| Schedule of Outstanding Debt |
The following table summarizes all outstanding debt: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of | | June 30, 2026 | | December 31, 2025 | | (in millions) | Principal Balance | | Carrying Value | | Fair Value | | Principal Balance | | Carrying Value | | Fair Value | | Revolving Lines of Credit | | | | | | | | | | | | ABL Facility(1) | $ | 11 | | | $ | 11 | | | $ | 11 | | | $ | — | | | $ | — | | | $ | — | | | Borrowings under revolving lines of credit | $ | 11 | | | $ | 11 | | | $ | 11 | | | $ | — | | | $ | — | | | $ | — | | | Long-term Debt, net | | | | | | | | | | | | Term Loan Facility(2) | $ | 850 | | | $ | 829 | | | $ | 848 | | | $ | 850 | | | $ | 828 | | | $ | 852 | | | | | | | | | | | | | | | | | | | | | | | | | | 2031 Senior Notes(3) | 1,500 | | | 1,484 | | | 1,532 | | | — | | | — | | | — | | 2032 Senior Secured Notes(4) | 2,250 | | | 2,232 | | | 2,326 | | | 2,250 | | | 2,229 | | | 2,357 | | 2034 Senior Notes(5) | 1,500 | | | 1,484 | | | 1,543 | | | — | | | — | | | — | | | | | | | | | | | | | | | Long-term debt, net | $ | 6,100 | | | $ | 6,029 | | | $ | 6,249 | | | $ | 3,100 | | | $ | 3,057 | | | $ | 3,209 | | | | | | | | | | | | | | (1) Effective rate on borrowings of 4.70% as of June 30, 2026. | (2) Interest rate of 5.64% and 5.72% as of June 30, 2026 and December 31, 2025, respectively. | (3) Interest rate of 6.50% as of June 30, 2026. | (4) Interest rate of 6.75% for all periods presented. | (5) Interest rate of 6.875% as of June 30, 2026. |
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