XML 45 R20.htm IDEA: XBRL DOCUMENT v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt
10. Debt
Long-term debt as of December 31 was:
in $ millionsEffective interest rate20252024
Senior Notes (U.S. Dollar denominated unless otherwise noted)
3.875% Senior Notes due 2025
3.93%–1,250
1.250% euro Senior Notes due 2026
1.25%882780
3.400% Senior Notes due 2027
3.49%600600
4.000% euro Senior Notes due 2027
4.13%588520
3.950% Senior Notes due 2028
4.07%900900
1.375% euro Senior Notes due 2028
1.42%705624
5.200% Senior Notes due 2029
5.30%750750
4.125% Sterling Senior Notes due 2029
4.22%539501
5.125% Senior Notes due 2030
5.25%1,250–
1.625% euro Senior Notes due 2030
1.72%882780
4.400% Senior Notes due 2031
4.58%1,000–
4.000% euro Senior Notes due 2031
4.10%882780
6.400% Senior Notes due 2033 (i)
6.43%213213
5.400% Senior Notes due 2034
5.52%750750
5.500% Senior Notes due 2035
5.57%1,250–
4.250% euro Senior Notes due 2035
4.38%882780
5.000% Senior Notes due 2036
5.15%1,000–
5.125% Senior Notes due 2045
5.25%500500
4.400% Senior Notes due 2047
4.44%400400
4.500% Senior Notes due 2048
4.63%600600
5.875% Senior Notes due 2055
5.97%500–
5.600% Senior Notes due 2056
5.74%500–
Bank and Other Debt Obligations
USD interest-bearing loan due 20274.96%750750
PHP interest-bearing loan due 20275.68%391379
AUD interest-bearing loan due 20285.26%411–
AUD interest-bearing loan due 20295.07%–478
AUD interest-bearing loan due 20304.82%258–
U.S. Dollar Commercial Paper–1,189
Euro Commercial Paper2.20%170347
Other obligations7848
Unamortized discounts and debt issuance costs(98)(68)
Total long-term debt (ii)17,53313,851
Less: current portion of long-term debt (iii)(1,055)(2,882)
Long-term debt16,47810,969
(i)     The $300 million 6.400% Senior Notes were issued in September 2003, and at the time of issuance the Senior Notes were partially swapped to floating interest rates. In August 2009 and December 2010, $87 million of the issued Senior Notes were acquired by the Company as part of liability management exercises undertaken and the interest rate hedge was closed out. The remaining fair value hedge adjustment on the hedged item in the Consolidated Balance Sheets was $23 million and $27 million as of December 31, 2025 and 2024, respectively.
(ii)     Of the Company’s nominal fixed rate debt as of December 31, 2025 and December 31, 2024, $500 million and $1,375 million, respectively, was hedged to daily compounded SOFR using interest rate swaps. Of the Company’s nominal floating rate debt as of December 31, 2025 and December 31, 2024, $nil million and $140 million, respectively, was hedged to fixed rates using interest rate swaps.
(iii)     Excludes borrowings from bank overdrafts of $120 million and $117 million, which are recorded within Current portion of long-term debt in the Consolidated Balance Sheets as of December 31, 2025 and 2024, respectively.
Senior Notes:
The Senior Notes are issued by wholly-owned subsidiaries of the Company and carry full and unconditional guarantees from the Company, as defined in the indentures that govern them. These Senior Notes represent senior unsecured obligations of the Company and hold an equal standing in payment priority with the Company's existing and future senior unsubordinated indebtedness.
With the exception of the 6.400% Senior Notes due 2033, all other Senior Notes can be redeemed before their respective par call dates, at a make-whole redemption price. Post par call dates and before the respective maturity dates, the Senior Notes can be redeemed at a price equal to 100% of the principal amount, along with any accrued and unpaid interest.
In the event of a change-of-control repurchase event, the Company is obligated to offer repurchase options for the 3.400% Senior Notes due 2027, 3.950% Senior Notes due 2028, 5.200% Senior Notes due 2029, 5.125% Senior Notes due 2030, 4.400% Senior Notes due 2031, 5.400% Senior Notes due 2034, 5.500% Senior Notes due 2035, 5.000% Senior Notes due 2036, 5.125% Senior Notes due in 2045, 4.400% Senior Notes due 2047, 4.500% Senior Notes due 2048, 5.875% Senior Notes due 2055 and 5.600% Senior Notes due 2056. This repurchase involves a cash payment equal to 101% of the principal amount, along with any accrued and unpaid interest.
If the Company's credit rating falls below investment-grade, the Company would be required to make an additional coupon step-up payment on the 5.125% Senior Notes due 2045. The increase is 25 basis points per rating notch per agency, capped at 100 basis points per agency. However, this coupon step-up would reverse if the Company returns to an investment-grade rating.
In January 2025, wholly-owned subsidiaries of the Company completed the issuance of $1,250 million 5.125% Senior Notes due 2030, $1,250 million 5.500% Senior Notes due 2035, and $500 million 5.875% Senior Notes due 2055. In May 2025, $1.25 billion 3.875% Senior Notes due 2025 were repaid on maturity. In October 2025, a wholly-owned subsidiary of the Company completed the issuance of $1,000 million 4.400% Senior Notes due 2031, $1,000 million 5.000% Senior Notes due 2036, and $500 million 5.600% Senior Notes due 2056. The Notes are fully and unconditionally guaranteed by the Company as to the principal, interest, premium, if any, and any other amounts payable in respect of them.
Bank Debt:
The Company maintains a multi-currency RCF with a syndicate of lenders. The RCF offers a senior unsecured revolving credit facility of €3,500 million over five years, maturing May 11, 2030. Borrowings under the RCF bear interest at rates based upon an underlying base rate, plus a margin determined in accordance with a ratings-based pricing grid. Base rates include SOFR for U.S. Dollar, EURIBOR for euros, SONIA for Sterling, and SARON for Swiss Francs, respectively. A commitment fee is payable on a quarterly basis based on a percentage of the applicable margin and calculated on the daily undrawn amount of the facility.
The deferred financing costs associated with the RCF were $5 million as of December 31, 2025. The total potential credit available through this arrangement is €3,500 million, inclusive of the ability to issue letters of credit.
As of December 31, 2025, and 2024, there were no outstanding borrowings or letters of credit issued under this facility and the undrawn committed facility available to be drawn by the Company as of December 31, 2025, was $4,115 million (€3,500 million equivalent).
The RCF includes customary terms and conditions for investment-grade borrowers. There are no financial covenants.
In December 2024, the Company entered into a new $750 million two-year fixed rate term loan facility which was fully drawn. In December 2025, this facility was extended by one year to 2027.
Philippines (PHP) Debt:
The Company's subsidiary, Republic Cement & Building Materials, Inc., has entered into a number of committed credit arrangements with local banks totaling $0.4 billion (PHP22.5 billion). The Company does not guarantee these facilities. The funds drawn from these facilities carry a combination of fixed and floating interest rates.
Australian (AUD) Debt:
In July 2024, the Company acquired Adbri which had committed credit agreements with a range of banks and credit institutions totaling $0.6 billion (AUD0.9 billion). The funds drawn from these facilities carried a combination of fixed and floating interest rates. In November 2025, Adbri entered into a new credit facility with a range of banks and credit institutions totaling $0.8 billion (AUD1.2 billion). Funds were initially drawn to retire a portion of Adbri's existing credit facilities. The Company does not provide a guarantee for this facility. The funds drawn from this facility carry floating interest rates.
Commercial Paper:
As of December 31, 2025, the Company had a $4,000 million U.S. Dollar Commercial Paper Program and a €1,500 million Euro Commercial Paper Program. The purpose of these programs is to provide short-term liquidity as required. The Company’s RCF supports the commercial paper programs with a separate €750 million swingline sublimit which allows for same-day drawing in either euro or U.S Dollar. Commercial paper borrowings may vary during the period, largely as a result of fluctuations in funding requirements.
The long-term debt maturities, net of the unamortized discounts and debt issuance costs, for the periods subsequent to December 31, 2025, are as follows:
in $ millions202620272028202920302031 and thereafterTotal
Long-term debt maturities1,0552,2372,0001,3582,3158,56817,533