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v3.26.1

Long-Term Debt | 3 Months Ended
--- | ---
Mar. 31, 2026
Debt Disclosure [Abstract] |
Long-Term and Other Debt | The following table reflects our outstanding debt (in order of priority and maturity):
| As of
| March 31, 2026 |  | December 31, 2025
| Final Maturity |  | Rate(s) |  | Face Value |  | Unamortized debt discount/premium and deferred financing costs, net |  | Book Value |  | Book Value
Senior Secured Credit Facilities: |  |  |  |  |  |  |  |  |  |  |
LNWI Revolver | 2030 |  | variable |  | $ | 210 |  |  | $ | — |  |  | $ | 210 |  |  | $ | 230 |
LNWI Term Loan A | 2028 |  | variable |  | 785 |  |  | (2) |  |  | 783 |  |  | 788 |
LNWI Term Loan B | 2029 |  | variable |  | 2,135 |  |  | (17) |  |  | 2,118 |  |  | 2,116 |
LNWI Senior Notes: |  |  |  |  |  |  |  |  |  |  |
2029 Unsecured Notes | 2029 |  | 7.250% |  | 500 |  |  | (3) |  |  | 497 |  |  | 497 |
2031 Unsecured Notes | 2031 |  | 7.500% |  | 550 |  |  | (6) |  |  | 544 |  |  | 544 |
2033 Unsecured Notes | 2033 |  | 6.250% |  | 1,000 |  |  | (14) |  |  | 986 |  |  | 985 |
Other | — |  | — |  | 2 |  |  | — |  |  | 2 |  |  | 3 |
Total long-term debt outstanding |  |  |  |  | $ | 5,182 |  |  | $ | (42) |  |  | $ | 5,140 |  |  | $ | 5,163 |
Less: current portion of long-term debt |  |  |  |  |  |  |  |  | (58) |  |  | (53) |
Long-term debt, excluding current portion |  |  |  |  |  |  |  |  | $ | 5,082 |  |  | $ | 5,110 |
Fair value of debt(1) |  |  |  |  | $ | 5,184 |  |  |  |  |  |  |
(1) Fair value of our fixed rate and variable interest rate debt is classified within Level 2 in the fair value hierarchy and has been calculated based on the quoted market prices of our securities.
LNWI Term Loan B Repricing On January 22, 2026, we amended the LNWI Credit Agreement and reduced the applicable margin on the LNWI Term Loan B. Following the amendment, the interest rate for the Term Loan B is either (i) the Adjusted Term SOFR Rate (as defined in the LNWI Credit Agreement) plus 2.00% per annum or (ii) a base rate plus 1.00% per annum. We were in compliance with the financial covenants under all debt agreements as of March 31, 2026 (for information regarding the financial covenants of all our debt agreements, see above and Note 14 in our 2025 10-K). For additional information regarding the terms of our credit facilities and Senior Notes, see Note 14 in our 2025 10-K.

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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 942 -SubTopic 210 -Name Accounting Standards Codification -Section S45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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