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v3.26.1

DEBT | 6 Months Ended
--- | ---
Jun. 30, 2026
Debt Disclosure [Abstract] |
DEBT | DEBT Our debt consists of the following:
| At |  |  | At
| June 30, 2026 |  |  | December 31, 2025
4.0% Senior Notes due 2026 |  | $— |  |  |  |  | $347 |
3.70% Senior Notes due 2026 |  | 86 |  |  |  |  | 85 |
2.90% Senior Notes due 2027 |  | 578 |  |  |  |  | 573 |
3.375% Senior Notes due 2028 |  | 490 |  |  |  |  | 487 |
3.70% Senior Notes due 2028 |  | 492 |  |  |  |  | 489 |
4.20% Senior Notes due 2029 |  | 491 |  |  |  |  | 489 |
7.875% Senior Debentures due 2030 |  | 905 |  |  |  |  | 915 |
4.95% Senior Notes due 2031 |  | 1,224 |  |  |  |  | 1,221 |
4.20% Senior Notes due 2032 |  | 927 |  |  |  |  | 921 |
5.50% Senior Debentures due 2033 |  | 418 |  |  |  |  | 417 |
4.85% Senior Debentures due 2034 |  | 76 |  |  |  |  | 76 |
6.875% Senior Debentures due 2036 |  | 1,117 |  |  |  |  | 1,119 |
6.75% Senior Debentures due 2037 |  | 75 |  |  |  |  | 75 |
5.90% Senior Notes due 2040 |  | 273 |  |  |  |  | 272 |
4.50% Senior Debentures due 2042 |  | 34 |  |  |  |  | 34 |
4.85% Senior Notes due 2042 |  | 404 |  |  |  |  | 400 |
4.375% Senior Debentures due 2043 |  | 1,090 |  |  |  |  | 1,079 |
4.875% Senior Debentures due 2043 |  | 14 |  |  |  |  | 14 |
5.85% Senior Debentures due 2043 |  | 1,107 |  |  |  |  | 1,103 |
5.25% Senior Debentures due 2044 |  | 277 |  |  |  |  | 275 |
4.90% Senior Notes due 2044 |  | 435 |  |  |  |  | 432 |
4.60% Senior Notes due 2045 |  | 456 |  |  |  |  | 452 |
4.95% Senior Notes due 2050 |  | 768 |  |  |  |  | 763 |
6.25% Junior Subordinated Debentures due 2057 |  | 628 |  |  |  |  | 628 |
6.375% Junior Subordinated Debentures due 2062 |  | 989 |  |  |  |  | 989 |
Borrowings under credit facility |  | 1,800 |  |  |  |  | — |
Obligations under finance leases |  | 2 |  |  |  |  | 3 |
Total debt (a) |  | 15,156 |  |  |  |  | 13,658 |
Less current portion |  | 665 |  |  |  |  | 433 |
Total long-term debt, net of current portion |  | $14,491 |  |  |  |  | $13,225 |
(a) At June 30, 2026 and December 31, 2025, our total senior and junior debt was net of unamortized fair value adjustments of $1.28 billion and $1.32 billion, respectively, recorded in connection with the pushdown of the Ultimate Parent’s basis (see Note 2). The face value of our total debt at June 30, 2026 and December 31, 2025 was $16.43 billion (including credit facility borrowings discussed below) and $14.98 billion, respectively. Senior Debt In January 2026, we repaid our $347 million of 4.0% senior notes at maturity. Commercial Paper At both June 30, 2026 and December 31, 2025, we had no outstanding commercial paper borrowings. Credit Facility In April 2026, we entered into an amendment to our revolving credit facility (the “Credit Facility”), increasing the commitments from $3.50 billion to $5.00 billion, which will be reduced to $4.94 billion in January 2027 through maturity in January 2028. The Credit Facility is used for general corporate purposes and to support commercial paper borrowings, if any. We may, at our option, also borrow in certain foreign currencies up to specified limits under the Credit Facility. Borrowing rates under the Credit Facility are determined at the time of each borrowing and are generally based on either the prime rate in the U.S. or an applicable benchmark rate plus a margin (based on our senior unsecured debt rating), depending on the type and tenor of the loans entered into. The benchmark rate for loans denominated in U.S. dollars is Term SOFR, and for loans denominated in euros, sterling and yen is based on EURIBOR, SONIA and TIBOR, respectively. In the first quarter of 2026, in connection with the $2.8 billion termination fee paid to Netflix (see Note 15), we borrowed $2.15 billion under the Credit Facility. As of June 30, 2026, outstanding borrowings under the Credit Facility totaled $1.8 billion at a weighted average interest rate of 6.13%. The remaining availability under the Credit Facility at June 30, 2026, was $3.2 billion. At August 3, 2026, outstanding borrowings under the Credit Facility totaled $1.75 billion at a weighted average interest rate of 6.13%. Credit facility borrowings outstanding at the closing of the WBD Merger are ex pected to be repaid with the funding from the private placement described in Note 1. The Credit Facility has one principal financial covenant which sets a maximum Consolidated Total Leverage Ratio (“Leverage Ratio”) at the end of each quarter. The maximum Leverage Ratio was 4.50 x for the quarter ended June 30, 2026 and will remain at this level until maturity. The Leverage Ratio reflects the ratio of our Consolidated Indebtedness, net of a maximum of $3.0 billion of unrestricted cash and cash equivalents at the end of a quarter, to our Consolidated EBITDA (each as defined in the credit agreement) for the trailing twelve-month period. We met the covenant as of June 30, 2026. Other Bank Borrowings At both June 30, 2026 and December 31, 2025, there were no outstanding bank borrowings under Miramax’s $50 million credit facility that matures in November 2027.

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