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Long-term Debt and Finance Leases (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Long-term Debt and Finance Leases
Long-term debt and finance leases consisted of the following:
(In millions, except rates)September 30, 2025December 31, 2024Interest rate %
Recourse debt:
Senior Notes, due 2028$821 $821 5.750
Senior Notes, due 2029733 733 5.250
Senior Notes, due 2029500 500 3.375
Senior Notes, due 2029798 798 5.750
Senior Notes, due 20311,030 1,030 3.625
Senior Notes, due 2032480 480 3.875
Senior Notes, due 2033925 925 6.000
Senior Notes, due 2034950 950 6.250
Convertible Senior Notes, due 2048— 232 2.750
Senior Secured First Lien Notes, due 2025500 500 2.000
Senior Secured First Lien Notes, due 2027900 900 2.450
Senior Secured First Lien Notes, due 2029500 500 4.450
Senior Secured First Lien Notes, due 2033740 740 7.000
Term Loan B, due 20312,305 1,317 
SOFR + 1.750
Tax-exempt bonds466 466 
1.250 - 4.750
T.H. Wharton TEF loan, due 2045
177 — 3.000
Cedar Bayou 5 TEF loan, due 2045200 — 3.000
Subtotal recourse debt12,025 10,892 
Finance leases18 14 various
Subtotal long-term debt and finance leases (including current maturities)12,043 10,906 
Less current maturities(777)(996)
Less debt issuance costs(99)(86)
Discounts(12)(12)
Total long-term debt and finance leases$11,155 $9,812 
Schedule of Debt Instrument, Interest Expense
The following table details the interest expense recorded in connection with the Convertible Senior Notes:
Three months ended September 30,Nine months ended September 30,
(In millions, except percentages)2025202420252024
Contractual interest expense$— $1 $3 $7 
Amortization of deferred finance costs— — — 1 
Total$— $1 $3 $8 
Effective interest rate0.00%0.76%1.62%2.31%