v3.26.1
DEBT
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Long-Term Debt
The following is a summary of long-term debt:
MaturityMarch 31,December 31,
TitleTypeInterest RateDate20262025
(millions)
2029 Notes
Senior Notes (a)
4.125%2029$1,100 $1,100 
2031 Notes
Senior Notes (a)
4.375%20311,000 1,000 
2032 Notes
Senior Notes (b)
4.300%2032600 600 
2034 Notes
Senior Notes (a)
5.800%2034650 650 
Long-term debt principal3,350 3,350 
Unamortized debt discount(1)(1)
Unamortized debt issuance costs (24)(25)
Long-term debt, net$3,325 $3,324 
______________________________
(a) Interest payable semi-annually in arrears each June 15 and December 15.
(b) Interest payable semi-annually in arrears each April 15 and October 15.
Short-Term Credit Arrangements and Borrowings
The following table presents the availability under the Revolving Credit Facility:
March 31,
2026
(millions)
Total availability
Revolving Credit Facility, expiring December 2029
$1,000 
Amounts outstanding
Revolving Credit Facility borrowings
— 
Letters of credit (a)
17 
17 
Net availability $983 
______________________________
(a) This amount includes $16 million of letters of credit issued to third-party creditors on behalf of Millennium to support its outstanding debt obligations.
Borrowings under the Revolving Credit Facility, if any, are used for general corporate purposes, acquisitions, and letter of credit issuances to support our operations and liquidity. Revolving Credit Facility issuance and amendment costs, net of amortization, of $5 million and $6 million as of March 31, 2026 and December 31, 2025, respectively, are included in other noncurrent assets in our Consolidated Statements of Financial Position and are being amortized over the remaining term of the Revolving Credit Facility.
The Credit Agreement covering the Revolving Credit Facility includes a financial covenant requiring us to maintain a maximum consolidated net leverage ratio. The maximum consolidated net leverage ratio is set at 5 to 1 (except, that the Company may elect to temporarily step up the maximum consolidated net leverage ratio to 5.5 to 1 for a period of up to three fiscal quarters after the consummation of an acquisition or investment involving consideration exceeding $50 million). The consolidated net leverage ratio means the ratio of net debt determined in accordance with GAAP to annual consolidated EBITDA, as defined in the Credit Agreement. The Credit Agreement definition of annual consolidated EBITDA excludes EBITDA from equity method investees, but includes dividends and distributions from equity method investees. As of March 31, 2026, the consolidated net leverage ratio was 2.7 to 1 and we were in compliance with the financial covenant.