2025, which expire at various dates through 2025 unless extended. The Company also had $30 million of standby letters of credit issued under a separate unsecured facility as of March 31, 2025, which do not have any impact on the Company's availability under its revolving credit facilities. The standby letters of credit are primarily related to the Company's workers' compensation programs and project development activities.

Covenant Agreements

The Covenants in the Company's Fifth Amended and Restated Credit Agreement (the “Current Credit Agreement”) and the supplemental indentures governing the 1.512% Senior Notes due 2026, 4.75% Senior Notes due 2027, 3.50% Senior Notes due 2028, 3.50% Senior Notes due 2029, 2.625% Senior Notes due 2029, 3.75% Senior Notes due 2030 and 6.375% Senior Notes due 2032 (the “Indentures”), limit the Company's ability to incur additional indebtedness. Additional covenants contained in the Current Credit Agreement and the Indentures may, among other things, restrict the ability of the Company to dispose of assets, incur guarantee obligations, prepay other indebtedness, repurchase stock, pay dividends and make other restricted payments, create liens, make equity or debt investments, make acquisitions, modify terms of the Indentures, engage in mergers or consolidations, change the business conducted by the Company and its subsidiaries, and engage in certain transactions with affiliates. Such restrictions could limit the Company’s ability to respond to changing market conditions, fund its capital spending program, provide for unexpected capital investments or take advantage of business opportunities.

As of March 31, 2025, the Company was in compliance with the covenants in the Current Credit Agreement and the Indentures.