NOTE 7 - DEBT AND CREDIT FACILITIES The following represents a summary of our long-term debt: | | | | | | | | | | | | | | | | | | | | | | (In millions) | | Debt Instrument | | Annual Effective
Interest Rate | | June 30,
2026 | | December 31,
2025 | | Senior Unsecured Notes: | | | | | | | 4.625% 2029 Senior Notes | | 4.625% | | 368 | | | 368 | | 6.875% 2029 Senior Notes | | 6.875% | | 900 | | | 900 | | 6.750% 2030 Senior Notes | | 6.750% | | 750 | | | 750 | | 4.875% 2031 Senior Notes | | 4.875% | | 325 | | | 325 | | 7.500% 2031 Senior Notes | | 7.500% | | 850 | | | 850 | | 7.000% 2032 Senior Notes | | 7.054% | | 1,425 | | | 1,425 | | 7.375% 2033 Senior Notes | | 7.375% | | 900 | | | 900 | | 7.625% 2034 Senior Notes | | 7.516% | | 1,125 | | | 1,125 | | 6.250% 2040 Senior Notes | | 6.340% | | 235 | | | 235 | | | ABL Facility | | Variable1 | | 895 | | | 452 | | | Total principal amount | | | | 7,773 | | | 7,330 | | | Unamortized discounts and issuance costs | | | | (70) | | | (77) | | | Total long-term debt | | | | $ | 7,703 | | | $ | 7,253 | | | | | | | | | 1 Our ABL Facility annual effective interest rate was 5.143% as of June 30, 2026. |
ABL FACILITY As of June 30, 2026, we were in compliance with the ABL Facility liquidity requirements and, therefore, the springing financial covenant requiring a minimum fixed charge coverage ratio of 1.0 to 1.0 was not applicable. The following represents a summary of our borrowing capacity under our ABL Facility: | | | | | | | | | | (In millions) | | June 30,
2026 | Available borrowing base on ABL Facility1 | | $ | 3,969 | | | Borrowings | | (895) | | Letter of credit obligations2 | | (60) | | | Borrowing capacity available | | $ | 3,014 | | | | | 1 As of June 30, 2026, our ABL Facility has a maximum available borrowing base of $4.75 billion. The borrowing base is determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment. | 2 We issued standby letters of credit with certain financial institutions in order to support business obligations, including, but not limited to, operating agreements, employee severance, environmental obligations, workers' compensation and insurance obligations. |
DEBT MATURITIES The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding as of June 30, 2026 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2026 | | 2027 | | 2028 | | 2029 | | 2030 | | Thereafter | | Total | | $ | — | | | $ | — | | | $ | 895 | | | $ | 1,268 | | | $ | 750 | | | $ | 4,860 | | | $ | 7,773 | |
|