v3.26.3
Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
Long-Term Debt
Long-term debt, net of an unamortized discount and debt issuance costs, consisted of the following:
Original
Principal		Annual
Interest Rate		Maturity
Date		September 30, 2026December 31, 2025
2024 Term Loan Facility, net of unamortized discount(1)
741 Variable4/4/2029$727 $731 
2024-B Term Loan Facility, net of unamortized discount(1)
902 Variable9/30/2031881 887 
Senior Notes due 2029 1,075 4.625 %3/15/20291,075 1,075 
Senior Secured Notes due 2030400 9.125 %9/30/2030400 400 
RMB Term Loan Facility(1)
64 Variable8/16/202950 57 
Australian Government Loan, net of unamortized discountN/AN/A12/31/20362 2 
MGT Loan(2)
36VariableVariable8 13 
Finance leases40 39 
Long-term debt3,183 3,204 
Less: Long-term debt due within one year(39)(39)
Debt issuance costs(28)(33)
Long-term debt, net$3,116 $3,132 
_______________
(1)The average effective interest rate on the 2024 Term Loan Facility (including the impacts of the interest rate swaps), the 2024-B Term Loan Facility (including the impacts of the interest rate swaps), and the RMB Term Loan Facility was 6.1%, 6.3%, and 9.2%, respectively, during the nine months ended September 30, 2026. The average effective interest rate on the 2024 Term Loan Facility, the 2024-B Term Loan Facility, and the RMB Term Loan Facility was 6.6%, 6.5%, and 9.2%, respectively, during the nine months ended September 30, 2025. As of September 30, 2026, the applicable margin on the 2024 Term Loan Facility, the 2024-B Term Loan Facility and the RMB Term Loan Facility was 2.25%, 2.50% and 2.35%, respectively.
(2)The MGT loan is a related party debt facility. The average effective interest rate on the MGT loan was 6.2% and 6.1% during the nine months ended September 30, 2026 and September 30, 2025, respectively.
Short-Term Debt
Short-term debt consisted of the following:
Annual Interest RateMaturity DateSeptember 30, 2026December 31, 2025
RMB Revolving Credit Facility(1)
Variable8/16/2027$19 $— 
SEB Credit Facility(1)(2)
5.6 %4/30/202713 40 
Insurance premium financing (Australia)6.4 %3/1/2026— 1 
Insurance premium financing (global)7.6 %4/1/202715 10 
Bank overdraftN/AN/A— — 
Short-term debt$47 $51 
(1) The average effective interest rate on the Cash Flow Revolver, the RMB Revolving Credit Facility and the SEB Credit Facility was 8.3%, 9.0% and 5.1%, respectively, during the nine months ended September 30, 2026. As of September 30,
2026, the applicable margin on the Cash Flow Revolver and the RMB Revolving Credit Facility was 2.25% and 2.36%, respectively.
(2) The outstanding balance as of December 31, 2025 is related to the previous SEB Credit Facility which expired in February 2026. The outstanding balance as of September 30, 2026 is related to the new SEB Credit Facility entered into in July 2026 as discussed below.

RMB Revolving Credit Facility
In October 2026, we drew down an additional 400 million ZAR (or approximately $24 million) on the RMB Revolving Credit Facility.
Emirates Revolver
The Emirates Revolver was not renewed upon its expiration in June 2026.
SEB Credit Facility
In July 2026, our KSA subsidiary entered into a short-term working capital facility with Saudi Export Import Bank ("SEB Credit Facility") for an amount up to SAR 50 million (approximately $13 million). The maturity date under the facility is April 30, 2027. The SEB Credit Facility bears interest at a fixed rate of 5.63% on outstanding balances. In August 2026, we drew down the full amount of SAR 50 million (approximately $13 million) on the facility.
Itaù Unibanco S.A. Credit Facility
In July 2026, the Bank Itaù Facility was cancelled.
Insurance premium financing
In September 2026, the Company entered into a $26 million insurance premium financing agreement with a third-party financing company related to global policies. The financing balance required a 35% down payment and will be repaid in monthly installments over 8 months at a 7.6% fixed annual interest rate. At September 30, 2026, the financing balance was $15 million and is recorded in "Short-term debt" in the Condensed Consolidated Balance Sheets.
Debt Covenants
As of September 30, 2026, we are in compliance with all financial covenants in our debt facilities.