v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
Long-Term Debt
Long-term debt, net of an unamortized discount and debt issuance costs, consisted of the following:
Original
Principal		Annual
Interest Rate		Maturity
Date		June 30, 2026December 31, 2025
2024 Term Loan Facility, net of unamortized discount(1)
741 Variable4/4/2029$728 $731 
2024-B Term Loan Facility, net of unamortized discount(1)
902 Variable9/30/2031883 887 
Senior Notes due 2029 1,075 4.625 %3/15/20291,075 1,075 
Senior Secured Notes due 2030400 9.125 %9/30/2030400 400 
RMB Term Loan Facility(1)
64 Variable8/16/202952 57 
Australian Government Loan, net of unamortized discountN/AN/A12/31/20362 2 
MGT Loan(2)
36VariableVariable10 13 
Finance leases41 39 
Long-term debt3,191 3,204 
Less: Long-term debt due within one year(39)(39)
Debt issuance costs(29)(33)
Long-term debt, net$3,123 $3,132 
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(1)The average effective interest rate on the 2024 Term Loan Facility (including the impacts of the interest rate swaps), the 2024-B Term Loan Facility (including the impacts of the interest rate swaps), and the RMB Term Loan Facility was 6.1%, 6.3%, and 9.1%, respectively, during the six months ended June 30, 2026. The average effective interest rate on the 2024 Term Loan Facility, the 2024-B Term Loan Facility, and the RMB Term Loan Facility was 6.8%, 6.5%, and 9.7%, respectively, during the six months ended June 30, 2025. As of June 30, 2026, the applicable margin on the 2024 Term Loan Facility, the 2024-B Term Loan Facility and the RMB Term Loan Facility was 2.25%, 2.50% and 2.35%, respectively.
(2)The MGT loan is a related party debt facility. The average effective interest rate on the MGT loan was 6.2% and 6.1% during the six months ended June 30, 2026 and June 30, 2025, respectively.
Short-Term Debt
Short-term debt consisted of the following:
Annual Interest RateMaturity DateJune 30, 2026December 31, 2025
RMB Revolving Credit Facility(1)
Variable8/16/2027$67 $— 
SEB Credit Facility(1)
4.9 %2/28/2026— 40 
Insurance premium financing (Australia)6.4 %3/1/2026— 1 
Insurance premium financing (global)8.0 %4/1/2026— 10 
Bank overdraftN/AN/A1 — 
Short-term debt$68 $51 
(1) The average effective interest rate on the Cash Flow Revolver and the RMB Revolving Credit Facility was 7.6% and 8.9%, respectively, during the six months ended June 30, 2026. As of June 30, 2026, the applicable margin on the Cash Flow Revolver and the RMB Revolving Credit Facility was 2.25% and 2.25%, respectively.
RMB Revolving Credit Facility
During July 2026, the Company made total repayments of R300 million (approximately $18 million at the June 30, 2026 exchange rate).
Emirates Revolver
The Emirates Revolver was not renewed upon its expiration in June 2026.
SEB Credit Facility
In July 2026, our KSA subsidiary entered into a short-term working capital facility with Saudi Export Import Bank ("SEB Credit Facility") for an amount up to SAR 50 million (approximately $13 million). The maturity date under the facility is April 30, 2027. The SEB Credit Facility bears interest at a fixed rate of 5.63% on outstanding balances. In August 2026, we drew down the full amount of SAR 50 million (approximately $13 million) on the facility.
Insurance premium financing
In August 2025, the Company entered into a $30 million insurance premium financing agreement with a third-party financing company related to global policies. The financing balance required a 35% down payment and will be repaid in monthly installments over 8 months at an 8.0% fixed annual interest rate. At June 30, 2026, the financing balance was repaid in full.
Debt Covenants
As of June 30, 2026, we are in compliance with all financial covenants in our debt facilities.