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Long-Term Debt (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | The following is a summary of Organon’s total debt:
($ in millions) | March 31, 2025 |  | December 31, 2024
Term Loan B Facility: |  |  |
SOFR plus 225 bps term loan due 2031 | $ | 1,543 |  |  | $ | 1,543 |
EURIBOR plus 275 bps euro-denominated term loan due 2031 (€722 million in 2025 and €724 million in 2024) | 779 |  |  | 755 |
4.125% secured notes due 2028 | 2,100 |  |  | 2,100 |
2.875% euro-denominated secured notes due 2028 (€1.25 billion) | 1,348 |  |  | 1,304 |
5.125% notes due 2031 | 2,000 |  |  | 2,000 |
6.750% secured notes due 2034 | 500 |  |  | 500 |
7.875% notes due 2034 | 500 |  |  | 500 |
Revenue Interest Purchase and Sale Agreement (1) | 169 |  |  | 165 |
NovaQuest Funding Agreement (1) | 103 |  |  | 103 |
Other borrowings | 7 |  |  | 7 |
Other (discounts and debt issuance costs) | (93) |  |  | (97) |
Total principal long-term debt | $ | 8,956 |  |  | $ | 8,880 |
Less: Current portion of long-term debt | 20 |  |  | 20 |
Total Long-term debt, net of current portion | $ | 8,936 |  |  | $ | 8,860 |
(1) Recognized at the amortized cost basis. The remaining principal is determined as the initial fair value less principal payments. As of March 31, 2025, the remaining principal of the revenue interest purchase and sale agreement (the “RIPSA”) the Company assumed in connection with its acquisition of Dermavant and the NovaQuest Co-Investment Fund VIII, L.P. (“NovaQuest”) debt is $156 million and $102 million, respectively.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | Long-term debt was recorded at the carrying amount. The estimated fair value of long-term debt (including current portion) is as follows:
($ in millions) |  | Fair Value Measurement Level |  | March 31, 2025 |  | December 31, 2024
Long-term debt |  | 2 |  | $ | 8,273 |  |  | $ | 8,354 |
Long-term debt (RIPSA & NovaQuest) |  | 3 |  | 272 |  |  | 268 |
Schedule of Maturities on Long-term Debt | The schedule of principal payments required on long-term debt for the next five years, exclusive of $14 million of accrued interest related to the RIPSA and NovaQuest debt, and thereafter are as follows:
($ in millions) |
2025 | $ | 6 |
2026 | 25 |
2027 | 62 |
2028 | 3,490 |
2029 | 9 |
Thereafter | 5,443 |

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