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v3.26.1

Debt | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Debt | Debt Long-Term Debt Long-term debt, net of an unamortized discount and debt issuance costs, consisted of the following:
| Original Principal |  | Annual Interest Rate |  | Maturity Date |  | June 30, 2026 |  | December 31, 2025
2024 Term Loan Facility, net of unamortized discount(1) | 741 |  |  | Variable |  | 4/4/2029 |  | $ | 728 |  |  | $ | 731 |
2024-B Term Loan Facility, net of unamortized discount(1) | 902 |  |  | Variable |  | 9/30/2031 |  | 883 |  |  | 887 |
Senior Notes due 2029 | 1,075 |  |  | 4.625 | % |  | 3/15/2029 |  | 1,075 |  |  | 1,075 |
Senior Secured Notes due 2030 | 400 |  |  | 9.125 | % |  | 9/30/2030 |  | 400 |  |  | 400 |
RMB Term Loan Facility(1) | 64 |  |  | Variable |  | 8/16/2029 |  | 52 |  |  | 57 |
Australian Government Loan, net of unamortized discount | N/A |  | N/A |  | 12/31/2036 |  | 2 |  |  | 2 |
MGT Loan(2) | 36 |  | Variable |  | Variable |  | 10 |  |  | 13 |
Finance leases |  |  |  |  |  |  | 41 |  |  | 39 |
Long-term debt |  |  |  |  |  |  | 3,191 |  |  | 3,204 |
Less: Long-term debt due within one year |  |  |  |  |  |  | (39) |  |  | (39) |
Debt issuance costs |  |  |  |  |  |  | (29) |  |  | (33) |
Long-term debt, net |  |  |  |  |  |  | $ | 3,123 |  |  | $ | 3,132 |
_______________ (1)The average effective interest rate on the 2024 Term Loan Facility (including the impacts of the interest rate swaps), the 2024-B Term Loan Facility (including the impacts of the interest rate swaps), and the RMB Term Loan Facility was 6.1%, 6.3%, and 9.1%, respectively, during the six months ended June 30, 2026. The average effective interest rate on the 2024 Term Loan Facility, the 2024-B Term Loan Facility, and the RMB Term Loan Facility was 6.8%, 6.5%, and 9.7%, respectively, during the six months ended June 30, 2025. As of June 30, 2026, the applicable margin on the 2024 Term Loan Facility, the 2024-B Term Loan Facility and the RMB Term Loan Facility was 2.25%, 2.50% and 2.35%, respectively. (2)The MGT loan is a related party debt facility. The average effective interest rate on the MGT loan was 6.2% and 6.1% during the six months ended June 30, 2026 and June 30, 2025, respectively. Short-Term Debt Short-term debt consisted of the following:
| Annual Interest Rate |  | Maturity Date |  | June 30, 2026 |  | December 31, 2025
RMB Revolving Credit Facility(1) | Variable |  | 8/16/2027 |  | $ | 67 |  |  | $ | — |
SEB Credit Facility(1) | 4.9 | % |  | 2/28/2026 |  | — |  |  | 40 |
Insurance premium financing (Australia) | 6.4 | % |  | 3/1/2026 |  | — |  |  | 1 |
Insurance premium financing (global) | 8.0 | % |  | 4/1/2026 |  | — |  |  | 10 |
Bank overdraft | N/A |  | N/A |  | 1 |  |  | — |
Short-term debt |  |  |  |  | $ | 68 |  |  | $ | 51 |
(1) The average effective interest rate on the Cash Flow Revolver and the RMB Revolving Credit Facility was 7.6% and 8.9%, respectively, during the six months ended June 30, 2026. As of June 30, 2026, the applicable margin on the Cash Flow Revolver and the RMB Revolving Credit Facility was 2.25% and 2.25%, respectively. RMB Revolving Credit Facility During July 2026, the Company made total repayments of R300 million (approximately $18 million at the June 30, 2026 exchange rate). Emirates Revolver The Emirates Revolver was not renewed upon its expiration in June 2026. SEB Credit Facility In July 2026, our KSA subsidiary entered into a short-term working capital facility with Saudi Export Import Bank ("SEB Credit Facility") for an amount up to SAR 50 million (approximately $13 million). The maturity date under the facility is April 30, 2027. The SEB Credit Facility bears interest at a fixed rate of 5.63% on outstanding balances. In August 2026, we drew down the full amount of SAR 50 million (approximately $13 million) on the facility. Insurance premium financing In August 2025, the Company entered into a $30 million insurance premium financing agreement with a third-party financing company related to global policies. The financing balance required a 35% down payment and will be repaid in monthly installments over 8 months at an 8.0% fixed annual interest rate. At June 30, 2026, the financing balance was repaid in full. Debt Covenants As of June 30, 2026, we are in compliance with all financial covenants in our debt facilities.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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