Long-term Corporate Debt and Borrowing Arrangements

3 Months Ended

Mar. 31, 2025

Long-term Corporate Debt and Borrowing Arrangements

Long-term debt and other borrowing arrangements consisted of:


		As of		As of
	Maturity	March 31,		December 31,
	Date	2025		2024
5.750% Senior Notes	July 2027	741		740
4.750% Senior Notes	April 2028	500		500
7.000% euro-denominated Senior Notes	February 2029	649		621
5.375% Senior Notes	March 2029	600		600
8.250% Senior Notes	January 2030	700		700
7.250% euro-denominated Senior Notes	July 2030	649		622
8.000% Senior Notes	February 2031	497		497
Floating Rate Term Loan (a)	December 2025	488		—
Floating Rate Term Loan (b)	August 2027	1,150		1,153
Other (c)		22		20
Deferred financing fees		(59)		(60)
Total		5,937		5,393
Less: Short-term debt and current portion of long-term debt		508		20
Long-term debt		$	5,429	$	5,373

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(a)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of March 31, 2025, the floating rate term loan due 2025 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 2.00%, for an aggregate rate of 6.42%.

(b)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of March 31, 2025, the floating rate term loan due 2027 bears interest at one-month SOFR plus 1.75%, for an aggregate rate of 6.19%. We have entered into a swap to hedge $750 million of interest rate exposure related to the floating rate term loan at an aggregate rate of 3.26%.

(c)Primarily includes finance leases, which are secured by liens on the related assets.

In February 2025, we borrowed $500 million under a floating rate term loan due December 2025, which is part of our senior revolving credit facilities.

Committed Credit Facilities and Available Funding Arrangements

As of March 31, 2025, the committed corporate credit facilities available to us and/or our subsidiaries were as follows:


	Total Capacity		Outstanding Borrowings		Letters of Credit Issued		Available Capacity
Senior revolving credit facility maturing 2028 (a)	$	2,000	$	—	$	1,441	$	559

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(a)The senior revolving credit facility bears interest at one-month SOFR plus 2.00% and is part of our senior credit facilities, which include the floating rate term loan and the senior revolving credit facility, and which are secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property.

As of March 31, 2025, we have other uncommitted standby letter of credit facilities (“SBLC facilities”) with an additional letter of credit capacity of up to $462 million. As of March 31, 2025, letters of credit totaling $405 million have been issued on our SBLC facilities, which results in a remaining available capacity of approximately $57 million.

Debt Covenants

The agreements governing our indebtedness contain restrictive covenants, including restrictions on dividends paid to us by certain of our subsidiaries, the incurrence of additional indebtedness and/or liens by us and certain of our subsidiaries, acquisitions, mergers, liquidations, and sale and leaseback transactions. Our senior credit facility also contains a maximum leverage ratio requirement. As of March 31, 2025, we were in compliance with the financial covenants governing our indebtedness.