v3.26.1
DEBT
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
June 30, 2026December 31, 2025
$600 million senior unsecured notes maturing in 2027—5.750%
$600 $600 
$400 million senior unsecured notes maturing in 2028—4.375%
399 399 
$500 million senior unsecured notes maturing in 2028—5.050%
500 500 
$600 million senior unsecured notes maturing in 2029—5.250%
600 600 
$450 million senior unsecured notes maturing in 2030—5.750%
440 440 
$450 million senior unsecured notes maturing in 2031—5.375%
450 450 
$500 million senior unsecured notes maturing in 2032—5.750%
500 500 
$350 million senior unsecured notes maturing in 2034—5.500%
350 350 
$400 million senior unsecured notes maturing in 2035—5.400%
400 400 
Variable rate term loan50 51 
Floating average rate loan18 19 
Total debt excluding finance lease obligations, unamortized discounts, and unamortized deferred financing fees4,307 4,309 
Finance lease obligations3 3 
Unamortized discounts and unamortized deferred financing fees(29)(34)
Total debt4,281 4,278 
Less: current maturities of long-term debt(605)(6)
Total long-term debt$3,676 $4,272 
Senior Notes Issuances—During the six months ended June 30, 2025, we issued $500 million of 5.050% senior notes due 2028 at an issue price of 99.905% (the "2028 Notes") and $500 million of 5.750% senior notes due 2032 at an issue price of 99.936% (the "2032 Notes"). We received $990 million of net proceeds, after deducting $10 million of underwriting discounts and other offering expenses. We used the net proceeds to fund a portion of the purchase consideration for the Playa Hotels Acquisition (see Note 7). Interest is payable semi-annually on March 30 and September 30 of each year and commenced on September 30, 2025.
Senior Notes Repayment—During the six months ended June 30, 2025, we repaid the outstanding $450 million of 5.375% senior notes due 2025 (the "2025 Notes") at maturity for $460 million, inclusive of $10 million of accrued interest.
Delayed Draw Term Loan Facility—During the three months ended June 30, 2025, we entered into a credit agreement with a syndicate of lenders for a $1,700 million delayed draw term loan facility (the "DDTL Facility") and borrowed $1,700 million (the "DDTL Loans"). We received $1,694 million of proceeds, net of $6 million of issuance costs, which we used to finance the Playa Hotels Acquisition (see Note 7), repay certain indebtedness of Playa Hotels and its subsidiaries as described below, and pay related fees and expenses. During the year ended December 31, 2025, we repaid the outstanding $1,700 million of DDTL Loans.
Playa Hotels Term Loan Repayment—During the three months ended June 30, 2025, in conjunction with the Playa Hotels Acquisition, we repaid the outstanding balance of an assumed term loan for $1,078 million, inclusive of $3 million of accrued interest, on the acquisition date (see Note 7).
Revolving Credit Facility—During both the six months ended June 30, 2026 and June 30, 2025, we had no borrowings or repayments on our revolving credit facility in effect for each of the respective periods. At both June 30, 2026 and December 31, 2025, we had no balance outstanding. At June 30, 2026, we had $1,497 million of borrowing capacity available under our revolving credit facility, net of letters of credit outstanding (see Note 13).
Fair Value—The following table summarizes the fair value of our debt, which includes the senior unsecured notes above (collectively, the "Senior Notes") and other long-term debt and excludes finance lease obligations, unamortized discounts, and unamortized deferred financing fees:
June 30, 2026December 31, 2025
Level Two—Significant Other Observable Inputs
Senior Notes$4,286 $4,349 
Level Three—Significant Unobservable Inputs
Other long-term debt69 71