v3.26.3
Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
The Company's debt consists of the following (in millions):
Weighted Average Effective Interest Rate at September 30, 2026
Weighted Average Stated Interest Rate at September 30, 2026
Fixed or Floating Interest RateMaturitySeptember 30,
2026		December 31,
2025
Senior Notes
2029 Notes6.91%6.63%Fixed2029$800 $800 
2030 Notes7.25%7.00%Fixed20301,650 1,650 
2031 Notes5.94%5.75%Fixed2031600 600 
2033 Notes7.43%7.25%Fixed20331,100 1,100 
2034 Notes6.14%6.00%Fixed2034600 600 
Other Debt
ABL Credit FacilityN/A5.24%Floating20301,950 2,047 
Term Loan Facility5.90%5.64%Floating2032744 750 
AR Facility(a)
N/A4.49%Floating2027550 475 
Finance lease liabilities4.72%N/AFixed2026-204486 81 
Unamortized debt issuance costs and debt discount(b)
(49)(56)
Total debt8,031 8,047 
Less: Current maturities of long-term debt(27)(26)
Total long-term debt, net$8,004 $8,021 
(a) The AR Facility is excluded from current maturities of long-term debt as the Company has the intent and ability to fund the AR Facility's borrowings on a long-term basis either by further extending the maturity date of the AR Facility or by utilizing the capacity available at the balance sheet date under the ABL Credit Facility.
(b) Unamortized debt issuance costs totaling $10 million and $12 million related to the ABL Credit Facility and AR Facility as of September 30, 2026 and December 31, 2025, respectively, are included in "Other long-term assets" in the condensed consolidated balance sheets.

The effective interest rates for the fixed rate 2029 Notes, 2030 Notes, 2031 Notes, 2033 Notes, and 2034 Notes (collectively, the "Senior Notes") include the stated interest on the notes and the amortization of any debt issuance costs. The effective interest rate for the variable rate Term Loan Facility includes the stated interest on the loan and the amortization of the debt discount and debt issuance costs.

The Company amended the accounts receivable securitization facility (the "AR Facility") in May 2026 to increase the aggregate commitments from $475 million to $500 million. In August 2026, the Company amended the AR Facility to further increase the aggregate commitments to $550 million and extend the maturity date to August 31, 2027. There were no other material changes to the terms of the Company debt instruments during the nine months ended September 30, 2026.

Additional information on the Company's debt instruments is included in Note 11, "Debt" to the Company's financial statements in its Annual Report on Form 10-K for the year ended December 31, 2025.

Letters of Credit and Surety-Backed Letters of Credit
As of September 30, 2026, $16 million of standby letters of credit were issued and outstanding, none of which have been drawn upon. The ABL Credit Facility had $234 million available under the letter of credit facility sublimit, subject to borrowing base restrictions.

As of September 30, 2026, the Company had $39 million of surety-backed letters of credit outstanding, including $25 million that replaced certain insurance related bank letters of credit in July 2026. As a result, the Company's available borrowing capacity under the ABL Credit Facility increased accordingly.
Borrowing Capacity and Availability
After outstanding borrowings, the following was available to the Company under the ABL Credit Facility and AR Facility as of September 30, 2026 (in millions):
Remaining
Capacity		Availability Under
Borrowing Base
Limitation
ABL Credit Facility$2,034 $2,034 
AR Facility— — 
Total $2,034 $2,034