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,
20252024
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 borrowings21 18 
Finance lease obligations11 12 
Other2 1 
Total debt2,584 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, 2025December 31, 2024
$500 Million Facility
$— $— 
$400 Million Facility
45 47 
Bilateral Arrangements40 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— 
2029600 
2030— 
Thereafter1,990 
Total Debt2,592 
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):
2025Book ValueQuoteFair 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 
2024Book ValueQuoteFair 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