DEBT (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Short-term Debt

Short-Term Debt and Current Portion of Long-Term Debt is comprised of the following:

In millions	March 31, 2025		December 31, 2024
Short-Term Borrowings	$	19	$	18
Current Portion of Finance Leases	6		7
Current Portion of Long-Term Debt	16		14
Total	$	41	$	39

Schedule of Long-term Debt Instruments

Long-Term Debt is comprised of the following:

In millions	March 31, 2025		December 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 Leases	143		145
Other	3		3
Total Long-Term Debt Including Current Portion	5,716		5,191
Less: Current Portion	22		21
Total Long-term Debt Excluding Current Portion	5,694		5,170
Less: Unamortized Debt Deferred Issuance Costs	24		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.

Schedule of Credit Facilities

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 millions	Total Commitments		Total Outstanding		Total Available(a)
Senior Secured Domestic Revolving Credit Facility	$	1,900	$	1,050	$	848
Senior Secured International Revolving Credit Facility	195		67		128
Other International Facilities	49		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.