Check out the “Basic Display” section for ACF Taxonomy fields:
http://www.advancedcustomfields.com/resources/taxonomy/
<?php
$terms = get_field('explicit_component');
if( $terms ): ?>
<?php foreach( $terms as $term ): ?>
<div id="commitments">
<h3><?php echo $terms['explicit_component_type'][0] -> name; ?></h3>
<p><?php echo $terms['explicit_component_text']; ?></p>
</div>
<?php endforeach; ?>
<?php endif; ?>
