Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2026

Long-term debt consists of the following (in millions):


				As of
	Maturity Date	Interest Rate (a)		March 31, 2026		December 31, 2025
Term Loan B	Sep 21, 2030	5.418	%	$	4,467	$	4,479
Term Loan A	Sep 21, 2028	4.668	%	1,235		1,243

First Lien Senior Notes	Jan 15, 2028	3.875	%	1,550		1,550
First Lien Senior Notes	Feb 15, 2029	3.500	%	750		750
First Lien Senior Notes	Jun 15, 2029	6.125	%	1,200		1,200
First Lien Senior Notes	Sep 15, 2029	5.625	%	500		500
Second Lien Senior Notes	Jan 15, 2028	4.375	%	750		750
Second Lien Senior Notes	Oct 15, 2030	4.000	%	2,900		2,900

Less: unamortized deferred financing costs and deferred issuance discount				(84)		(90)
Total debt, net				13,268		13,282
Less: current maturities of debt				(40)		(32)
Total long-term debt				$	13,228	$	13,250

Schedule of 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 notes	13,352		13,372

Schedule of Interest Expense, Net

Interest expense, net consists of the following (in millions):


	Three Months Ended March 31,
	2026		2025
Debt (a)	$	119	$	127
Finance lease obligations	4		5
Amortization of deferred financing costs and debt issuance discount	6		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.