v3.26.1
FINANCING ARRANGEMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of long-term debt
Principal amounts of debt obligations and principal amounts of debt obligations net of premiums, discounts and issuance costs consist of the following:
June 30, 2026December 31, 2025
(in millions)MaturityPrincipal AmountNet of Premiums, Discounts and Issuance CostsPrincipal AmountNet of Premiums, Discounts and Issuance Costs
Senior Secured Credit Facilities:
2025 Credit Agreement
2030 Revolving Credit FacilityApril 2030$— $— $— $— 
2030 Term Loan B FacilityOctober 20302,970 2,866 2,985 2,869 
B+L Credit Facilities
B+L September 2028 Term Loan B FacilitySeptember 2028— — 489 483 
B+L 2030 Revolving Credit FacilityJune 2030150 150 100 100 
B+L January 2031 Term Loan B FacilityJanuary 2031— — 2,313 2,286 
B+L January 2031 Refinancing Term FacilityJanuary 20312,795 2,766 — — 
Senior Secured Notes:
4.875% Secured Notes
June 2028803 800 803 799 
11.00% First Lien Secured Notes
September 2028888 1,111 888 1,155 
14.00% Second Lien Secured Notes
October 2030352 556 352 578 
10.00% Secured Notes
April 20326,000 6,246 6,000 6,284 
B+L Senior Secured Notes:
B+L 8.375% Secured Notes
October 20281,400 1,389 1,400 1,387 
B+L January 2031 Secured NotesJanuary 2031771 761 792 781 
Senior Unsecured Notes: 
8.50%
January 2027643 643 643 643 
7.00%
January 2028171 171 171 171 
5.00%
January 2028433 432 433 432 
6.25%
February 2029821 818 821 817 
5.00%February 2029452 450 452 450 
7.25%
May 2029336 335 336 335 
5.25%
January 2030779 775 779 775 
5.25%February 2031463 460 463 460 
OtherVarious12 12 12 12 
Total long-term debt and other $20,239 20,741 $20,232 20,817 
Less: Current portion of long-term debt and other 866 225 
Non-current portion of long-term debt$19,875 $20,592 
The aggregate principal amounts of the February 2027 Term Loan B Facility repaid in full and terminated and the Redeemed Notes redeemed in connection with the April 2025 Refinancing Transactions are set forth below:
(in millions)Principal Amount
February 2027 Term Loan B Facility$2,156 
5.50% Senior Secured Notes due 2025
1,680 
6.125% Senior Secured Notes due 2027
1,000 
5.75% Senior Secured Notes due 2027
500 
9.00% Intermediate Holdco Secured Notes due 2028
999 
9.00% Senior Unsecured Notes due 2025
535 
Total$6,870 
Schedule of long-term debt maturities
Maturities of debt obligations for the remainder of 2026, the five succeeding years ending December 31 and thereafter are as follows:
(in millions)
Remainder of 2026$29 
2027701 
20283,766 
20291,667 
20304,173 
20313,903 
Thereafter6,000 
Total debt obligations20,239 
Unamortized premiums, discounts and issuance costs502 
Total long-term debt and other$20,741