v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Short-Term Debt

The Company’s outstanding debt was as follows:

 

 

June 30, 2026

 

 

December 31, 2025

 

Short-term debt:

 

 

 

 

 

 

Term Loan Facility

 

$

19

 

 

$

51

 

Convertible Notes

 

 

1,400

 

 

 

—

 

Debt issuance costs - Convertible Notes

 

 

(20

)

 

 

—

 

     Convertible Notes, net

 

 

1,380

 

 

 

—

 

     Total short-term debt, net

 

$

1,399

 

 

$

51

 

Long-term debt:

 

 

 

 

 

 

Term Loan Facility

 

$

1,462

 

 

$

2,827

 

Debt issuance costs - Term Loan Facility

 

 

(42

)

 

 

(55

)

     Term Loan Facility, net

 

 

1,420

 

 

 

2,772

 

Convertible Notes

 

 

—

 

 

 

1,400

 

Debt issuance costs - Convertible Notes

 

 

—

 

 

 

(22

)

     Convertible Notes, net

 

 

—

 

 

 

1,378

 

2034 Notes

 

 

1,142

 

 

 

—

 

Debt issuance costs - 2034 Notes

 

 

(18

)

 

 

—

 

     2034 Notes, net

 

 

1,124

 

 

 

—

 

     Total long-term debt, net

 

$

2,544

 

 

$

4,150

 
Summary of Redemption Percentage

At any time and from time to time on or after February 15, 2029, the Company may redeem for cash all or any portion of the 2034 Notes at a redemption price equal to the percentage of principal amount set forth below, plus accrued and unpaid interest, if any, and additional amounts, if any, to, but excluding, the applicable redemption date, if redeemed during the twelve-month period beginning on February 15 of the year indicated below:

Year

 

 

 

Percentage

2029

 

 

 

102.125%

2030

 

 

 

101.0625%

2031 and thereafter

 

 

 

100.000%
Schedule of Contractual Maturities of Debt Obligations

Contractual maturities of the Company’s debt obligations as of June 30, 2026 are as follows:

Year

 

Amount

 

2026 (remaining)

 

$

9

 

2027

 

 

19

 

2028

 

 

19

 

2029

 

 

19

 

2030

 

 

1,419

 

Thereafter

 

 

2,538

 
Schedule of Interest Expense

The Company’s interest expense was as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Term Loan Facility:

 

 

 

 

 

 

 

 

 

 

 

 

     Contractual interest expense

 

$

18

 

 

$

48

 

 

$

45

 

 

$

98

 

     Amortization of debt issuance costs as interest
     expense

 

 

2

 

 

 

5

 

 

 

4

 

 

 

10

 

Total interest expense on Term Loan Facility

 

$

20

 

 

$

53

 

 

$

49

 

 

$

108

 

Convertible Notes:

 

 

 

 

 

 

 

 

 

 

 

 

     Contractual interest expense

 

$

4

 

 

$

4

 

 

$

9

 

 

$

9

 

     Amortization of debt issuance costs as
     interest expense

 

 

1

 

 

 

1

 

 

 

2

 

 

 

2

 

Total interest expense on Convertible Notes

 

$

5

 

 

$

5

 

 

$

11

 

 

$

11

 

2034 Notes:

 

 

 

 

 

 

 

 

 

 

 

 

     Contractual interest expense

 

$

12

 

 

$

—

 

 

$

20

 

 

$

—

 

     Amortization of debt issuance costs as interest
     expense

 

 

1

 

 

 

—

 

 

 

1

 

 

 

—

 

Total interest expense on 2034 Notes

 

$

13

 

 

$

—

 

 

$

21

 

 

$

—

 

Other interest expense (income), net (1)

 

$

—

 

 

$

(3

)

 

$

2

 

 

$

(11

)

Total interest expense

 

$

38

 

 

$

55

 

 

$

83

 

 

$

108

 

 

(1)
Other interest expense (income), net primarily consists of interest expense (income) related to the Company’s interest rate swap agreements.