v3.26.1
Debt (Tables)
6 Months Ended
Jun. 30, 2026
Debt  
Schedule of debt The aggregate principal amounts and aggregate carrying amounts, including a bifurcated compound exchange feature and unamortized debt-related balances, such as discounts, premiums and issue costs, were as follows (in millions):

Principal amount

Carrying amount

 

June 30, 

December 31,

 

June 30, 

December 31, 

 

2026

  ​ ​ ​

2025

  ​

 

2026

  ​ ​ ​

2025

  ​

7.45% Notes due April 2027

$

52

$

52

$

52

$

52

8.00% Debentures due April 2027

22

22

22

22

4.50% Shipyard Loans due September 2027

149

209

145

202

8.375% Senior Secured Notes due February 2028

425

421

7.00% Notes due June 2028

209

209

210

210

8.00% Senior Secured Notes due September 2028

200

235

198

233

8.25% Senior Notes due May 2029

900

900

891

889

4.625% Senior Guaranteed Exchangeable Bonds due September 2029

259

259

320

292

8.75% Senior Secured Notes due February 2030

822

881

811

868

7.50% Notes due April 2031

396

396

395

395

8.50% Senior Notes due May 2031

900

900

889

888

7.875% Senior Guaranteed Notes due October 2032

500

500

493

493

6.80% Senior Notes due March 2038

610

610

606

605

7.35% Senior Notes due December 2041

88

88

87

87

Total debt

5,107

5,686

5,119

5,657

Less debt due within one year

7.45% Notes due April 2027

52

52

8.00% Debentures due April 2027

22

22

4.50% Shipyard Loans due September 2027

144

136

140

129

8.375% Senior Secured Notes due February 2028

135

133

8.00% Senior Secured Notes due September 2028

70

70

69

69

8.75% Senior Secured Notes due February 2030

117

117

114

114

Total debt due within one year

405

458

397

445

Total long-term debt

$

4,702

$

5,228

$

4,722

$

5,212

Scheduled installments and maturities of debt At June 30, 2026, scheduled repayments were as follows (in millions):

  ​ ​ ​

Total

 

Twelve months ending June 30,

2027

$

405

2028

332

2029

1,148

2030

729

2031

1,296

Thereafter

1,197

Total principal amount of debt

5,107

Total unamortized debt-related balances, net

(133)

Bifurcated compound exchange feature, at estimated fair value

145

Total carrying amount of debt

$

5,119

Schedule of convertible debt We recognized interest expense for our exchangeable bonds as follows (in millions):

Three months ended

Six months ended

June 30, 

June 30, 

2026

2025

2026

2025

Contractual interest

$

3

$

6

$

6

$

11

Amortization

5

5

10

11

(Gain) loss on adjustment to bifurcated compound exchange feature

(134)

(29)

19

(65)

Total

$

(126)

$

(18)

$

35

$

(43)