v3.26.1
LONG-TERM DEBT
 6 Months Ended
Jun. 30, 2026
Long-Term Debt and Lease Obligation [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
The table below presents our long‑term debt included in the accompanying Condensed Consolidated Balance Sheets:
 June 30, 2026December 31, 2025
Senior unsecured notes:  
6.125% due 2028
$1,750 $1,750 
6.875% due 2031
362 362 
6.000% due 2033
750 750 
Senior secured first lien notes:  
5.125% due 2027
1,500 1,500 
4.625% due 2028
600 600 
4.250% due 2029
1,400 1,400 
4.375% due 2030
1,450 1,450 
6.125% due 2030
2,000 2,000 
6.750% due 2031
1,350 1,350 
5.500% due 2032
1,500 1,500 
Finance leases, mortgages and other notes671 603 
Unamortized issue costs and note discounts(85)(94)
Total long-term debt13,248 13,171 
Less: Current portion160 79 
Long-term debt, net of current portion$13,088 $13,092 
At June 30, 2026, we had senior unsecured notes and senior secured notes with aggregate principal amounts outstanding of $12.662 billion. These notes have fixed interest rates ranging from 4.250% to 6.875% and require semi‑annual interest payments in arrears. Payment of the principal and any accrued but unpaid interest is due upon the maturity date of the respective notes, which dates are staggered from November 2027 through November 2033.
We have a senior secured revolving credit facility (the “Credit Agreement”) that provides for revolving loans in an aggregate principal amount of up to $1.900 billion with a $200 million subfacility for standby letters of credit. Our borrowing availability, which is calculated by reference to a borrowing base that is determined by specified percentages of eligible accounts receivable, eligible inventory and Medicaid supplemental payments, was $1.900 billion at June 30, 2026. On that date, we had no cash borrowings and less than $1 million of standby letters of credit outstanding under the Credit Agreement.
In addition, we have a letter of credit facility (as amended to date, the “LC Facility”) that provides for the issuance, from time to time, of standby and documentary letters of credit in an aggregate principal amount of up to $200 million. At June 30, 2026, we had $105 million of standby letters of credit outstanding under the LC Facility.