Long-term debt and finance leases consisted of the following:


(In millions, except rates)	June 30, 2026		December 31, 2025		Interest rate %
Recourse debt:
Senior Notes, due 2028	$	821	$	821	5.750
Senior Notes, due 2029	733		733		5.250
Senior Notes, due 2029	500		500		3.375
Senior Notes, due 2029	798		798		5.750
Senior Notes, due 2031	1,030		1,030		3.625
Senior Notes, due 2032	480		480		3.875
Senior Notes, due 2033	925		925		6.000
Senior Notes, due 2034	950		950		6.250
Senior Notes, due 2034	1,250		1,250		5.750
Senior Notes, due 2034	1,050		—		5.875
Senior Notes, due 2036	2,400		2,400		6.000
Senior Notes, due 2036	1,050		—		6.125


Senior Secured First Lien Notes, due 2027	900		900		2.450
Senior Secured First Lien Notes, due 2029	500		500		4.450
Senior Secured First Lien Notes, due 2030	625		625		4.734
Senior Secured First Lien Notes, due 2031	500		—		4.955
Senior Secured First Lien Notes, due 2033	740		740		7.000
Senior Secured First Lien Notes, due 2035	625		625		5.407

Revolving Credit Facility	1,449		—		SOFR + 1.720
Term Loan B, due 2031	2,287		2,299		SOFR + 1.750
Term Loan B, due 2033	898		—		SOFR + 1.750
Tax-exempt bonds	466		466		4.000 - 4.750
T.H. Wharton TEF loan, due 2045	216		189		3.000
Cedar Bayou 5 TEF loan, due 2045	334		255		3.000
Greens Bayou 6 TEF loan, due 2045	146		90		3.000
Subtotal recourse debt	21,673		16,576
Non-recourse debt:

Lightning Term Loan, due 2031	1,719		—		SOFR + 2.000

Subtotal all Lightning non-recourse debt	1,719		—
Subtotal long-term debt (including current maturities)	23,392		16,576
Finance leases	45		24		various
Subtotal long-term debt and finance leases (including current maturities)	23,437		16,600
Less current maturities	(1,512)		(31)
Less debt issuance costs	(177)		(146)
Discounts, net of premiums	(4)		(11)
Total long-term debt and finance leases	$	21,744	$	16,412