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FINANCING ARRANGEMENTS (Tables)

3 Months Ended

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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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-1

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