v3.25.4

Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt Instruments | Long-term debt consisted of the following:
|  | Effective interest rate as of December 31, |  | Balance as of December 31,
(In millions) |  | 2025 |  | 2025 |  | 2024
3.500% Unsecured Notes due 2026 |  | 3.53% |  | $326 |  | $400
4.750% Unsecured Notes due 2046 |  | 4.81% |  | 554 |  | 590
4.600% Unsecured Notes due 2027 |  | 4.65% |  | 700 |  | —
4.700% Unsecured Notes due 2028 |  | 4.76% |  | 700 |  | —
4.950% Unsecured Notes due 2030 |  | 5.01% |  | 1,000 |  | —
5.400% Unsecured Notes due 2035 |  | 5.47% |  | 1,000 |  | —
7.125% Unsecured Notes due 2036 |  | 7.25% |  | 445 |  | —
6.875% Unsecured Notes due 2039 |  | 6.99% |  | 191 |  | —
6.500% Unsecured Notes due 2043 |  | 6.61% |  | 239 |  | —
4.200% Unsecured Notes due 2033 |  | 4.24% |  | 50 |  | —
7.650% Private Placement due 2031 |  | 7.80% |  | 50 |  | —
Other |  |  |  | 12 |  | 8
Total principal |  |  |  | 5,267 |  | 998
Unamortized (discounts), premiums and debt issuance costs |  |  |  | 2 |  | (13)
Total long-term debt |  |  |  | 5,269 |  | 985
Less: current portion of long-term debt |  |  |  | (333) |  | (5)
Long-term debt |  |  |  | $4,936 |  | $980
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The fair value of the Company’s long-term debt was as follows:
(In millions) |  | As of December 31, 2025
Carrying amount |  | $4,936
Fair value |  | $5,047
Schedule of Maturities of Long-Term Debt | The total principal payments for third-party debt, including current maturities for the five years subsequent to December 31, 2025, and thereafter are as follows:
(In millions) |  |
2026 |  | $333
2027 |  | 701
2028 |  | 701
2029 |  | 1
2030 |  | 1,002
Thereafter |  | 2,529
Total |  | $5,267

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