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Long-term Corporate Debt and Borrowing Arrangements | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Long-term Corporate Debt and Borrowing Arrangements | Long-term Corporate Debt and Borrowing Arrangements Long-term corporate debt and borrowing arrangements consisted of:
|  |  | As of |  | As of
| Maturity |  | September 30, |  | December 31,
| Date |  | 2024 |  | 2023
4.750% euro-denominated Senior Notes | January 2026 |  | $ | — |  |  | $ | 386 |
5.750% Senior Notes | July 2027 |  | 739 |  |  | 736 |
4.750% Senior Notes | April 2028 |  | 500 |  |  | 500 |
7.000% euro-denominated Senior Notes | February 2029 |  | 668 |  |  | — |
5.375% Senior Notes | March 2029 |  | 600 |  |  | 600 |
8.250% Senior Notes | January 2030 |  | 700 |  |  | — |
7.250% euro-denominated Senior Notes | July 2030 |  | 669 |  |  | 441 |
8.000% Senior Notes | February 2031 |  | 497 |  |  | 497 |
Floating Rate Term Loan (a) | August 2027 |  | 1,156 |  |  | 1,164 |
Floating Rate Term Loan (b) | March 2029 |  | 522 |  |  | 524 |
Other (c) |  |  | 24 |  |  | 30 |
Deferred financing fees |  |  | (70) |  |  | (55) |
Total |  |  | 6,005 |  |  | 4,823 |
Less: Short-term debt and current portion of long-term debt |  |  | 540 |  |  | 32 |
Long-term debt |  |  | $ | 5,465 |  |  | $ | 4,791 |
________ (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 September 30, 2024, the floating rate term loan due 2027 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 1.75%, for an aggregate rate of 6.71%. 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%. (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 September 30, 2024, the floating rate term loan due 2029 bears interest at one-month SOFR plus 3.00%, for an aggregate rate of 7.95%. In October 2024, the floating rate term loan due 2029 was fully repaid. See Note 18 – Subsequent Events. (c)Primarily includes finance leases, which are secured by liens on the related assets. In February 2024, we issued €600 million of 7.000% euro-denominated Senior Notes due February 2029, at par, with interest payable semi-annually. In April 2024, we used the net proceeds from the offering to redeem all of our outstanding 4.750% euro-denominated Senior Notes due January 2026 plus accrued interest, with the remainder being used for general corporate purposes. In May 2024, we issued an additional €200 million of 7.250% euro-denominated Senior notes due July 2030, at 100.25% of their face value, with interest payable semi-annually. In September 2024, we issued $700 million of 8.250% Senior Notes due January 2030, at par, with interest payable semi-annually. Net proceeds from the offering will be used to repay all of the outstanding borrowings under our floating rate term loan due 2029, with the remainder being used for general corporate purposes. Committed Credit Facilities and Available Funding Arrangements As of September 30, 2024, 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 |  |  | $ | — |  |  | $ | 1,464 |  |  | $ | 536 |
________ (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, liens on substantially all of our intellectual property and certain other real and personal property. As of September 30, 2024, we had other uncommitted standby letter of credit facilities (“SBLC facilities”) with an additional letter of credit capacity of up to $400 million. As of September 30, 2024, letters of credit totaling $288 million have been issued on our SBLC facilities. 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 September 30, 2024, we were in compliance with the financial covenants governing our indebtedness.

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