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v3.26.1

Debt | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Debt | Debt The Company's debt consists of the following (in millions):
|  | Weighted Average Effective Interest Rate at June 30, 2026 |  | Weighted Average Stated Interest Rate at June 30, 2026 |  | Fixed or Floating Interest Rate |  | Maturity |  | June 30, 2026 |  | December 31, 2025
Senior Notes |  |  |  |  |  |  |  |  |  |  |  |
2029 Notes |  | 6.91% |  | 6.63% |  | Fixed |  | 2029 |  | $ | 800 |  |  | $ | 800 |
2030 Notes |  | 7.25% |  | 7.00% |  | Fixed |  | 2030 |  | 1,650 |  |  | 1,650 |
2031 Notes |  | 5.94% |  | 5.75% |  | Fixed |  | 2031 |  | 600 |  |  | 600 |
2033 Notes |  | 7.43% |  | 7.25% |  | Fixed |  | 2033 |  | 1,100 |  |  | 1,100 |
2034 Notes |  | 6.14% |  | 6.00% |  | Fixed |  | 2034 |  | 600 |  |  | 600 |
Other Debt |  |  |  |  |  |  |  |  |  |  |  |
ABL Credit Facility |  | N/A |  | 5.00% |  | Floating |  | 2030 |  | 1,878 |  |  | 2,047 |
Term Loan Facility |  | 5.64% |  | 5.38% |  | Floating |  | 2032 |  | 746 |  |  | 750 |
AR Facility(a) |  | N/A |  | 4.48% |  | Floating |  | 2026 |  | 500 |  |  | 475 |
Finance lease liabilities |  | 4.68% |  | N/A |  | Fixed |  | 2026-2044 |  | 89 |  |  | 81 |
Unamortized debt issuance costs and debt discount(b) |  | (51) |  |  | (56) |
Total debt |  | 7,912 |  |  | 8,047 |
Less: Current maturities of long-term debt |  | (27) |  |  | (26) |
Total long-term debt, net |  | $ | 7,885 |  |  | $ | 8,021 |
(a)The AR Facility is excluded from current maturities of long-term debt as the Company has the intent and ability to fund the AR Facility's borrowings on a long-term basis either by further extending the maturity date of the AR Facility or by utilizing the capacity available at the balance sheet date under the ABL Credit Facility. (b) Unamortized debt issuance costs totaling $10 million and $12 million related to the ABL Credit Facility and AR Facility as of June 30, 2026 and December 31, 2025, respectively, are included in "Other long-term assets" in the condensed consolidated balance sheets. The effective interest rates for the fixed rate 2029 Notes, 2030 Notes, 2031 Notes, 2033 Notes, and 2034 Notes (collectively, the "Senior Notes") include the stated interest on the notes and the amortization of any debt issuance costs. The effective interest rate for the variable rate Term Loan Facility includes the stated interest on the loan and the amortization of the debt discount and debt issuance costs. During the second quarter, there were no material changes to the terms of the Company's debt instruments, with the exception of the accounts receivable securitization facility (the "AR Facility") which was amended in May 2026 to increase the aggregate commitments from $475 million to $500 million. Additional information on the Company's debt instruments is included in Note 11, "Debt" to the Company's financial statements in its Annual Report on Form 10-K for the year ended December 31, 2025. Letters of Credit and Surety-Backed Letters of Credit As of June 30, 2026, $33 million of standby letters of credit were issued and outstanding, none of which have been drawn upon. The ABL Credit Facility had $217 million available under the letter of credit facility sublimit, subject to borrowing base restrictions. As of June 30, 2026, the Company had $14 million of surety-backed letters of credit outstanding that replaced certain insurance related bank letters of credit and the Company's available borrowing capacity under the ABL Credit Facility increased accordingly. Borrowing Capacity and Availability After outstanding borrowings, the following was available to the Company under the ABL Credit Facility and AR Facility as of June 30, 2026 (in millions):
| Remaining Capacity |  | Availability Under Borrowing Base Limitation
ABL Credit Facility | $ | 2,089 |  |  | $ | 2,007 |
AR Facility | — |  |  | — |
Total | $ | 2,089 |  |  | $ | 2,007 |

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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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