Annual report [Section 13 and 15(d), not S-K Item 405]

Long-Term Debt and Borrowing Arrangements (Tables)

v3.25.4
Long-Term Debt and Borrowing Arrangements (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Company's Indebtedness
The Company’s indebtedness consisted of:
As of December 31,
2025 2024
Long-term debt: (a)
Amount
Weighted Average Rate (b)
Amount
Weighted Average Rate (b)
$1.0 billion revolving credit facility (due October 2030)
 $ 224  6.03% $ 88  7.17%
$400 million term loan A (due April 2027)
337  6.10% 364  7.02%
$1.5 billion term loan B (due May 2030)
1,502  5.42% 1,515  4.20%
$500 million 4.375% senior unsecured notes (due August 2028)
 497  4.38% 496  4.38%
Total long-term debt 2,560  5.36% 2,463  4.84%
Less: Current portion of long-term debt 45  43 
Long-term debt $ 2,515  $ 2,420 
_____________________
(a)    The carrying amount of the term loans and senior unsecured notes are net of deferred debt issuance costs of $10 million and $13 million as of December 31, 2025 and 2024, respectively. The carrying amount of the term loan B is net of unamortized discounts of $4 million and $5 million as of December 31, 2025 and 2024, respectively.
(b)    Weighted average interest rates are based on the stated interest rate for the year-to-date periods and include the effects from hedging.
Schedule of Outstanding Debt Maturities
The Company’s outstanding debt as of December 31, 2025 matures as follows:
Long-Term Debt
Within 1 year $ 45 
Between 1 and 2 years 323 
Between 2 and 3 years 513 
Between 3 and 4 years 15 
Between 4 and 5 years 1,664 
Thereafter — 
Total $ 2,560 
Schedule of Available Capacity Under Borrowing Arrangements
As of December 31, 2025, the available capacity under the Company’s revolving credit facility was as follows:
Revolving Credit Facility
Total capacity $ 1,000 
Less: Borrowings 224 
Available capacity $ 776