v3.25.4

Credit Arrangements (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Summary of Credit Facilities

The following is a summary of the Company’s revolving credit facilities as of December 31, 2025:

Facility						Interest Rates
$2,000 million (revolving credit facility)						U.S. Dollar Term SOFR plus a margin of 1.25% as of December 31, 2025
$110 million (receivables financing facility)						U.S. Dollar Term SOFR plus a margin of 1.00% plus a 10 basis credit spread adjustment as of December 31, 2025

Summary of Debt

The following table summarizes the Company’s debt at the dates indicated:

						December 31,
(dollars in millions)						2025						2024
Revolving Credit Facility due 2030:
U.S. Dollar denominated borrowings—U.S. Dollar Term SOFR at average floating rates of 4.97%						$	800					$	825
Senior Secured Credit Facilities:
Term A Loan due 2026—U.S. Dollar Term SOFR at floating rates of —%						—						1,197
Term A Loan due 2026—Euribor at floating rates of —%						—						272
Term A Loan due 2030—Euribor at floating rates of 3.33%						290						—
Term A Loan due 2027—U.S. Dollar Term SOFR at floating rates of —%						—						1,094
Term A Loan due 2030—U.S. Dollar Term SOFR at floating rates of 4.99%						2,162						—
Term B Loan due 2025—Euribor at floating rates of —%						—						542
Term B Loan due 2031—U.S Dollar Term SOFR at floating rates of —%						—						1,485
Term B Loan due 2031—U.S Dollar Term SOFR at floating rates of 5.42%						1,965						—
5.700% Senior Secured Notes due 2028—U.S. Dollar denominated						750						750
6.250% Senior Secured Notes due 2029—U.S. Dollar denominated						1,250						1,250
5.0% Senior Notes due 2027—U.S. Dollar denominated						1,100						1,100
5.0% Senior Notes due 2026—U.S. Dollar denominated						1,050						1,050
6.500% Senior Notes due 2030—U.S. Dollar denominated						500						500
6.250% Senior Notes due 2032—U.S. Dollar denominated						2,000						—
2.875% Senior Notes due 2025—Euro denominated						—						436
2.25% Senior Notes due 2028—Euro denominated						845						748
2.875% Senior Notes due 2028—Euro denominated						835						739
1.750% Senior Notes due 2026—Euro denominated						646						572
2.250% Senior Notes due 2029—Euro denominated						1,057						935
Receivables financing facility due 2027—U.S. Dollar Term SOFR at floating rates of 5.00%
Revolving Loan Commitment						110						110
Term Loan						440						440
Principal amount of debt						15,800						14,045
Less: unamortized discount and debt issuance costs						(76)						(62)
Less: current portion						(1,840)						(1,145)
Long-term debt						$	13,884					$	12,838

Contractual Maturities of Long-term Debt

Contractual maturities of long-term debt as of December 31, 2025 are as follows:

(in millions)
2026						$	1,840
2027						1,794
2028						2,574
2029						2,451
2030						3,275
Thereafter						3,866
						$	15,800

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