v3.25.4

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt

Long-term Debt

​

​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
​	​ ​ ​	2025		​ ​ ​	2024
Secured Credit Agreement:	​	​	​	​	​	​	​
Revolving Credit Facility:	​	​	​	​	​	​	​
Revolving Loans	​	$	—	​	$	—	​
Term Loans:	​	​	​	​	​	​	​
Term Loans A	​	​	799	​		​	​
Term Loans B	​	​	643	​	​	​	​
Previous Secured Credit Agreement:	​	​	​	​		​	​
Term Loans:	​	​	​	​	​	​	​
Term Loans A	​	​	​	​	​	1,338	​
Senior Notes:	​	​	​	​	​	​	​
5.375%, due 2025	​	​	​	​	​	17	​
2.875%, due 2025 ( €176 million at December 31, 2024)	​	​	​	​	​	183	​
6.625%, due 2027	​	​	610	​	​	609	​
6.250%, due 2028 (€600 million)	​	​	700	​	​	619	​
5.250%, due 2029 (€500 million)	​	​	581	​	​	514	​
4.750%, due 2030	​	​	397	​	​	397	​
7.250%, due 2031	​	​	684	​	​	683	​
7.375%, due 2032	​	​	297	​	​	296	​
Finance leases	​	​	174	​	​	195	​
Other	​		18	​		8	​
Total long-term debt	​		4,903	​		4,859	​
Less amounts due within one year	​		66	​		306	​
Long-term debt	​	$	4,837	​	$	4,553	​

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

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​		​	​		​	​		​
​	​ ​ ​	Principal Amount		​ ​ ​	Indicated Market Price		​ ​ ​	Fair Value		​
Senior Notes:	​	​	​	​	​	​	​	​	​	​
6.625%, due 2027	​	$	612		​	100.16	​	$	613	​
6.250%, due 2028 (€600 million)	​	​	704		​	103.00	​	​	725	​
5.250%, due 2029 (€500 million)	​	​	587	​	​	103.21	​	​	606	​
4.750%, due 2030	​	​	400	​	​	96.86	​	​	387	​
7.250%, due 2031	​	​	690	​	​	102.20	​	​	705	​
7.375%, due 2032	​	​	300	​	​	101.47	​	​	304	​
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

​

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