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Debt | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Debt | We have a Credit Agreement providing for a $650 million Term Loan and a $1,850 million unsecured revolving credit facility, which are each due to mature in October 2027. During the second quarter of 2026, we borrowed $1,000 million under our revolving credit facility. We are required under the Credit Agreement to make scheduled quarterly principal payments on the Term Loan. The Credit Agreement requires interest to be paid, at our option, at either the Term Benchmark, Adjusted Daily Simple RFR or the ABR Rate (each as defined in the Credit Agreement), plus, in each case, an Applicable Margin (as defined in the Credit Agreement). Initially, the Applicable Margin is 0.875% with respect to Term Benchmark loans and RFR loans and 0.00% with respect to ABR loans. Subsequently, the Applicable Margin with respect to Term Benchmark loans and RFR loans will be determined quarterly and may range from 0.75% to 1.125%, depending on our public debt ratings or, if we have not received public debt ratings, from 0.875% to 1.125%, depending on our Leverage Ratio, which is the ratio of indebtedness for borrowed money to Consolidated EBITDA, as defined in the Credit Agreement. Since the issuance of the Term Loan, t he Term Loan has been a Term Benchmark loan. The Credit Agreement contains customary affirmative and negative covenants as well as a financial covenant. We were in compliance with all debt covenants and representations of the Credit Agreement as of June 30, 2026. Short-term Debt As of each of June 30, 2026 and December 31, 2025, we had $33 million of short-term debt related to current maturities of our Term Loan. Long-term Debt The following table summarizes the long-term debt balances as of:
(in millions) | June 30, 2026 |  | December 31, 2025
Notes outstanding under revolving credit facility | $ | 1,000 |  |  | $ | — |
Term Loan | 561 |  |  | 577 |
Less: |  |  |
Current maturities - Term Loan | (33) |  |  | (33) |
Unamortized deferred financing costs | (1) |  |  | (1) |
Long-term debt, net of current maturities | $ | 1,527 |  |  | $ | 543 |
The carrying value of our debt approximated its fair value as of June 30, 2026 and December 31, 2025.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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