v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
The Company’s debt obligations consisted of the following:
As of
(In millions)June 30, 2026December 31, 2025
Variable-rate debt:
Receivables Facility$525 $— 
Revolving Facility250 — 
Fixed-rate debt:
Private placement notes300 300 
Unsecured senior notes, due April 2027 - October 20343,850 3,850 
Subtotal$4,925 $4,150 
Less: current maturities of debt(448)(148)
Unamortized discounts and debt issuance costs(20)(22)
Interest rate swap - fair value adjustment(1)(2)
Total long-term debt$4,456 $3,978 
Receivables Securitization Facility
The Company maintains a Receivables Securitization Facility (the “Receivables Facility”) which is primarily governed by the Receivables Purchase Agreement, dated July 31, 2013, as amended from time to time (the “Receivables Purchase Agreement”). The Receivables Facility consists of funding for up to $900 million, terminating on October 29, 2027. The Company has the ability to increase the aggregate total available amount under the Receivables Facility up to a total of $1.5 billion, subject to lender participation. As of June 30, 2026, $525 million in borrowings were outstanding under the Receivables Facility. The interest rate under the Receivables Facility was approximately 4.6% as of June 30, 2026.
Revolving Credit Facility
The Company, pursuant to a revolving credit agreement (the “Revolving Credit Agreement”), maintains a revolving credit facility that has aggregate total available credit commitments of $1.5 billion (the “Revolving Facility”). The Revolving Credit Agreement provides the Company with the ability to increase the aggregate capacity of the facility by $500 million under certain conditions, including the receipt of additional or increased lender commitments. As of June 30, 2026, $250 million in borrowings were outstanding under the Revolving Facility. The interest rate under the Revolving Facility was approximately 4.8% as of June 30, 2026.
On April 2, 2026, the Company extended the stated maturity date of the commitments under the Revolving Facility from April 2, 2030 to April 2, 2031 by utilizing one of the two extension options available in the Revolving Credit Agreement.
Private Placement Notes
In November 2026, $150 million of private placement notes will mature.
Unsecured Senior Notes
In April 2027, $300 million of unsecured senior notes will mature.
Other
The Company was in compliance with all debt covenants that were in effect as of June 30, 2026.