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LONG-TERM DEBT (Tables) | 9 Months Ended
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Sep. 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):
| September 30, 2025 |  | December 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 | (61) |  |  | (56) |
Outstanding principal balances on Senior Notes, net | 4,789 |  |  | 4,044 |
Outstanding balance on Credit Facility | 350 |  |  | 450 |
Long-term debt | 5,139 |  | 4,494
Deferred acquisition consideration | — |  |  | 479 |
Total debt | $ | 5,139 |  |  | $ | 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 September 30, 2025 ($ in millions):
| Interest Rate |  | Interest Payment Dates |  | Principal Amount |  | Maturity Date
2026 Senior Notes | 5.000% |  | April 15, October 15 |  | $ | 400 |  |  | October 15, 2026
2028 Senior Notes | 8.375% |  | January 1, July 1 |  | 1,350 |  |  | July 1, 2028
2030 Senior Notes | 8.625% |  | May 1, November 1 |  | 1,000 |  |  | November 1, 2030
2031 Senior Notes | 8.750% |  | January 1, July 1 |  | 1,350 |  |  | 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 |  | September 30, 2025 |  | December 31, 2024
Outstanding balance | 180 |  |  | 350 |  |  | 450 |
Letters of credit | 2 |  |  | 2 |  |  | 2 |
Available borrowing capacity | 2,318 |  |  | 2,148 |  |  | 1,748 |
Total aggregate elected commitments | $ | 2,500 |  |  | $ | 2,500 |  |  | $ | 2,200 |

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