v3.26.1
Long-Term Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt consists of the following (in millions):
As of
Maturity DateInterest Rate (a)June 30,
2026		December 31,
2025
Term Loan BSep 21, 20305.394 %$4,455 $4,479 
Term Loan ASep 21, 20284.644 %1,227 1,243 
First Lien Senior NotesJan 15, 20283.875 %1,550 1,550 
First Lien Senior NotesFeb 15, 20293.500 %750 750 
First Lien Senior NotesJun 15, 20296.125 %1,200 1,200 
First Lien Senior NotesSep 15, 20295.625 %500 500 
Second Lien Senior NotesJan 15, 20284.375 %750 750 
Second Lien Senior NotesOct 15, 20304.000 %2,900 2,900 
Less: unamortized deferred financing costs and deferred issuance discount(78)(90)
Total debt, net13,254 13,282 
    Less: current maturities of debt(48)(32)
Total long-term debt$13,206 $13,250 
(a)Represents the interest rate on Term Loan B and Term Loan A as of June 30, 2026.
Schedule of Fair Value Measurement
The following table presents the fair value of our variable rate term debt and senior notes, estimated using inputs based on bid and offer prices that are Level 2 inputs, and principal carrying amount (in millions):
As of
June 30,
2026		December 31,
2025
Fair value of our variable term debt and senior notes$13,139 $13,266 
Principal carrying amount of our variable term debt and senior notes13,332 13,372 
Schedule of Interest Expense, Net
Interest expense, net consists of the following (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Debt (a)$118 $127 $237 $254 
Finance lease obligations5 4 9 9 
Amortization of deferred financing costs and debt issuance discount6 7 12 13 
Interest income(5)(6)(11)(14)
    Interest expense, net$124 $132 $247 $262 
(a)Amount includes $19 million and $27 million benefit during the three months ended June 30, 2026 and 2025, respectively, and $39 million and $53 million benefit during the six months ended June 30, 2026 and 2025, respectively, related to our interest rate swaps. Amount includes $22 million benefit during the three months ended June 30, 2026 and 2025, and $44 million benefit during the six months ended June 30, 2026 and 2025, related to the quarterly net settlements of our cross-currency rate swaps and amortization of the Excluded Component as defined in Note 10, Derivative Instruments.