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LONG-TERM DEBT (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Debt, net of unamortized discounts and deferred financing costs, consists of the following (in millions):
June 30, 2025December 31, 2024
Outstanding principal balances on Senior Notes:
2026 Senior Notes (5.000%)
$400 $400 
2028 Senior Notes (8.375%)
1,350 1,350 
2030 Senior Notes (8.625%)
1,000 1,000 
2031 Senior Notes (8.750%)
1,350 1,350 
2033 Senior Notes (9.625%)
750 — 
Outstanding principal balances on Senior Notes, gross
4,850 4,100 
Less: unamortized discount and deferred financing costs(62)(56)
Outstanding principal balances on Senior Notes, net
4,788 4,044 
Outstanding balance on Credit Facility
600 450 
Long-term debt5,3884,494
Deferred acquisition consideration— 479 
Total debt
$5,388 $4,973 
Senior Notes
The table below summarizes the face values, interest rates, maturity dates, and semi-annual interest payment dates related to our outstanding senior note obligations as of June 30, 2025 ($ in millions):
Interest RateInterest Payment DatesPrincipal AmountMaturity Date
2026 Senior Notes5.000%April 15, October 15$400 
October 15, 2026
2028 Senior Notes8.375%January 1, July 11,350 July 1, 2028
2030 Senior Notes8.625%May 1, November 11,000 November 1, 2030
2031 Senior Notes8.750%January 1, July 11,350 July 1, 2031
2033 Senior Notes
9.625%
June 15, December 15
750 
June 15, 2033
The following table presents the outstanding balance, letters of credit outstanding, and available borrowing capacity under the Credit Facility as of the dates indicated (in millions):
The Filing Date of this Quarterly Report on Form 10-Q
June 30, 2025December 31, 2024
Outstanding balance
$600 $600 $450 
Letters of credit2 2 2 
Available borrowing capacity1,898 1,898 1,748 
Total aggregate elected commitments
$2,500 $2,500 $2,200