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Debt Obligations (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Long-term Debt |
| December 31, 2025 |  | December 31, 2024
Credit Facility | $ | — |  |  | $ | 203 |
5.750% senior notes due 2025 | — |  |  | 600 |
6.000% senior notes due 2026 (1) | 500 |  |  | 500 |
3.875% CAD senior notes due 2026 (1)(2) | 400 |  |  | — |
Parkland 3.875% CAD senior notes due 2026 (1)(3) | 37 |  |  | — |
6.000% senior notes due 2027 | 600 |  |  | 600 |
5.625% senior notes due 2027 | 550 |  |  | 550 |
5.875% senior notes due 2027 (2) | 499 |  |  | — |
Parkland 5.875% senior notes due 2027 (3) | 1 |  |  | — |
5.875% senior notes due 2028 | 400 |  |  | 400 |
7.000% senior notes due 2028 | 500 |  |  | 500 |
6.000% CAD senior notes due 2028 (2) | 277 |  |  | — |
Parkland 6.000% CAD senior notes due 2028 (3) | 14 |  |  | — |
4.500% senior notes due 2029 | 800 |  |  | 800 |
7.000% senior notes due 2029 | 750 |  |  | 750 |
4.375% CAD senior notes due 2029 (2) | 397 |  |  | — |
Parkland 4.375% CAD senior notes due 2029 (3) | 40 |  |  | — |
4.500% senior notes due 2029 (2) | 790 |  |  | — |
Parkland 4.500% senior notes due 2029 (3) | 10 |  |  | — |
4.500% senior notes due 2030 | 800 |  |  | 800 |
6.375% senior notes due 2030 | 600 |  |  | 600 |
4.625% senior notes due 2030 (2) | 798 |  |  | — |
Parkland 4.625% senior notes due 2030 (3) | 2 |  |  | — |
5.625% senior notes due 2031 | 1,000 |  |  | — |
7.250% senior notes due 2032 | 750 |  |  | 750 |
6.625% senior notes due 2032 (2) | 493 |  |  | — |
Parkland 6.625% senior notes due 2032 (3) | 7 |  |  | — |
6.250% senior notes due 2033 | 1,000 |  |  | — |
5.875% senior notes due 2034 | 900 |  |  | — |
GoZone Bonds | 322 |  |  | 322 |
Lease-related financing obligations and other subsidiary debt | 233 |  |  | 132 |
Net unamortized premiums, discounts and fair value adjustments | 2 |  |  | 16 |
Deferred debt issuance costs | (83) |  |  | (37) |
Total debt | 13,389 |  |  | 7,486 |
Less: current maturities | 17 |  |  | 2 |
Total long-term debt, net | $ | 13,372 |  |  | $ | 7,484 |
(1)As of December 31, 2025, $937 million aggregate principal amount of senior notes due before December 31, 2026 were classified as long-term as management has the intent and ability to refinance the borrowings on a long-term basis. (2)These senior notes, totaling $3.65 billion as of December 31, 2025, were assumed and exchanged by the Partnership in connection with the closing of the Parkland Acquisition. For additional information, see “Parkland Senior Note Exchange” below. (3)These senior notes, totaling $111 million as of December 31, 2025, represent the aggregate principal amounts not tendered in the private exchange offers and remain outstanding obligations of Parkland. For additional information, see “Parkland Senior Note Exchange” below.
Schedule of Maturities of Long-term Debt | At December 31, 2025, scheduled future debt maturities were as follows:
2026 | $ | 954 |
2027 | 1,661 |
2028 | 1,202 |
2029 | 2,797 |
2030 | 2,206 |
Thereafter | 4,650 |
Total | $ | 13,470 |
Schedule of Debt Conversions | The following table summarizes the GoZone Bonds outstanding as of December 31, 2025:
Series |  | Date Issued |  | Amount Outstanding |  | Interest Rate |  | Mandatory Purchase Date |  | Optional Redemption Date |  | Maturity Date
Series 2008 |  | June 26, 2008 |  | $ | 56 |  |  | 6.10 | % |  | June 1, 2030 |  | n/a |  | June 1, 2038
Series 2010 |  | July 15, 2010 |  | 100 |  |  | 6.35 | % |  | n/a |  | June 1, 2030 |  | July 1, 2040
Series 2010A |  | October 7, 2010 |  | 43 |  |  | 6.35 | % |  | n/a |  | June 1, 2030 |  | October 1, 2040
Series 2010B |  | December 29, 2010 |  | 48 |  |  | 6.10 | % |  | June 1, 2030 |  | n/a |  | December 1, 2040
Series 2011 |  | October 1, 2025 |  | 75 |  |  | 3.70 | % |  | June 1, 2030 |  | n/a |  | August 1, 2041

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