Credit Arrangements (Tables)

12 Months Ended

Dec. 31, 2021

The following is a summary of the Company’s revolving credit facilities as of December 31, 2021:


Facility						Interest Rates
$1,500 million (revolving credit facility)						LIBOR in the relevant currency borrowed plus a margin of 1.25% as of December 31, 2021
$110 million (receivables financing facility)						LIBOR Market Index Rate (0.10% as of December 31, 2021) plus 0.90%

Summary of Debt

The following table summarizes the Company’s debt at the dates indicated:


	December 31,
(dollars in millions)	2021		2020
Revolving Credit Facility due 2026:
U.S. Dollar denominated borrowings—U.S. Dollar LIBOR at average floating rates of 1.35%	$	100	$	—
Senior Secured Credit Facilities:
Term A Loan due 2023—U.S. Dollar	—		728
Term A Loan due 2023—U.S. Dollar	—		766
Term A Loan due 2026—U.S. Dollar LIBOR at average floating rates of 1.47%	1,415		—
Term A Loan due 2023—Euro	—		400
Term A Loan due 2026—Euro LIBOR at average floating rates of 1.25%	351		—
Term B Loan due 2024—U.S. Dollar LIBOR at average floating rates of 1.85%	510		535
Term B Loan due 2024—Euro LIBOR at average floating rates of 2.00%	1,242		1,413
Term B Loan due 2025—U.S. Dollar LIBOR at average floating rates of 1.85%	670		726
Term B Loan due 2025—U.S. Dollar LIBOR at average floating rates of 1.97%	860		926
Term B Loan due 2025—Euro LIBOR at average floating rates of 2.00%	592		697
5.0% Senior Notes due 2027—U.S. Dollar denominated	1,100		1,100
5.0% Senior Notes due 2026—U.S. Dollar denominated	1,050		1,050
2.875% Senior Notes due 2025—Euro denominated	476		515
3.25% Senior Notes due 2025—Euro denominated	—		1,748
2.25% Senior Notes due 2028—Euro denominated	817		883
2.875% Senior Notes due 2028—Euro denominated	807		872
1.750% Senior Notes due 2026—Euro denominated	624		—
2.250% Senior Notes due 2029—Euro denominated	1,021		—
Receivables financing facility due 2022—U.S. Dollar LIBOR	—		240
Receivables financing facility due 2024—U.S. Dollar LIBOR at average floating rates of 1.00%	550		—
Principal amount of debt	12,185		12,600
Less: unamortized discount and debt issuance costs	(60)		(67)
Less: current portion	(91)		(149)
Long-term debt	$	12,034	$	12,384

Contractual Maturities of Long-term Debt

Contractual maturities of long-term debt as of December 31, 2021 are as follows:


(in millions)
2022	$	91
2023	91
2024	2,392
2025	2,690
2026	3,178
Thereafter	3,743
	$	12,185

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details