Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt

Schedule of debt

The aggregate principal amounts and aggregate carrying amounts, including a bifurcated compound exchange feature and unamortized debt-related balances, such as discounts, premiums and issue costs, were as follows (in millions):


		Principal amount							Carrying amount
		March 31,			December 31,				March 31,			December 31,
		2026			2025				2026			2025
7.45% Notes due April 2027		$	52		$	52			$	52		$	52
8.00% Debentures due April 2027			22			22				22			22
4.50% Shipyard Loans due September 2027			179			209				173			202
8.375% Senior Secured Notes due February 2028			—			425				—			421
7.00% Notes due June 2028			209			209				210			210
8.00% Senior Secured Notes due September 2028			200			235				198			233
8.25% Senior Notes due May 2029			900			900				890			889
4.625% Senior Guaranteed Exchangeable Bonds due September 2029			259			259				450			292
8.75% Senior Secured Notes due February 2030			822			881				810			868
7.50% Notes due April 2031			396			396				395			395
8.50% Senior Notes due May 2031			900			900				888			888
7.875% Senior Guaranteed Notes due October 2032			500			500				493			493
6.80% Senior Notes due March 2038			610			610				606			605
7.35% Senior Notes due December 2041			88			88				87			87
Total debt			5,137			5,686				5,274			5,657

Less debt due within one year
4.50% Shipyard Loans due September 2027			151			136				146			129
8.375% Senior Secured Notes due February 2028			—			135				—			133
8.00% Senior Secured Notes due September 2028			70			70				69			69
8.75% Senior Secured Notes due February 2030			117			117				114			114
Total debt due within one year			338			458				329			445
Total long-term debt		$	4,799		$	5,228			$	4,945		$	5,212

Scheduled installments and maturities of debt

At March 31, 2026, scheduled repayments were as follows (in millions):


		Total
Twelve months ending March 31,
2027		$	338
2028			220
2029			457
2030			1,629
2031			—
Thereafter			2,493
Total principal amount of debt			5,137
Total unamortized debt-related balances, net			(142)
Bifurcated compound exchange feature, at estimated fair value			279
Total carrying amount of debt		$	5,274

Schedule of convertible debt

We recognized interest expense for our exchangeable bonds as follows (in millions):


		Three months ended
		March 31,
		2026			2025
Contractual interest		$	3		$	5
Amortization			5			6
(Gain) loss on adjustment to bifurcated compound exchange feature			153			(36)
Total		$	161		$	(25)