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v3.25.1

FINANCING ARRANGEMENTS (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of long-term debt | Principal amounts of debt obligations and principal amounts of debt obligations net of premiums, discounts and issuance costs consist of the following:
|  |  |  | March 31, 2025 |  | December 31, 2024
(in millions) |  | Maturity |  | Principal Amount |  | Net of Premiums, Discounts and Issuance Costs |  | Principal Amount |  | Net of Premiums, Discounts and Issuance Costs
Senior Secured Credit Facilities: |  |  |  |  |  |  |  |  |  |
2022 Amended Credit Agreement |  |  |  |  |  |  |  |  |  |
2027 Revolving Credit Facility |  | February 2027 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
February 2027 Term Loan B Facility |  | February 2027 |  | 2,156 |  |  | 2,138 |  |  | 2,187 |  |  | 2,166 |
AR Credit Facility |  | January 2028 |  | 300 |  |  | 300 |  |  | 300 |  |  | 300 |
B+L Credit Facilities |  |  |  |  |  |  |  |  |  |
B+L Revolving Credit Facility |  | May 2027 |  | 160 |  |  | 160 |  |  | 110 |  |  | 110 |
B+L May 2027 Term Loan B Facility |  | May 2027 |  | 2,431 |  |  | 2,408 |  |  | 2,437 |  |  | 2,412 |
B+L May 2027 Incremental Term Loan B Facility |  | May 2027 |  | 398 |  |  | 394 |  |  | 400 |  |  | 396 |
B+L September 2028 Term Loan B Facility |  | September 2028 |  | 492 |  |  | 485 |  |  | 494 |  |  | 486 |
Senior Secured Notes: |  |  |  |  |  |  |  |  |  |
5.50% Secured Notes |  | November 2025 |  | 1,680 |  |  | 1,678 |  |  | 1,680 |  |  | 1,678 |
6.125% Secured Notes |  | February 2027 |  | 1,000 |  |  | 993 |  |  | 1,000 |  |  | 993 |
5.75% Secured Notes |  | August 2027 |  | 500 |  |  | 498 |  |  | 500 |  |  | 498 |
4.875% Secured Notes |  | June 2028 |  | 1,600 |  |  | 1,590 |  |  | 1,600 |  |  | 1,589 |
11.00% First Lien Secured Notes |  | September 2028 |  | 1,774 |  |  | 2,394 |  |  | 1,774 |  |  | 2,481 |
14.00% Second Lien Secured Notes |  | October 2030 |  | 352 |  |  | 622 |  |  | 352 |  |  | 622 |
B+L Senior Secured Notes: |  |  |  |  |  |  |  |  |  |
B+L 8.375% Secured Notes |  | October 2028 |  | 1,400 |  |  | 1,384 |  |  | 1,400 |  |  | 1,382 |
9.00% Intermediate Holdco Secured Notes |  | January 2028 |  | 999 |  |  | 1,240 |  |  | 999 |  |  | 1,279 |
Senior Unsecured Notes: |  |  |  |  |  |  |  |  |  |
9.00% |  | December 2025 |  | 535 |  |  | 534 |  |  | 535 |  |  | 533 |
9.25% |  | April 2026 |  | 602 |  |  | 601 |  |  | 602 |  |  | 601 |
8.50% |  | January 2027 |  | 643 |  |  | 643 |  |  | 643 |  |  | 643 |
7.00% |  | January 2028 |  | 171 |  |  | 171 |  |  | 171 |  |  | 171 |
5.00% |  | January 2028 |  | 433 |  |  | 431 |  |  | 433 |  |  | 431 |
6.25% |  | February 2029 |  | 821 |  |  | 816 |  |  | 821 |  |  | 816 |
5.00% |  | February 2029 |  | 452 |  |  | 449 |  |  | 452 |  |  | 449 |
7.25% |  | May 2029 |  | 336 |  |  | 335 |  |  | 336 |  |  | 335 |
5.25% |  | January 2030 |  | 779 |  |  | 774 |  |  | 779 |  |  | 774 |
5.25% |  | February 2031 |  | 463 |  |  | 460 |  |  | 463 |  |  | 459 |
Other |  | Various |  | 12 |  |  | 12 |  |  | 12 |  |  | 12 |
Total long-term debt and other |  |  |  | $ | 20,489 |  |  | 21,510 |  |  | $ | 20,480 |  |  | 21,616 |
Less: Current portion of long-term debt |  |  |  | 282 |  |  |  |  | 2,674 |
Non-current portion of long-term debt and other |  |  |  | $ | 21,228 |  |  |  |  | $ | 18,942 |
The aggregate principal amounts of the February 2027 Term Loan B Facility repaid in full and terminated and the Redeemed Notes redeemed, in connection with the April 2025 Refinancing Transactions are set forth below:
(in millions) |  |  |  |
February 2027 Term Loan B Facility |  | $ | 2,156 |  |  |
5.50% Senior Secured Notes due 2025 |  | 1,680 |  |  |
6.125% Senior Secured Notes due 2027 |  | 1,000 |  |  |
5.75% Senior Secured Notes due 2027 |  | 500 |  |  |
9.00% Intermediate Holdco Secured Notes due 2028 |  | 999 |  |  |
9.00% Senior Unsecured Notes due 2025 |  | 535 |  |  |
Total |  | $ | 6,870 |  |  |
Schedule of long-term debt maturities | As a result of the April 2025 Refinancing Transactions, the maturities of the Company’s principal balances of debt obligations as of April 8, 2025 were as follows:
(in millions) |  | Remainder of 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | 2031 and 2032 |  | Total |
Total debt obligations |  | $ | 45 |  |  | $ | 672 |  |  | $ | 3,675 |  |  | $ | 6,199 |  |  | $ | 1,640 |  |  | $ | 3,995 |  |  | $ | 4,863 |  |  | $ | 21,089 |  |

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