LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2026

The table below presents the components of outstanding debt (in millions):


	March 31, 2026		December 31, 2025
2.800% Senior Notes due July 15, 2030	$	1,000	$	1,000
Senior Notes unamortized discount and issuance costs	(6)		(7)
Long-term debt, net	$	994	$	993

Schedule of Interest Expense

The Company recognized interest expense as follows (in millions):


	Three Months Ended March 31,
	2026		2025
Interest on outstanding borrowings	$	7	$	7
Amortization of Senior Notes discount and issuance costs	1		1
Interest capitalized for construction in process	(5)		(3)
Commitment fees and other	1		1
Total interest expense	$	4	$	6

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details