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v3.25.3

DEBT | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
DEBT | DEBT Long-Term Debt The following is a summary of long-term debt:
|  |  |  |  |  | Maturity |  | September 30, |  | December 31,
Title |  | Type |  | Interest Rate |  | Date |  | 2025 |  | 2024
|  |  |  |  |  |  |  | (millions)
2029 Notes |  | Senior Notes (a) |  | 4.125% |  | 2029 |  | $ | 1,100 |  |  | $ | 1,100 |
2031 Notes |  | Senior Notes (a) |  | 4.375% |  | 2031 |  | 1,000 |  |  | 1,000 |
2032 Notes |  | Senior Notes (b), (c) |  | 4.300% |  | 2032 |  | 600 |  |  | 600 |
2034 Notes |  | Senior Notes (a), (c) |  | 5.800% |  | 2034 |  | 650 |  |  | 650 |
Long-term debt principal |  |  |  |  |  |  |  | 3,350 |  |  | 3,350 |
Unamortized debt discount |  |  |  |  |  |  |  | (1) |  |  | (1) |
Unamortized debt issuance costs |  |  |  |  |  |  |  | (27) |  |  | (30) |
Long-term debt, net |  |  |  |  |  |  |  | $ | 3,322 |  |  | $ | 3,319 |
______________________________ (a) Interest payable semi-annually in arrears each June 15 and December 15. (b) Interest payable semi-annually in arrears each April 15 and October 15. (c) The collateral was released on May 16, 2025 following an Investment Grade Event under the respective indentures. In the event of a Reversion Event (as defined in the respective indentures), the collateral is required to be reinstated in accordance with the respective indentures. Short-Term Credit Arrangements and Borrowings The following table presents the availability under the Revolving Credit Facility:
| September 30, |
| 2025 |
| (millions) |
Total availability |  |
Revolving Credit Facility, expiring December 2029 (a) | $ | 1,000 |  |
Amounts outstanding |  |
Revolving Credit Facility borrowings | — |  |
Letters of credit | 17 |  |
| 17 |  |
Net availability | $ | 983 |  |
______________________________ (a) The collateral was released on May 16, 2025 following an Investment Grade Event under the Credit Agreement. To the extent the collateral is reinstated under either of the 2032 Notes or the 2034 Notes, the collateral would also be reinstated under the Credit Agreement. Borrowings under the Revolving Credit Facility, if any, are used for general corporate purposes, acquisitions, and letter of credit issuances to support our operations and liquidity. Revolving Credit Facility issuance and amendment costs, net of amortization, of $6 million and $7 million as of September 30, 2025 and December 31, 2024, respectively, are included in other noncurrent assets in our Consolidated Statements of Financial Position and are being amortized over the remaining term of the Revolving Credit Facility. On May 16, 2025, an Investment Grade Event occurred under our Credit Agreement which, among other changes, automatically released the guarantees and collateral supporting our obligations under the Credit Agreement. Upon the occurrence of the Investment Grade Event, the negative covenants were automatically amended to create additional flexibility for DT Midstream and its subsidiaries such that (i) the indebtedness negative covenant remains applicable solely to restrict DT Midstream’s restricted subsidiaries, (ii) the former restriction related to prepayments of junior indebtedness has fallen away, and (iii) the remaining negative covenants, including those related to liens, mergers, consolidations, liquidations or dissolutions, sales, transfers or other dispositions, investments, acquisitions, loans or advances, dividends and distributions or repurchases of capital stock, entering into agreements that limit the ability of the restricted subsidiaries to make distributions to DT Midstream, and transactions with affiliates, were amended automatically to provide for flexibility customary for investment grade companies. From and after the occurrence of the Investment Grade Event, the Credit Facility requires maintenance of (i) only the maximum consolidated net leverage ratio. The maximum consolidated net leverage ratio is set at 5 to 1 (except, that the Company may elect to temporarily step up the maximum consolidated net leverage ratio to 5.5 to 1 for a period of up to three fiscal quarters after the consummation of an acquisition or investment involving consideration exceeding $50 million). The consolidated net leverage ratio means the ratio of net debt determined in accordance with GAAP to annual consolidated EBITDA, as defined in the Credit Agreement. The Credit Agreement definition of annual consolidated EBITDA excludes EBITDA from equity method investees, but includes dividends and distributions from equity method investees. As of September 30, 2025, the consolidated net leverage ratio was 3.0 to 1 and we were in compliance with the financial covenant.

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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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