v3.26.3
Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
Debt, net of unamortized original issue discounts or premiums, and unamortized debt issuance costs, consists of the following:
September 30, 2026December 31, 2025
Accounts receivable securitization facility expiring 2027 (1) (2)$1,473 $1,459 
$4.5 billion ABL facility expiring 2030 (1)
2,033 1,645 
Term loan facility expiring 2031 (1)969 975 
3 7/8 percent Senior Secured Notes due 2027
749 748 
4 7/8 percent Senior Notes due 2028 (3)
1,670 1,669 
6 percent Senior Secured Notes due 2029
1,493 1,492 
5 1/4 percent Senior Notes due 2030
747 747 
4 percent Senior Notes due 2030
747 746 
3 7/8 percent Senior Notes due 2031
1,095 1,094 
3 3/4 percent Senior Notes due 2032
746 746 
5 3/8 percent Senior Notes due 2033
1,487 1,486 
6 1/8 percent Senior Notes due 2034
1,092 1,091 
Finance leases370 331 
Total debt14,671 14,229 
Less short-term portion (4)(1,607)(1,577)
Total long-term debt$13,064 $12,652 
 ___________________

(1)The table below presents financial information associated with our variable rate indebtedness as of and for the nine months ended September 30, 2026. We have borrowed the full available amount under the term loan facility. The principal obligation under the term loan facility is required to be repaid in quarterly installments in an aggregate amount equal to 1.0 percent per annum, with the balance due at the maturity of the facility. The average amount of debt outstanding under the term loan facility decreases slightly each quarter due to the requirement to repay a portion of the principal obligation.
ABL facilityAccounts receivable securitization facilityTerm loan facility
Borrowing capacity, net of letters of credit
$2,436 $26 $— 
Letters of credit
21 
 Interest rate at September 30, 20264.9 %4.8 %5.4 %
Average month-end principal amount of debt outstanding1,546 1,472 979 
Weighted-average interest rate on average debt outstanding
4.7 %4.7 %5.2 %
Maximum month-end principal amount of debt outstanding2,043 1,500 983 
(2)In June 2026, the accounts receivable securitization facility was amended, primarily to extend the maturity date to June 18, 2027. The facility may be extended on a 364-day basis by mutual agreement with the purchasers under the facility. Borrowings under the accounts receivable securitization facility are permitted only to the extent that the face amount of the receivables in the collateral pool, net of applicable reserves and other deductions, exceeds the outstanding loans. As of September 30, 2026, there were $1.973 billion of receivables, net of applicable reserves and other deductions, in the collateral pool.
(3)URNA separately issued 4 7/8 percent Senior Notes in August 2017 and in September 2017. Following the issuances, URNA consummated an exchange offer pursuant to which most of the 4 7/8 percent Senior Notes issued in September 2017 were exchanged for additional notes fungible with the 4 7/8 percent Senior Notes issued in August 2017. As of September 30, 2026, the total above is comprised of two separate 4 7/8 percent Senior Notes, one with a book value of $1.666 billion and one with a book value of $4.
(4)Short-term debt primarily reflects borrowings under the accounts receivable securitization facility and the short-term portion of our finance leases.
Loan Covenants and Compliance
As of September 30, 2026, we were in compliance with the covenants and other provisions of the ABL, accounts receivable securitization and term loan facilities and the senior notes. Any failure to be in compliance with any material provision or covenant of these agreements could have a material adverse effect on our liquidity and operations.
The only financial covenant that currently exists under the ABL facility is the fixed charge coverage ratio. Subject to certain limited exceptions specified in the ABL facility, the fixed charge coverage ratio covenant under the ABL facility will only apply in the future if specified availability under the ABL facility falls below 10 percent of the maximum revolver amount under the ABL facility for five consecutive business days. When certain conditions are met, cash and cash equivalents and borrowing base collateral in excess of the ABL facility size may be included when calculating specified availability under the ABL facility. As of September 30, 2026, specified availability under the ABL facility exceeded the required threshold and, as a result, this financial covenant was inapplicable. Under our accounts receivable securitization facility, we are required, among other things, to maintain certain financial tests relating to: (i) the default ratio, (ii) the delinquency ratio, (iii) the dilution ratio and (iv) days sales outstanding. The accounts receivable securitization facility also requires us to comply with the fixed charge coverage ratio under the ABL facility, to the extent the ratio is applicable under the ABL facility.
Covenants in the agreements governing our ABL facility, term loan facility and certain other debt instruments impose limitations on our ability to make share repurchases and dividend payments, subject to important exceptions that would allow us to make such repurchases or payments under certain conditions. Based on our current total indebtedness leverage ratio (as defined in the applicable debt agreements) and usage of the ABL facility as of September 30, 2026, we met the criteria under the applicable debt agreements for these exceptions, and as a result we were not restricted in our ability to make share repurchases and dividend payments.