v3.26.1
LONG-TERM OBLIGATIONS (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
Long-term debt is summarized as follows (in millions):

June 30,
2026		December 31,
2025
5% Senior Notes due May 15, 2029, net of unamortized debt issuance costs of $3 million at June 30, 2026 and December 31, 2025
$597 $597 
6.25% Senior Notes due October 15, 2032, net of unamortized debt issuance costs of $13 million and $15 million at June 30, 2026 and December 31, 2025, respectively
737 735 
Credit Agreement – term debt due October 8, 2031 (“New Term Facility”, as defined below), net of unamortized debt issuance costs of $16 million and $17 million at June 30, 2026 and December 31, 2025, respectively; and unamortized original issue discount of $5 million at June 30, 2026 and December 31, 2025
1,214 1,218 
Credit Agreement - revolving line of credit expires on October 8, 2029
110 — 
Secured borrowings20 21 
Finance lease obligations9 11 
Other— 2 
Total debt2,687 2,584 
Less: Current portion of long-term debt(4)(6)
Long-term debt, less current portion$2,683 $2,578 
Schedule of Debt
Letters of credit outstanding (in millions):
June 30, 2026December 31, 2025
$500 Million Facility
$— $— 
$400 Million Facility
127 45 
Bilateral Arrangements7 5 
Total$134 $50 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The Company estimates the fair value of its debt set forth below as of June 30, 2026, as follows (in millions, except for quotes):
 Book ValueQuoteFair Value
5% Notes$600 0.99000 $594 
6.25% Notes
750 1.01250 759 
New Term Facility (net of discount)
1,230 1.00000 1,230