v3.25.2
DEBT (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Outstanding
The following is a summary of long-term debt:
MaturityJune 30,December 31,
TitleTypeInterest RateDate20252024
(millions)
2029 Notes
Senior Notes (a)
4.125%2029$1,100 $1,100 
2031 Notes
Senior Notes (a)
4.375%20311,000 1,000 
2032 Notes
Senior Notes (b), (c)
4.300%2032600 600 
2034 Notes
Senior Notes (a), (c)
5.800%2034650 650 
Long-term debt principal3,350 3,350 
Unamortized debt discount(1)(1)
Unamortized debt issuance costs (28)(30)
Long-term debt, net$3,321 $3,319 
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(a) Interest payable semi-annually in arrears each June 15 and December 15.
(b) Interest payable semi-annually in arrears each April 15 and October 15.
(c) The collateral was released on May 16, 2025 following an Investment Grade Event under the respective indentures. In the event of a Reversion Event (as defined in the respective indentures), the collateral is required to be reinstated in accordance with the respective indentures.
Schedule of Availability Under the Revolving Credit Facility
The following table presents the availability under the Revolving Credit Facility:
June 30,
2025
(millions)
Total availability
Revolving Credit Facility, expiring December 2029 (a)
$1,000 
Amounts outstanding
Revolving Credit Facility borrowings (b)
25 
Letters of credit16 
41 
Net availability $959 
______________________________
(a) The collateral was released on May 16, 2025 following an Investment Grade Event under the Credit Agreement. To the extent the collateral is reinstated under either of the 2032 Notes or the 2034 Notes, the collateral would also be reinstated under the Credit Agreement
(b) The weighted average interest rate for Revolving Credit Facility borrowings outstanding was 5.66% as of June 30, 2025