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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