Debt (Tables)

9 Months Ended

Sep. 30, 2026

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 Rate	Maturity	September 30, 2026		December 31, 2025
Senior Notes
2029 Notes	6.91%	6.63%	Fixed	2029	$	800	$	800
2030 Notes	7.25%	7.00%	Fixed	2030	1,650		1,650
2031 Notes	5.94%	5.75%	Fixed	2031	600		600
2033 Notes	7.43%	7.25%	Fixed	2033	1,100		1,100
2034 Notes	6.14%	6.00%	Fixed	2034	600		600
Other Debt
ABL Credit Facility	N/A	5.24%	Floating	2030	1,950		2,047
Term Loan Facility	5.90%	5.64%	Floating	2032	744		750
AR Facility(a)	N/A	4.49%	Floating	2027	550		475
Finance lease liabilities	4.72%	N/A	Fixed	2026-2044	86		81
Unamortized debt issuance costs and debt discount(b)					(49)		(56)
Total debt					8,031		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.

Schedule of Borrowing Capacity and Availability on Line of Credit

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