v3.26.1
Debt (Tables)
6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt, Net of an Unamortized Discount and Debt Issuance Costs
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/A12/31/2036
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 
_______________
(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.
Schedule of 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— 
Insurance premium financing (global)8.0 %4/1/2026— 10 
Bank overdraftN/AN/A— 
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.