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Debt (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Debt, net of unamortized original issue discounts or premiums, and unamortized debt issuance costs, consists of the following:
| September 30, 2025 |  | December 31, 2024
Accounts receivable securitization facility expiring 2026 (1) (2) | $ | 1,439 |  |  | $ | 1,085 |
$4.50 billion ABL facility expiring 2030 (1) (3) | 2,586 |  |  | 2,253 |
Term loan facility expiring 2031 (1) (4) | 978 |  |  | 984 |
5 1/2 percent Senior Notes due 2027 | 499 |  |  | 499 |
3 7/8 percent Senior Secured Notes due 2027 | 747 |  |  | 747 |
4 7/8 percent Senior Notes due 2028 (5) | 1,668 |  |  | 1,667 |
6 percent Senior Secured Notes due 2029 | 1,491 |  |  | 1,490 |
5 1/4 percent Senior Notes due 2030 | 746 |  |  | 746 |
4 percent Senior Notes due 2030 | 746 |  |  | 745 |
3 7/8 percent Senior Notes due 2031 | 1,093 |  |  | 1,092 |
3 3/4 percent Senior Notes due 2032 | 746 |  |  | 745 |
6 1/8 percent Senior Notes due 2034 | 1,091 |  |  | 1,090 |
Finance leases | 318 |  |  | 263 |
Total debt | 14,148 |  |  | 13,406 |
Less short-term portion (6) | (1,548) |  |  | (1,178) |
Total long-term debt | $ | 12,600 |  |  | $ | 12,228 |
___________________ (1)The table below presents financial information associated with our variable rate indebtedness as of and for the nine months ended September 30, 2025. We have borrowed the full available amount under the term loan facility. The principal obligation under the term loan facility is required to be repaid in quarterly installments in an aggregate amount equal to 1.0 percent per annum, with the balance due at the maturity of the facility. The average amount of debt outstanding under the term loan facility decreases slightly each quarter due to the requirement to repay a portion of the principal obligation.
| ABL facility |  | Accounts receivable securitization facility |  | Term loan facility |  |
Borrowing capacity, net of letters of credit | $ | 1,880 |  |  | $ | 60 |  |  | $ | — |  |  |
Letters of credit | 22 |  |  |  |  |  |  |
Interest rate at September 30, 2025 | 5.1 | % |  | 5.1 | % |  | 5.7 | % |  |
Average month-end principal amount of debt outstanding | 1,918 |  |  | 1,334 |  |  | 989 |  |  |
Weighted-average interest rate on average debt outstanding | 5.4 | % |  | 5.2 | % |  | 6.0 | % |  |
Maximum month-end principal amount of debt outstanding | 2,598 |  |  | 1,440 |  |  | 993 |  |  |
(2)In June 2025, the accounts receivable securitization facility was amended, primarily to extend the maturity date to June 24, 2026. The facility may be extended on a 364-day basis by mutual agreement with the purchasers under the facility. Borrowings under the accounts receivable securitization facility are permitted only to the extent that the face amount of the receivables in the collateral pool, net of applicable reserves and other deductions, exceeds the outstanding loans. As of September 30, 2025, there were $1.710 billion of receivables, net of applicable reserves and other deductions, in the collateral pool. (3)In July 2025, the ABL facility was amended, primarily to increase the facility size to $4.50 billion and to extend the maturity date to July 10, 2030. (4)Borrowings under the term loan facility bear interest based on the Secured Overnight Financing Rate (“SOFR”) plus a spread, and the term loan facility was amended, primarily to reduce this spread, in August 2025. (5)URNA separately issued 4 7/8 percent Senior Notes in August 2017 and in September 2017. Following the issuances, URNA consummated an exchange offer pursuant to which most of the 4 7/8 percent Senior Notes issued in September 2017 were exchanged for additional notes fungible with the 4 7/8 percent Senior Notes issued in August 2017. As of September 30, 2025, the total above is comprised of two separate 4 7/8 percent Senior Notes, one with a book value of $1.664 billion and one with a book value of $4. (6)Short-term debt primarily reflects borrowings under the accounts receivable securitization facility and the short-term portion of our finance leases.

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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