DEBT (Tables)

9 Months Ended

Sep. 30, 2025



	At September 30, 2025												At December 31, 2024
(in millions of U.S. dollars)	Nominal Value in Currency		Nominal rate		Effective rate		Face Value		Debt issuance costs	Accrued interest		Carrying value		Carrying value
Secured Pan-U.S. ABL (due 2029)	$	70	Floating		5.83	%	70		—	1		71		56



Senior Unsecured Notes
Issued June 2020 and due 2028			$	325	5.625	%	6.05	%	325	(3)	5		327		323
Issued February 2021 and due 2029			$	500	3.750	%	4.05	%	500	(4)	9		505		500
Issued June 2021 and due 2029			€	300	3.125	%	3.41	%	353	(3)	2		352		313
Issued August 2024 and due 2032			$	350	6.375	%	6.77	%	350	(6)	3		347		353
Issued August 2024 and due 2032			€	300	5.375	%	5.73	%	352	(5)	2		349		313

Finance lease liabilities							31		—	—		31		30
Other loans (A)							30		—	—		30		30
Total debt							2,011		(21)	22		2,012		1,918
Of which non-current												1,974		1,879
Of which current (B)												38		39

(A)Other loans include $23 million of financial liabilities relating to the sale and leaseback of assets that were considered to be financing arrangements in substance.

(B)Current portion of borrowings include mainly accrued interest and current portions of finance leases and other long-term loans relating to the sale and leaseback of assets.