v3.26.3
DEBT (Tables)
9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Summary of Long-term Debt Outstanding
The following is a summary of long-term debt:
MaturitySeptember 30,December 31,
TitleTypeInterest RateDate20262025
(millions)
2029 Notes
Senior Unsecured Notes (a)
4.125%2029$920 $1,100 
2031 Notes
Senior Unsecured Notes (a)
4.375%2031980 1,000 
2032 Notes
Senior Unsecured Notes (b)
4.300%2032600 600 
2034 Notes
Senior Unsecured Notes (a)
5.800%2034650 650 
Guardian Term LoanUnsecured Term Loan
Variable (c)
2033150 — 
Long-term debt principal3,300 3,350 
Unamortized debt discount(1)(1)
Unamortized debt issuance costs (22)(25)
Long-term debt, net$3,277 $3,324 
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(a) Interest payable semi-annually in arrears each June 15 and December 15.
(b) Interest payable semi-annually in arrears each April 15 and October 15.
(c) Variable interest rate based on one-month SOFR plus 1.95%.
Summary of Availability Under the Revolving Credit Facility
The following table presents the availability under the Revolving Credit Facility:
September 30,
2026
(millions)
Total availability
Revolving Credit Facility, expiring December 2029
$1,000 
Amounts outstanding
Revolving Credit Facility borrowings
— 
Letters of credit (a)
17 
17 
Net availability $983 
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(a) This amount includes $16 million of letters of credit issued to third-party creditors on behalf of Millennium to support its outstanding debt obligations.