Quarterly report [Sections 13 or 15(d)]

Long-Term Debt and Borrowing Arrangements (Tables)

v3.26.1
Long-Term Debt and Borrowing Arrangements (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Company's Indebtedness
The Company’s indebtedness consisted of:
June 30, 2026 December 31, 2025
Long-term debt: (a)
Amount
Weighted Average Rate (b)
Amount
Weighted Average Rate (b)
$1.0 billion revolving credit facility (due October 2030)
 $ 27  5.12% $ 224  6.03%
$1.5 billion term loan B (due May 2030)
1,495  5.37% 1,502  5.42%
$650 million 5.625% senior unsecured notes (due March 2033)
 641  5.63% — 
$500 million 4.375% senior unsecured notes (due August 2028)
 498  4.38% 497  4.38%
$400 million term loan A (due April 2027)
 —  2.77% 337  6.10%
Other debt 14  2.18% — 
Total long-term debt 2,675  5.09% 2,560  5.36%
Less: Current portion of long-term debt 23  45 
Long-term debt $ 2,652  $ 2,515 
______________________
(a)    The carrying amount of the term loans and senior unsecured notes are net of deferred debt issuance costs of $18 million and $10 million as of June 30, 2026 and December 31, 2025, respectively. The carrying amount of the term loan B is net of unamortized discounts of $4 million as of both June 30, 2026 and December 31, 2025.
(b)    Weighted average interest rates are based on the stated interest rate for the year-to-date periods and include the effects of hedging.
Schedule of Outstanding Debt Maturities
The Company’s outstanding debt as of June 30, 2026 matures as follows:
Long-Term Debt
Within 1 year $ 23 
Between 1 and 2 years 21 
Between 2 and 3 years 513 
Between 3 and 4 years 16 
Between 4 and 5 years 1,461 
Thereafter 641 
Total $ 2,675 
Schedule of Available Capacity Under Borrowing Arrangements
As of June 30, 2026, the available capacity under the Company’s revolving credit facility was as follows:
Revolving Credit Facility
Total capacity $ 1,000 
Less: Borrowings 27 
Available capacity $ 973