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Debt | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
Debt | Debt
|  | March 31, 2026 |  | December 31, 2025
(In millions) |  | Principal Balance |  | Carrying Value |  | Principal Balance |  | Carrying Value
Term loan facility |  | $ | 955 |  |  | $ | 949 |  |  | $ | 985 |  |  | $ | 978 |
6.25% senior secured notes due 2028 |  | 830 |  |  | 825 |  |  | 830 |  |  | 825 |
7.125% senior notes due 2031 |  | 450 |  |  | 446 |  |  | 450 |  |  | 446 |
7.125% senior notes due 2032 |  | 585 |  |  | 577 |  |  | 585 |  |  | 577 |
6.70% senior debentures due 2034 |  | 300 |  |  | 231 |  |  | 300 |  |  | 230 |
Finance leases, asset financing and other |  | 247 |  |  | 247 |  |  | 257 |  |  | 257 |
Total debt |  | 3,367 |  |  | 3,276 |  |  | 3,407 |  |  | 3,313 |
Short-term borrowings and current maturities of long-term debt |  | 104 |  |  | 104 |  |  | 60 |  |  | 60 |
Long-term debt |  | $ | 3,263 |  |  | $ | 3,172 |  |  | $ | 3,347 |  |  | $ | 3,253 |
The fair value of our debt and classification in the fair value hierarchy was as follows:
(In millions) |  | Fair Value |  | Level 1 |  | Level 2
March 31, 2026 |  | $ | 3,423 |  |  | $ | 2,220 |  |  | $ | 1,203 |
December 31, 2025 |  | 3,499 |  |  | 2,254 |  |  | 1,246 |
We valued Level 1 debt using quoted prices in active markets and Level 2 debt using bid evaluation pricing models. The fair value of the asset financing arrangements approximates carrying value as the debt is primarily issued at a floating rate, the debt may be prepaid at any time at par without penalty, and the remaining life of the debt is short-term in nature. Revolving Credit Facility In February 2025, we terminated our Second Amended and Restated Revolving Credit Agreement, as amended (the “ABL Facility”), and entered into a Revolving Credit Agreement (the “Revolving Credit Agreement”). The Revolving Credit Agreement provides for revolving credit commitments in an aggregate amount of $600 million (the “Revolving Credit Facility”), of which $200 million is available for issuances of letters of credit. The maturity date of the Revolving Credit Facility is April 30, 2030. As of March 31, 2026, we have approximately $600 million available to draw under our Revolving Credit Facility, after considering outstanding letters of credit of less than $1 million. As of March 31, 2026, we were in compliance with the Revolving Credit Facility’s financial covenants. Letters of Credit Facility As of March 31, 2026, we have $132 million in aggregate face amount of letters of credit outstanding under our $200 million uncommitted secured evergreen letter of credit facility. Term Loan Facility In February 2025, we amended our Senior Secured Term Loan Credit Agreement (“Amended Term Loan Credit Agreement”). Pursuant to the amendment, the lenders provided the company (a) a term loan B facility in an aggregate principal amount of $700 million, maturing on May 24, 2028 (the “Refinancing Term Loan B-2 Facility”), and (b) a term loan B facility in an aggregate principal amount of $400 million, maturing on February 1, 2031 (the “Refinancing Term Loan B-3 Facility” and together with the Refinancing Term Loan B-2 Facility, the “Refinancing Term Loan Facilities”). The proceeds of the Refinancing Term Loan Facilities were used to refinance our existing term loans. We recorded a debt extinguishment loss of $5 million in the first quarter of 2025 due to this refinancing. Subsequently, in the second half of 2025, we used cash on hand to repay $115 million of outstanding principal under the Refinancing Term Loan B-2 Facility, which was scheduled to mature in 2028. During the quarter ended March 31, 2026, we used cash on hand to repay $30 million of outstanding principal under this loan. In April 2026, we used cash on hand to repay an additional $70 million of outstanding principal under this loan, including $45 million classified within Short-term borrowings and current maturities of long-term debt as of March 31, 2026. The debt extinguishment losses recorded in connection with the repayments were not material. The weighted average interest rate of our term loans was approximately 5.42% as of March 31, 2026.

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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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