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Credit Arrangements (Tables)
12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Summary of Credit Facilities
The following is a summary of the Company’s revolving credit facilities as of December 31, 2023:
FacilityInterest Rates
$2,000 million (revolving credit facility)
U.S. Dollar Term SOFR plus a margin of 1.25% plus a 10 basis credit spread adjustment as of December 31, 2023
$110 million (receivables financing facility)
U.S. Dollar Term SOFR plus a margin of 0.90% plus a 11 basis credit spread adjustment as of December 31, 2023
Summary of Debt
The following table summarizes the Company’s debt at the dates indicated:
December 31,
(dollars in millions)20232022
Revolving Credit Facility due 2026:
U.S. Dollar denominated borrowings—U.S. Dollar Term SOFR at average floating rates of 6.71%
$100 $425 
Senior Secured Credit Facilities:
Term A Loan due 2026—U.S. Dollar Term SOFR at average floating rates of 6.71%
1,270 1,343 
Term A Loan due 2026—Euribor at average floating rates of 5.18%
306 314 
Term A Loan due 2027—U.S. Dollar Term SOFR at average floating rates of 6.74%
1,156 1,219 
Term B Loan due 2024—Euribor at average floating rates of —%
 1,172 
Term B Loan due 2025—U.S. Dollar Term SOFR at average floating rates of —%
 670 
Term B Loan due 2025—U.S. Dollar Term SOFR at average floating rates of —%
 860 
Term B Loan due 2025—Euribor at average floating rates of 5.93%
576 559 
Term B Loan due 2031—U.S Dollar Term SOFR at average floating rates of 7.35%
1,500 — 
5.700% Senior Secured Notes due 2028—U.S. Dollar denominated
750  
6.250% Senior Secured Notes due 2029—U.S. Dollar denominated
1,250  
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 
6.500% Senior Notes due 2030—U.S. Dollar denominated
500 — 
2.875% Senior Notes due 2025—Euro denominated
464 450 
2.25% Senior Notes due 2028—Euro denominated
795 771 
2.875% Senior Notes due 2028—Euro denominated
785 761 
1.750% Senior Notes due 2026—Euro denominated
607 589 
2.250% Senior Notes due 2029—Euro denominated
993 964 
Receivables financing facility due 2024—U.S. Dollar Term SOFR at average floating rates of 6.36%
Revolving Loan Commitment110 110 
Term Loan440 440 
Principal amount of debt13,752 12,797 
Less: unamortized discount and debt issuance costs(79)(50)
Less: current portion(718)(152)
Long-term debt$12,955 $12,595 
Contractual Maturities of Long-term Debt
Contractual maturities of long-term debt as of December 31, 2023 are as follows:
(in millions)
2024$718 
20251,207 
20263,231 
20272,084 
20282,345 
Thereafter4,167 
$13,752