DEBT (Tables)

3 Months Ended

Mar. 31, 2026

As of March 31, 2026 and December 31, 2025, our long-term debt consisted of the following:



	March 31,		December 31,
	2026		2025		Interest Rate	Maturity

	(in millions)

Revolving Credit Facility	$	25	$	—	SOFR plus 2.50%-3.50% ABR plus 1.50%-2.50%(a)	March 16, 2029


2029 Senior Notes	550		900		8.250%	June 15, 2029
2034 Senior Notes	750		400		7.000%	January 15, 2034
Principal amount	1,325		$	1,300
Unamortized debt discount and issuance costs	(18)		(19)
Unamortized premium	3		2


Long-term debt, net	$	1,310	$	1,283

(a)Refer to Note 15 Subsequent Events for more information on a recent amendment to the Revolving Credit Facility that reduced our interest rate pricing by 25 basis points and an additional 10 basis point incremental savings through the elimination of the SOFR credit spread adjustment.

As shown in the table below, we estimate the fair value of our fixed rate 2029 Senior Notes and 2034 Senior Notes based on known prices from market transactions (using Level 1 inputs on the fair value hierarchy).


	March 31,		December 31,
	2026		2025

	(in millions)
Variable rate debt	$	25	$	—
Fixed rate debt

2029 Senior Notes	576		943
2034 Senior Notes	756		394
Fair Value of Long-Term Debt	$	1,357	$	1,337

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details