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Long-term Corporate Debt and Borrowing Arrangements | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Long-term Corporate Debt and Borrowing Arrangements | Long-term Corporate Debt and Borrowing Arrangements Long-term debt and other borrowing arrangements consisted of:
|  |  | As of |  | As of
| Maturity |  | September 30, |  | December 31,
| Date |  | 2025 |  | 2024
5.750% Senior Notes | July 2027 |  | 644 |  |  | 740 |
4.750% Senior Notes | April 2028 |  | 500 |  |  | 500 |
7.000% euro-denominated Senior Notes | February 2029 |  | 704 |  |  | 621 |
5.375% Senior Notes | March 2029 |  | 600 |  |  | 600 |
8.250% Senior Notes | January 2030 |  | 700 |  |  | 700 |
7.250% euro-denominated Senior Notes | July 2030 |  | 704 |  |  | 622 |
8.000% Senior Notes | February 2031 |  | 498 |  |  | 497 |
8.375% Senior Notes | June 2032 |  | 600 |  |  | — |
Floating Rate Term Loan (a) | July 2032 |  | 1,134 |  |  | 1,153 |
Other (b) |  |  | 34 |  |  | 20 |
Deferred financing fees |  |  | (60) |  |  | (60) |
Total |  |  | 6,058 |  |  | 5,393 |
Less: Short-term debt and current portion of long-term debt |  |  | 38 |  |  | 20 |
Long-term debt |  |  | $ | 6,020 |  |  | $ | 5,373 |
__________ (a)The floating rate term loan is part of our senior revolving credit facility, which is secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of September 30, 2025, the floating rate term loan due 2032 bears interest at one-month Secured Overnight Financing Rate (“SOFR”) plus 2.50%, for an aggregate rate of 6.66%. We have entered into a swap to hedge $750 million of interest rate exposure related to the floating rate term loan at an aggregate rate of 4.01%. (b)Primarily includes finance leases, which are secured by liens on the related assets. In February 2025, we borrowed $500 million under a floating rate term loan due December 2025, which was part of our senior revolving credit facilities. In June 2025, we fully repaid our outstanding borrowings under the floating rate term loan due 2025. In May 2025, we issued $600 million of 8.375% Senior Notes due June 2032. Net proceeds were used to repay our floating rate term loan due 2025 and a portion of our 5.750% Senior Notes due July 2027, with the remaining proceeds being used to repay outstanding fleet debt and for general corporate purposes. In June 2025, we redeemed $100 million of our outstanding 5.750% Senior Notes due July 2027. In July 2025, we amended our floating rate term loan, extending its maturity date from August 2027 to July 2032 and increasing the interest rate to SOFR plus 2.50%. Committed Credit Facilities and Available Funding Arrangements As of September 30, 2025, the committed corporate credit facilities available to us and/or our subsidiaries were as follows:
| Total Capacity |  | Outstanding Borrowings |  | Letters of Credit Issued |  | Available Capacity
Senior revolving credit facility maturing 2028 (a) | $ | 2,000 |  |  | $ | — |  |  | $ | 1,571 |  |  | $ | 429 |
__________ (a)The senior revolving credit facility bears interest at one-month SOFR plus 2.00% and is part of our senior credit facilities, which include the floating rate term loan and the senior revolving credit facility, and which are secured by pledges of capital stock of certain of our subsidiaries, and liens on substantially all of our intellectual property and certain other real and personal property. As of September 30, 2025, we have other uncommitted standby letter of credit facilities (“SBLC facilities”) with an additional letter of credit capacity of up to $467 million. As of September 30, 2025, letters of credit totaling $467 million have been issued on our SBLC facilities, which results in no remaining available capacity. Debt Covenants The agreements governing our indebtedness contain restrictive covenants, including restrictions on dividends paid to us by certain of our subsidiaries, the incurrence of additional indebtedness and/or liens by us and certain of our subsidiaries, acquisitions, mergers, liquidations, and sale and leaseback transactions. Our senior credit facility also contains a maximum leverage ratio requirement. As of September 30, 2025, we were in compliance with the financial covenants governing our indebtedness.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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