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v3.25.2

FINANCING ARRANGEMENTS (Tables) | 6 Months Ended
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Jun. 30, 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:
|  |  |  | June 30, 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 |  | — |  |  | — |  |  | 2,187 |  |  | 2,166 |
2025 Credit Agreement |  |  |  |  |  |  |  |  |  |
2030 Revolving Credit Facility |  | April 2030 |  | — |  |  | — |  |  | — |  |  | — |
2030 Term Loan B Facility |  | October 2030 |  | 3,000 |  |  | 2,871 |  |  | — |  |  | — |
AR Credit Facility |  | January 2028 |  | 300 |  |  | 300 |  |  | 300 |  |  | 300 |
B+L Credit Facilities |  |  |  |  |  |  |  |  |  |
B+L May 2027 Revolving Credit Facility |  | May 2027 |  | — |  |  | — |  |  | 110 |  |  | 110 |
B+L May 2027 Term Loan B Facility |  | May 2027 |  | — |  |  | — |  |  | 2,437 |  |  | 2,412 |
B+L May 2027 Incremental Term Loan B Facility |  | May 2027 |  | — |  |  | — |  |  | 400 |  |  | 396 |
B+L September 2028 Term Loan B Facility |  | September 2028 |  | 491 |  |  | 484 |  |  | 494 |  |  | 486 |
B+L 2030 Revolving Credit Facility |  | June 2030 |  | — |  |  | — |  |  | — |  |  | — |
B+L January 2031 Term Loan B Facility |  | January 2031 |  | 2,325 |  |  | 2,298 |  |  | — |  |  | — |
Senior Secured Notes: |  |  |  |  |  |  |  |  |  |
5.50% Secured Notes |  | November 2025 |  | — |  |  | — |  |  | 1,680 |  |  | 1,678 |
6.125% Secured Notes |  | February 2027 |  | — |  |  | — |  |  | 1,000 |  |  | 993 |
5.75% Secured Notes |  | August 2027 |  | — |  |  | — |  |  | 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 |  |  | 600 |  |  | 352 |  |  | 622 |
10.00% Secured Notes |  | April 2032 |  | 4,400 |  |  | 4,339 |  |  | — |  |  | — |
B+L Senior Secured Notes: |  |  |  |  |  |  |  |  |  |
B+L 8.375% Secured Notes |  | October 2028 |  | 1,400 |  |  | 1,385 |  |  | 1,400 |  |  | 1,382 |
B+L January 2031 Senior Secured Notes |  | January 2031 |  | 796 |  |  | 784 |  |  | — |  |  | — |
9.00% Intermediate Holdco Secured Notes |  | January 2028 |  | — |  |  | — |  |  | 999 |  |  | 1,279 |
Senior Unsecured Notes: |  |  |  |  |  |  |  |  |  |
9.00% |  | December 2025 |  | — |  |  | — |  |  | 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 |  |  | 450 |  |  | 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 |  |  |  | $ | 21,150 |  |  | 21,738 |  |  | $ | 20,480 |  |  | 21,616 |
Less: Current portion of long-term debt |  |  |  | 879 |  |  |  |  | 2,674 |
Non-current portion of long-term debt and other |  |  |  | $ | 20,859 |  |  |  |  | $ | 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) |  | Principal Amount |  |  |  |
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 | Maturities of debt obligations for the remainder of 2025, the five succeeding years ending December 31 and thereafter are as follows:
(in millions) |
Remainder of 2025 | $ | 29 |
2026 | 660 |
2027 | 701 |
2028 | 6,223 |
2029 | 1,663 |
2030 | 4,018 |
Thereafter | 7,856 |
Total debt obligations | 21,150 |
Unamortized premiums, discounts and issuance costs | (291) |
Total long-term debt and other | $ | 20,859 |

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