v3.26.1
Interest expense
 6 Months Ended
Jun. 30, 2026
Other Income and Expenses [Abstract]  
Interest expense Interest expense
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2026202520262025
Interest expense (1)
$68 $64 $133 $121 
(Gain) loss on hedge instruments(2)(19)(4)(38)
Finance lease liabilities interest22 22 44 46 
Amortization of deferred financing costs and discount on debt4 3 7 6 
Capitalized interest(5)(4)(9)(7)
Interest income(1)(2)(3)(4)
Other financing fees1 3 3 3 
Interest expense, net$87 $67 $171 $127 
(1) During the three and six months ended June 30, 2026, the Company recognized $4 million and $8 million, respectively, of expense related to the Kloosterboer Preference Shares liability. During the three and six months ended June 30, 2025, the Company recognized $4 million and $7 million, respectively, of expense related to the Kloosterboer Preference Shares liability (see Note 2, Capital structure and noncontrolling interests).