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v3.25.2

Debt | 6 Months Ended
--- | ---
Jun. 30, 2025
Debt Disclosure [Abstract] |
Debt | 8. Debt Long-term debt was:
|  | June 30 | December 31 | June 30
in $ millions | Effective interest rate | 2025 | 2024 | 2024
Long-term debt |  |
(U.S. Dollar denominated unless otherwise noted) |  |  |  |
3.875% Senior Notes due 2025 | 3.93 | % | – | 1,250 | 1,250
1.250% euro Senior Notes due 2026 | 1.25 | % | 879 | 780 | 802
3.400% Senior Notes due 2027 | 3.49 | % | 600 | 600 | 600
4.000% euro Senior Notes due 2027 | 4.13 | % | 586 | 520 | 535
3.950% Senior Notes due 2028 | 4.07 | % | 900 | 900 | 900
1.375% euro Senior Notes due 2028 | 1.42 | % | 703 | 624 | 642
5.200% Senior Notes due 2029 | 5.30 | % | 750 | 750 | 750
4.125% Sterling Senior Notes due 2029 | 4.22 | % | 548 | 501 | 506
5.125% Senior Notes due 2030 | 5.25 | % | 1,250 | – | –
1.625% euro Senior Notes due 2030 | 1.72 | % | 879 | 780 | 802
4.000% euro Senior Notes due 2031 | 4.10 | % | 879 | 780 | 802
6.400% Senior Notes due 2033 (i) | 6.43 | % | 213 | 213 | 213
5.400% Senior Notes due 2034 | 5.52 | % | 750 | 750 | 750
5.500% Senior Notes due 2035 | 5.57 | % | 1,250 | – | –
4.250% euro Senior Notes due 2035 | 4.38 | % | 879 | 780 | 802
5.125% Senior Notes due 2045 | 5.25 | % | 500 | 500 | 500
4.400% Senior Notes due 2047 | 4.44 | % | 400 | 400 | 400
4.500% Senior Notes due 2048 | 4.63 | % | 600 | 600 | 600
5.875% Senior Notes due 2055 | 5.97 | % | 500 | – | –
USD interest bearing loan due 2026 | 4.96 | % | 750 | 750 | –
PHP interest bearing loan due 2027 | 5.89 | % | 410 | 379 | 386
AUD interest bearing loan due 2029 | 4.66 | % | 483 | 478 | –
U.S. Dollar Commercial Paper | 4.76 | % | 1,002 | 1,189 | 1,260
Euro Commercial Paper | – |  | – | 347 | 498
Other |  | 78 | 48 | 33
Unamortized discounts and debt issuance costs |  | (83) | (68) | (72)
Total long-term debt (ii) |  | 15,706 | 13,851 | 12,959
Less: current portion of long-term debt (iii) |  | (1,064) | (2,882) | (3,059)
Long-term debt |  | 14,642 | 10,969 | 9,900
(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 Condensed Consolidated Balance Sheets was $25 million, $27 million, and $28 million at June 30, 2025, December 31, 2024, and June 30, 2024, respectively. (ii) Of the Company’s nominal fixed rate debt at June 30, 2025, December 31, 2024, and June 30, 2024, $500 million, $1,375 million and $1,375 million, respectively, was hedged to daily compounded Secured Overnight Financing Rate (SOFR) using interest rate swaps. Of the Company’s nominal floating rate debt at June 30, 2025, December 31, 2024, and June 30, 2024, $nil million, $140 million, and $nil million, respectively, was hedged to fixed rates using interest rate swaps. (iii) Excludes borrowings from bank overdrafts of $107 million, $117 million and $159 million, which are recorded within Current portion of long-term debt in the Condensed Consolidated Balance Sheets at June 30, 2025, December 31, 2024, and June 30, 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, 5.400% Senior Notes due 2034, 5.500% Senior Notes due 2035, 5.125% Senior Notes due 2045, 4.400% Senior Notes due 2047, 4.500% Senior Notes due 2048 and 5.875% Senior Notes due 2055. 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 May 2025, $1.25 billion 3.875% Senior Notes due 2025 were repaid on maturity. Bank Debt: The Company maintains a multi-currency Revolving Credit Facility (the '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, Euro Interbank Offer Rate (EURIBOR) for euros, Sterling Overnight Index Average (SONIA) for Sterling, and Swiss Average Rate Overnight (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 $6 million at June 30, 2025. The total potential credit available through this arrangement is €3,500 million, inclusive of the ability to issue letters of credit. At June 30, 2025, December 31, 2024, and June 30, 2024, there were no outstanding borrowings or letters of credit issued under the RCF and the undrawn committed facilities available to be drawn by the Company at June 30, 2025 were $4,104 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. Philippines (PHP) Debt: In March 2017, the Company's subsidiary, Republic Cement & Building Materials, Inc., entered into a credit arrangement with the Bank of the Philippine Islands. The Company does not provide a guarantee for this facility. The initial credit agreement provided for total commitments of PHP12.5 billion for a 10-year term, which was later expanded to PHP22.5 billion. The funds drawn from this facility carry a combination of fixed and floating interest rates. Australian (AUD) Debt: In July 2024, the Company acquired Adbri which has committed credit agreements with a range of banks and credit institutions totaling AUD940 million. The Company does not provide a guarantee for these facilities. The funds drawn from these facilities carry a combination of fixed and floating interest rates. Commercial Paper: At June 30, 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 June 30, 2025 are as follows:
in $ millions | Remainder of 2025 | 2026 | 2027 | 2028 | 2029 | 2030 and thereafter | Total
Long-term debt maturities | 1,064 | 2,939 | 1,478 | 1,457 | 2,744 | 6,024 | 15,706

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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