Debt (Tables)

6 Months Ended

Jun. 30, 2025

The Company's debt consists of the following (in millions):


	Weighted Average Effective Interest Rate at June 30, 2025	Weighted Average Stated Interest Rate at June 30, 2025	Fixed or Floating Interest Rate	Maturity	June 30, 2025		December 31, 2024
Senior Notes
2027 Notes	5.61%	5.50%	Fixed	2027	$	1,200	$	1,200
2029 Notes	6.91%	6.63%	Fixed	2029	800		800
2030 Notes	7.25%	7.00%	Fixed	2030	1,650		—
2033 Notes	7.43%	7.25%	Fixed	2033	1,100		—
Other Debt
New ABL Credit Facility	N/A	5.42%	Floating	2030	2,389		—
Prior ABL Credit Facility	N/A	N/A	N/A	N/A	—		1,621
Term Loan Facility	6.56%	6.32%	Floating	2032	750		—
AR Facility	N/A	5.18%	Floating	2025	357		400
Finance lease liabilities	4.44%	N/A	Fixed	2025-2044	78		77
Unamortized debt issuance costs and debt discount(a)					(50)		(12)
Total debt					8,274		4,086
Less: Current maturities of long-term debt					(23)		(17)
Total long-term debt, net					$	8,251	$	4,069

(a) Unamortized debt issuance costs totaling $13 million related to the New ABL Credit Facility and AR Facility (as each is defined below) as of June 30, 2025 and $6 million related to the Prior ABL Credit Facility and AR Facility (as each is defined below) as of December 31, 2024, are included in "Other long-term assets" in the condensed consolidated balance sheets.

Schedule of Borrowing Capacity and Availability on Line of Credit

After outstanding borrowings, the following was available to the Company under the New ABL Credit Facility and AR Facility as of June 30, 2025 (in millions):


	Remaining Capacity		Availability Under Borrowing Base Limitation
New ABL Credit Facility	$	1,562	$	1,562
AR Facility	43		16
Total	$	1,605	$	1,578