v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
As of June 30, 2026 and December 31, 2025, debt consisted of the following:
June 30, 2026December 31, 2025
Corporate debt
Senior Secured Notes, due November 2029$2,727,297 $2,726,109 
Senior Secured Notes, due September 2026510,797 510,162 
Senior Secured Notes, due March 2029234,617 234,244 
Revolving Facility660,400 660,400 
Term Loan A, due July 2027285,938 283,320 
Term Loan B, due October 20281,183,673 1,166,784 
Short-term Borrowings— 73,224 
Sale leaseback financing
Vessel Financing Obligation, due August 2042643,053 634,501 
Tugboat Financing, due December 203845,577 45,642 
Turbine Financing Obligation, due July 2036273,884 — 
Asset level financing
PortoCem Debentures, due September 2040937,665 849,115 
BNDES Term Loan, due October 2045380,154 376,923 
New Brazil Notes, due November 2029876,114 — 
Brazil Financing Notes, due August 2029— 385,808 
Turbine Financing, due July 2027— 133,687 
EB-5 Loan, due July 202899,182 99,000 
Total debt$8,858,351 $8,178,919 
Current portion of long-term debt$6,727,175 $7,073,477 
Long-term debt2,131,176 1,105,442 
Schedule of Interest Expense Interest expense, net of amounts capitalized, recognized for the three and six months ended June 30, 2026 and 2025 consisted of the following:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Interest per contractual rates$250,474 $213,564 $485,046 $430,978 
Interest expense on Vessel Financing Obligation 28,221 45,064 56,100 90,304 
Amortization of debt issuance costs, premiums and discounts15,421 13,705 29,850 49,856 
Interest expense incurred on finance lease obligations26 77 65 167 
Total interest costs$294,142 $272,410 $571,061 $571,305 
Capitalized interest67,470 86,021 157,509 184,607 
Total interest expense$226,672 $186,389 $413,552 $386,698