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v3.26.1

Debt (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2026
Debt Disclosure [Abstract] |
Schedule of Long-Term 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 |
Schedule of Fair Value of Debt | The fair value hierarchy of cash equivalents was as follows:
(In millions) |  | Carrying Value |  | Fair Value |  | Level 1
March 31, 2026 |  | $ | 179 |  |  | $ | 179 |  |  | $ | 179 |
December 31, 2025 |  | 285 |  |  | 285 |  |  | 285 |
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 |

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