Quarterly report [Sections 13 or 15(d)]

DEBT AND CREDIT FACILITIES

v3.26.1
DEBT AND CREDIT FACILITIES
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
DEBT AND CREDIT FACILITIES
NOTE 7 - DEBT AND CREDIT FACILITIES
The following represents a summary of our long-term debt:
(In millions)
Debt Instrument Annual Effective
Interest Rate		 March 31,
2026		 December 31,
2025
Senior Unsecured Notes:
4.625% 2029 Senior Notes
4.625% 368  368 
6.875% 2029 Senior Notes
 6.875% 900  900 
6.750% 2030 Senior Notes
 6.750% 750  750 
4.875% 2031 Senior Notes
 4.875% 325  325 
7.500% 2031 Senior Notes
 7.500% 850  850 
7.000% 2032 Senior Notes
 7.054% 1,425  1,425 
7.375% 2033 Senior Notes
 7.375% 900  900 
7.625% 2034 Senior Notes
 7.516% 1,125  1,125 
6.250% 2040 Senior Notes
 6.340% 235  235 
ABL Facility
Variable1
959  452 
Total principal amount 7,837  7,330 
Unamortized discounts and issuance costs (74) (77)
Total long-term debt $ 7,763  $ 7,253 
1 Our ABL Facility annual effective interest rate was 5.305% as of March 31, 2026.
ABL FACILITY
As of March 31, 2026, we were in compliance with the ABL Facility liquidity requirements and, therefore, the springing financial covenant requiring a minimum fixed charge coverage ratio of 1.0 to 1.0 was not applicable.
The following represents a summary of our borrowing capacity under the ABL Facility:
(In millions) March 31,
2026
Available borrowing base on ABL Facility1
$ 4,103 
Borrowings (959)
Letter of credit obligations2
(48)
Borrowing capacity available $ 3,096 
1 As of March 31, 2026, the ABL Facility has a maximum available borrowing base of $4.75 billion. The borrowing base is determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment.
2 We issued standby letters of credit with certain financial institutions in order to support business obligations, including, but not limited to, operating agreements, employee severance, environmental obligations, workers' compensation and insurance obligations.
DEBT MATURITIES
The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at March 31, 2026 (in millions):
2026 2027 2028 2029 2030 Thereafter Total
$ —  $ —  $ 959  $ 1,268  $ 750  $ 4,860  $ 7,837