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Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt

Long-term Debt

​

​	​	​	​	​	​	​	​	​	​	​
​	​	September 30,		​	December 31,		​	September 30,		​
​		2025			2024			2024		​
Secured Credit Agreement:	​	​	​	​	​	​	​	​	​	​
Revolving Credit Facility:	​	​	​	​	​	​	​	​	​	​
Revolving Loans	​	$	90	​	$	—	​	$	—	​
Term Loans:	​	​	​	​	​	​	​	​	​	​
Term Loans A	​	​	798	​	​	​	​	​	​	​
Term Loans B	​	​	643	​	​	​	​	​	​	​
Previous Secured Credit Agreement:	​	​	​	​	​	​	​	​	​	​
Term Loans:	​	​	​	​	​	​	​	​	​	​
Term Loans A	​	​	​	​	​	1,338	​	​	1,392	​
Senior Notes:	​	​	​	​	​	​	​	​	​	​
3.125%, due 2024 (€58 million at September 30, 2024)	​	​	​	​	​	​	​	​	65	​
5.375%, due 2025	​	​	​	​	​	17	​	​	17	​
2.875%, due 2025 (€176 million at December 31, 2024 and September 30, 2024)	​	​	​	​	​	183	​	​	197	​
6.625%, due 2027	​	​	610	​	​	609	​	​	609	​
6.250%, due 2028 (€600 million)	​	​	699	​	​	619	​	​	663	​
5.250%, due 2029 (€500 million)	​	​	580	​	​	514	​	​	551	​
4.750%, due 2030	​	​	397	​	​	397	​	​	397	​
7.250%, due 2031	​	​	684	​	​	683	​	​	682	​
7.375%, due 2032	​	​	296	​	​	296	​	​	296	​
Finance leases	​	​	178	​	​	195	​	​	198	​
Other	​		9	​	​	8	​	​	1	​
Total long-term debt	​		4,984	​		4,859	​	​	5,068	​
Less amounts due within one year	​		38	​	​	306	​	​	359	​
Long-term debt	​	$	4,946	​	$	4,553	​	$	4,709	​

Fair values of the Company's significant fixed rate debt obligations

​	​	​	​	​	​	​	​	​	​	​
​	​	Principal		​	Indicated Market		​	​		​
​		Amount			Price			Fair Value		​
Senior Notes:	​	​	​	​	​	​	​	​	​	​
6.625%, due 2027	​	$	612	​	​	99.99	​	$	612	​
6.250%, due 2028 (€600 million)	​	​	704	​	​	103.33	​	​	727	​
5.250%, due 2029 (€500 million)	​	​	587	​	​	103.02	​	​	605	​
4.750%, due 2030	​	​	400	​	​	95.56	​	​	382	​
7.250%, due 2031	​	​	690	​	​	101.80	​	​	702	​
7.375%, due 2032	​	​	300	​	​	101.12	​	​	303	​

​

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