XML 52 R38.htm IDEA: XBRL DOCUMENT v3.25.0.1
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Instrument [Line Items]  
Schedule of Debt

Long-term debt, net of unamortized debt issuance costs and discounts or premiums, consists of the following (in millions):

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

8% Senior Secured Notes due 2026

 

$

—

 

 

$

1,116

 

8% Senior Secured Notes due 2027

 

 

700

 

 

 

700

 

5⅝% Senior Secured Notes due 2027

 

 

1,757

 

 

 

1,900

 

6⅞% Senior Notes due 2028

 

 

626

 

 

 

756

 

6% Senior Secured Notes due 2029

 

 

644

 

 

 

644

 

5¼% Senior Secured Notes due 2030

 

 

1,535

 

 

 

1,535

 

4¾% Senior Secured Notes due 2031

 

 

1,058

 

 

 

1,058

 

10⅞% Senior Secured Notes due 2032

 

 

2,225

 

 

 

1,000

 

6⅞% Junior-Priority Secured Notes due 2029

 

 

1,244

 

 

 

1,244

 

6⅛% Junior-Priority Secured Notes due 2030

 

 

1,227

 

 

 

1,227

 

ABL Facility

 

 

341

 

 

 

247

 

Finance lease and financing obligations

 

 

343

 

 

 

366

 

Other

 

 

24

 

 

 

32

 

Less: Unamortized deferred debt issuance costs

 

 

(272

)

 

 

(338

)

Total debt

 

 

11,452

 

 

 

11,487

 

Less: Current maturities

 

 

(20

)

 

 

(21

)

Total long-term debt

 

$

11,432

 

 

$

11,466

 
Summary of Extinguished Portion of Certain Series of Outstanding Notes

During the years ended December 31, 2024, 2023 and 2022, the Company extinguished a portion of certain series of its outstanding notes through open market repurchases, and privately negotiated repurchases with a limited number of holders, as follows (in millions):

 

 

December 31,

 

 

2024

 

 

2023

 

 

2022

 

5⅝% Senior Secured Notes due 2027

$

143

 

 

$

—

 

 

$

—

 

6⅞% Senior Notes due 2028

 

130

 

 

 

—

 

 

 

11

 

6% Senior Secured Notes due 2029

 

—

 

 

 

256

 

 

 

—

 

4¾% Senior Secured Notes due 2031

 

—

 

 

 

—

 

 

 

37

 

6⅞% Junior-Priority Secured Notes due 2029

 

—

 

 

 

142

 

 

 

389

 

6⅛% Junior-Priority Secured Notes due 2030

 

—

 

 

 

4

 

 

 

208

 

Total principal amount of debt extinguished

$

273

 

 

$

402

 

 

$

645

 
Schedule of Maturities of Long-term Debt

At December 31, 2024, the scheduled maturities of long-term debt outstanding, including finance lease and financing obligations for each of the next five years and thereafter are as follows (in millions):

 

Year Ending December 31,

 

Amount

 

2025

 

$

20

 

2026

 

 

10

 

2027

 

 

2,466

 

2028

 

 

635

 

2029

 

 

2,237

 

Thereafter

 

 

6,356

 

Total maturities

 

 

11,724

 

Less: Deferred debt issuance costs

 

 

(272

)

Total long-term debt

 

$

11,452

 
Senior Secured Notes at 8%, Due 2027 | Senior Secured Notes  
Debt Instrument [Line Items]  
Schedule of Early Redemption Prices on Notes

CHS may redeem some or all of the 8% Senior Secured Notes due 2027 at any time on or after December 15, 2022 upon not less than 15 nor more than 60 days’ notice, at the following redemption prices (expressed as a percentage of principal amount on the redemption date), plus accrued and unpaid interest, if any, to the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the period set forth below:

 

Period

 

Redemption Price

 

December 15, 2024 to December 14, 2027

 

 

100.000

%
5⅝% Senior Secured Notes due 2027 | Senior Secured Notes  
Debt Instrument [Line Items]  
Schedule of Early Redemption Prices on Notes

At any time and from time to time on or after December 15, 2023, CHS may redeem the 5⅝% Senior Secured Notes due 2027 in whole or in part, upon not less than 15 no more than 60 days’ prior written notice at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest, if any, on the 5⅝% Senior Secured Notes due 2027 redeemed, to, but excluding, the applicable date of redemption, if redeemed during the 12 month period beginning on December 15 of the years indicated below:

 

Period

 

Redemption Price

 

December 15, 2024 to December 14, 2025

 

 

101.406

%

December 15, 2025 to December 14, 2027

 

 

100.000

%
Senior Notes at 6.875% Due 2028 | Senior Notes  
Debt Instrument [Line Items]  
Schedule of Early Redemption Prices on Notes

CHS may redeem some or all of the 6⅞% Senior Notes due 2028 at any time on or after April 1, 2023 upon not less than 15 nor more than 60 days’ notice, at the following redemption prices (expressed as a percentage of principal amount on the redemption date), plus accrued and unpaid interest, if any, to the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the periods set forth below:

 

Period

 

Redemption Price

 

April 1, 2024 to March 31, 2025

 

 

101.719

%

April 1, 2025 to March 31, 2028

 

 

100.000

%
6% Senior Secured Notes due 2029 | Senior Secured Notes  
Debt Instrument [Line Items]  
Schedule of Early Redemption Prices on Notes

At any time and from time to time on or after January 15, 2024, CHS may redeem the 6% Senior Secured Notes due 2029 in whole or in part, upon not less than 15 nor more than 60 days’ prior written notice at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest, if any, on the 6% Senior Secured Notes due 2029 redeemed, to, but excluding, the applicable date of redemption, if redeemed during the 12 month period beginning on January 15 of the years indicated below:

 

Period

 

Redemption Price

 

January 15, 2025 to January 14, 2026

 

 

101.500

%

January 15, 2026 to January14, 2029

 

 

100.000

%

 
Senior Secured Notes 5.250%, Due 2030 | Senior Secured Notes  
Debt Instrument [Line Items]  
Schedule of Early Redemption Prices on Notes

At any time and from time to time on or after May 15, 2025, CHS may redeem the 5¼% Senior Secured Notes due 2030 in whole or in part, upon not less than 10 nor more than 60 days’ prior written notice at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest, if any, on the 5¼% Senior Secured Notes due 2030 redeemed, to, but excluding, the applicable date of redemption, if redeemed during the 12 month period beginning on May 15 of the years indicated below:

 

Period

 

Redemption Price

 

May 15, 2025 to May 14, 2026

 

 

102.625

%

May 15, 2026 to May 14, 2027

 

 

101.313

%

May 15, 2027 to May 14, 2030

 

 

100.000

%
Senior Secured Notes at 4.75% due 2031 | Senior Secured Notes  
Debt Instrument [Line Items]  
Schedule of Early Redemption Prices on Notes

At any time and from time to time on or after February 15, 2026, CHS may redeem the 4¾% Senior Secured Notes due 2031 in whole or in part, upon not less than 15 nor more than 60 days’ prior written notice at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest, if any, on the 4¾% Senior Secured Notes due 2031 redeemed, to, but excluding, the applicable date of redemption, if redeemed during the 12 month period beginning on February 15 of the years indicated below:

 

Period

 

Redemption Price

 

February 15, 2026 to February 14, 2027

 

 

102.375

%

February 15, 2027 to February 14, 2028

 

 

101.583

%

February 15, 2028 to February 14, 2029

 

 

100.792

%

February 15, 2029 to February 14, 2031

 

 

100.000

%
Senior Secured Notes at 10.875%, Due 2032 | Senior Secured Notes  
Debt Instrument [Line Items]  
Schedule of Early Redemption Prices on Notes

At any time and from time to time on or after February 15, 2027, CHS may redeem the 10⅞% Senior Secured Notes due 2032 in whole or in part, upon not less than 10 nor more than 60 days’ prior written notice at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest, if any, on the 10⅞% Senior Secured Notes due 2032 redeemed, to, but excluding, the applicable date of redemption, if redeemed during the 12 month period beginning on February 15 of the years indicated below:

 

Period

 

Redemption
Price

 

February 15, 2027 to February 14, 2028

 

 

105.438

%

February 15, 2028 to February 14, 2029

 

 

102.719

%

February 15, 2029 to January 14, 2032

 

 

100.000

%
Junior-Priority Secured Notes at 6.875% Due 2029 | Senior Secured Notes  
Debt Instrument [Line Items]  
Schedule of Early Redemption Prices on Notes

At any time and from time to time on or after April 15, 2024, CHS may redeem the 6⅞% Junior-Priority Secured Notes due 2029 in whole or in part, upon not less than 15 nor more than 60 days’ prior written notice at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest, if any, on the 6⅞% Junior-Priority Secured Notes due 2029 redeemed, to, but excluding, the applicable date of redemption, if redeemed during the 12 month period beginning on April 15 of the years indicated below:

 

Period

 

Redemption Price

 

April 15, 2024 to April 14, 2025

 

 

103.438

%

April 15, 2025 to April 14, 2026

 

 

101.719

%

April 15, 2026 to April 14, 2029

 

 

100.000

%
Junior-Priority Secured Notes at 6.125% Due 2030 | Senior Secured Notes  
Debt Instrument [Line Items]  
Schedule of Early Redemption Prices on Notes

At any time and from time to time on or after April 1, 2025, CHS may redeem the 6⅛% Junior-Priority Secured Notes due 2030 in whole or in part, upon not less than 15 nor more than 60 days’ prior written notice at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest, if any, on the 6⅛% Junior-Priority Secured Notes due 2030 redeemed, to, but excluding, the applicable date of redemption, if redeemed during the 12 month period beginning on April 1 of the years indicated below:

 

Period

 

Redemption Price

 

April 1, 2025 to March 31, 2026

 

 

103.063

%

April 1, 2026 to March 31, 2027

 

 

101.531

%

April 1, 2027 to March 31, 2030

 

 

100.000

%