v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
The Company’s debt obligations consisted of the following:
As of
(In millions)March 31, 2026December 31, 2025
Fixed-rate debt:
Private placement notes300 300 
Unsecured senior notes, due April 2027 - October 20343,850 3,850 
Subtotal$4,150 $4,150 
Less: current maturities of debt(148)(148)
Unamortized discounts and debt issuance costs(21)(22)
Interest rate swap - fair value adjustment(2)(2)
Total long-term debt$3,979 $3,978 
Receivables Securitization Facility
The Company maintains a Receivables Securitization Facility (the “Receivables Facility”) which is primarily governed by the Receivables Purchase Agreement, dated July 31, 2013, as amended from time to time (the “Receivables Purchase Agreement”). Pursuant to an Omnibus Amendment and Consent to the Receivables Purchase Agreement dated March 13, 2026, the Maximum Net Investment, as defined in the Receivables Purchase Agreement, was reduced by $15 million. As a result, the Receivables Facility now consists of funding for up to $900 million, terminating on October 29, 2027. The Company maintains the ability to increase the aggregate total available amount under the Receivables Facility up to a total of $1.5 billion, subject to lender participation. As of March 31, 2026, no borrowings were outstanding under the Receivables Facility.
Revolving Credit Facility
The Company, pursuant to a revolving credit agreement (the “Revolving Credit Agreement”), maintains a revolving credit facility that has aggregate total available credit commitments of $1.5 billion (the “Revolving Facility”). The Revolving Credit Agreement provides the Company with the ability to increase the aggregate capacity of the facility by $500 million under certain conditions, including the receipt of additional or increased lender commitments. As of March 31, 2026, no borrowings were outstanding under the Revolving Facility.
On April 2, 2026, the Company extended the stated maturity date of the commitments under the Revolving Facility from April 2, 2030 to April 2, 2031 by utilizing one of the two extension options available in the Revolving Credit Agreement.
Private Placement Notes
In November 2026, $150 million of private placement notes will mature.
Other
The Company was in compliance with all debt covenants that were in effect as of March 31, 2026.