v3.25.4

LONG-TERM OBLIGATIONS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Long-term debt is summarized as follows (in millions):
| December 31,
| 2025 |  | 2024
5% Senior Notes due May 15, 2029, net of unamortized debt issuance costs of $3 and $4 million at December 31, 2025 and 2024, respectively | $ | 597 |  |  | $ | 596 |
6.25% Senior Notes due October 15, 2032, net of unamortized debt issuance costs of $15 million and $17 million at December 31, 2025 and 2024, respectively | 735 |  |  | 733 |
Credit Agreement – term debt due October 8, 2031 (“New Term Facility”, as defined below), net of unamortized debt issuance costs of $17 million and $20 million; and unamortized original issue discount of $5 million and $6 million at December 31, 2025 and 2024, respectively | 1,218 |  |  | 1,224 |
Secured borrowings | 21 |  |  | 18 |
Finance lease obligations | 11 |  |  | 12 |
Other | 2 |  |  | 1 |
Total debt | 2,584 |  |  | 2,584 |
Less: Current portion of long-term debt | (6) |  |  | (4) |
Long-term debt, less current portion | $ | 2,578 |  |  | $ | 2,580 |
Schedule of Debt | Letters of credit outstanding (in millions):
| December 31, 2025 |  | December 31, 2024
$500 Million Facility | $ | — |  |  |  |  |  |  | $ | — |  |  |  |  |
$400 Million Facility | 45 |  |  |  |  |  |  | 47 |  |  |  |  |
Bilateral Arrangements | 40 |  |  |  |  |  |  | 48 |  |  |  |  |
Total | $ | 85 |  |  |  |  |  |  | $ | 95 |  |  |  |  |
Schedule of Maturities of Long-term Debt | Amounts shown are exclusive of minimum lease payments for capital lease obligations and secured borrowings (in millions):
2026 | $ | 2 |
2027 | — |
2028 | — |
2029 | 600 |
2030 | — |
Thereafter | 1,990 |
Total Debt | 2,592 |
Less: Unamortized original issue discount | (5) |
Less: Unamortized debt issuance costs | (35) |
Net debt | $ | 2,552 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The Company estimates the fair value of its debt set forth below as of December 31, 2025 and 2024, as follows (in millions, except for quotes):
2025 | Book Value |  | Quote |  | Fair Value
5% Notes | $ | 600 |  |  | 0.98875 |  |  | $ | 593 |
6.25% Notes | 750 |  |  | 1.02250 |  |  | 767 |
New Term Facility (net of discount) | 1,236 |  |  | 1.00375 |  |  | 1,241 |
2024 | Book Value |  | Quote |  | Fair Value
5% Notes | $ | 600 |  |  | 0.95000 |  |  | $ | 570 |
6.25% Notes | 750 |  |  | 0.98000 |  |  | 735 |
New Term Facility (net of discount) | 1,244 |  |  | 1.00250 |  |  | 1,247 |

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