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LONG-TERM DEBT | 9 Months Ended
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Sep. 30, 2025
Long-Term Debt and Lease Obligation [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT The table below presents our long‑term debt included in the accompanying Condensed Consolidated Balance Sheets:
|  | September 30, 2025 |  | December 31, 2024
Senior unsecured notes: |  |  |  |
6.125% due 2028 |  | $ | 2,500 |  |  | $ | 2,500 |
6.875% due 2031 |  | 362 |  |  | 362 |
Senior secured first lien notes: |  |  |  |
5.125% due 2027 |  | 1,500 |  |  | 1,500 |
4.625% due 2028 |  | 600 |  |  | 600 |
4.250% due 2029 |  | 1,400 |  |  | 1,400 |
4.375% due 2030 |  | 1,450 |  |  | 1,450 |
6.125% due 2030 |  | 2,000 |  |  | 2,000 |
6.750% due 2031 |  | 1,350 |  |  | 1,350 |
Senior secured second lien notes: |  |  |  |
6.250% due 2027 |  | 1,500 |  |  | 1,500 |
Finance leases, mortgages and other notes |  | 604 |  |  | 605 |
Unamortized issue costs and note discounts |  | (79) |  |  | (94) |
Total long-term debt |  | 13,187 |  |  | 13,173 |
Less: Current portion |  | 85 |  |  | 92 |
Long-term debt, net of current portion |  | $ | 13,102 |  |  | $ | 13,081 |
Senior Unsecured Notes and Senior Secured Notes At September 30, 2025, we had senior unsecured notes and senior secured notes with aggregate principal amounts outstanding of $12.662 billion. These notes have fixed interest rates ranging from 4.250% to 6.875% and require semi‑annual interest payments in arrears. A payment of the principal and any accrued but unpaid interest is due upon the maturity date of the respective notes, which dates are staggered from February 2027 through November 2031. Credit Agreement We have a senior secured revolving credit facility (as amended, the “Credit Agreement”) that provides for revolving loans in an aggregate principal amount of up to $1.500 billion with a $200 million subfacility for standby letters of credit. Our borrowing availability, which is based on a specified percentage of eligible inventory and accounts receivable, was $1.500 billion at September 30, 2025. On that date, we had no cash borrowings outstanding under the Credit Agreement, and we had less than $1 million of standby letters of credit outstanding. Letter of Credit Facility We have a letter of credit facility (as amended to date, the “LC Facility”) that provides for the issuance, from time to time, of standby and documentary letters of credit in an aggregate principal amount of up to $200 million. At September 30, 2025, we had $104 million of standby letters of credit outstanding under the LC Facility.

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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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