v3.26.1
Long-Term Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consists of the following (in millions):
As of
Maturity DateInterest Rate (a) March 31,
2026		December 31,
2025
Term Loan BSep 21, 20305.418 %$4,467 $4,479 
Term Loan ASep 21, 20284.668 %1,235 1,243 
First Lien Senior NotesJan 15, 20283.875 %1,550 1,550 
First Lien Senior NotesFeb 15, 20293.500 %750 750 
First Lien Senior NotesJun 15, 20296.125 %1,200 1,200 
First Lien Senior NotesSep 15, 20295.625 %500 500 
Second Lien Senior NotesJan 15, 20284.375 %750 750 
Second Lien Senior NotesOct 15, 20304.000 %2,900 2,900 
Less: unamortized deferred financing costs and deferred issuance discount(84)(90)
Total debt, net13,268 13,282 
    Less: current maturities of debt(40)(32)
Total long-term debt$13,228 $13,250 
(a)Represents the interest rate on Term Loan B and Term Loan A as of March 31, 2026.
Revolving Credit Facility
As of March 31, 2026, we had no amounts outstanding under our Revolving Credit Facility, had $2 million of letters of credit issued against the Revolving Credit Facility, and our borrowing availability under our Revolving Credit Facility was $1,248 million. Funds available under the Revolving Credit Facility may be used to repay other debt, finance debt or equity repurchases, fund acquisitions or capital expenditures, and for other general corporate purposes. We have a $125 million letter of credit sublimit as part of the Revolving Credit Facility, which reduces our borrowing availability thereunder by the cumulative amount of outstanding letters of credit.
Restrictions and Covenants
As of March 31, 2026, we were in compliance with all applicable financial debt covenants under our senior secured term loan A and B facilities and Revolving Credit Facility (together the “Credit Facilities”), and the indentures governing our 3.875% First Lien Senior Notes due 2028, 3.50% First Lien Senior Notes due 2029, 6.125% First Lien Senior Notes due 2029, 5.625% First Lien Senior Notes due 2029, 4.375% Second Lien Senior Notes due 2028, and 4.00% Second Lien Senior Notes due 2030 (together, the “Senior Notes”).
Fair Value Measurement
The following table presents the fair value of our variable rate term debt and senior notes, estimated using inputs based on bid and offer prices that are Level 2 inputs, and principal carrying amount (in millions):
As of
March 31,
2026		December 31,
2025
Fair value of our variable term debt and senior notes$13,116 $13,266 
Principal carrying amount of our variable term debt and senior notes13,352 13,372 
Interest Expense, net
Interest expense, net consists of the following (in millions):
Three Months Ended
March 31,
20262025
Debt (a)$119 $127 
Finance lease obligations4 5 
Amortization of deferred financing costs and debt issuance discount6 6 
Interest income(6)(8)
    Interest expense, net$123 $130 
(a)Amount includes $20 million and $26 million benefit during the three months ended March 31, 2026 and 2025, respectively, related to our interest rate swaps. Amount includes $22 million benefit during the three months ended March 31, 2026 and 2025, related to the quarterly net settlements of our cross-currency rate swaps and amortization of the Excluded Component as defined in Note 10, Derivative Instruments.