Debt (Tables)

3 Months Ended

Mar. 31, 2026

Our long-term debt consisted of the following as of March 31, 2026 and December 31, 2025:


	March 31, 2026				December 31, 2025
	Carrying Amount		Fair Value(a)		Carrying Amount		Fair Value(a)
Credit Facility	$	—	$	—	$	—	$	—



5.375% senior notes due 2029	638		638		638		639
5.875% senior notes due 2029	440		441		440		441
6.75% senior notes due 2029(b)	847		848		847		852
5.375% senior notes due 2030	1,200		1,211		1,200		1,218
4.75% senior notes due 2032	1,150		1,123		1,150		1,137
5.70% senior notes due 2035	750		761		750		776
Discounts on senior notes, net	(9)		—		(8)		—
Debt issuance costs	(8)		—		(8)		—
Total debt, net	$	5,008	$	5,022	$	5,009	$	5,063
Less current maturities of long-term debt, net	(875)		(848)		—		—
Total long-term debt, net	$	4,133	$	4,174	$	5,009	$	5,063

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(a)The carrying value of borrowings under our Credit Facility approximates fair value as the interest rates are based on prevailing market rates; therefore, they are a Level 1 fair value measurement. For all other debt, a market approach, based upon quotes from major financial institutions, which are Level 2 inputs, is used to measure the fair value.

(b)Prior to March 31, 2026, we exercised our right to call the 6.75% Senior Notes due 2029. As this exercise was irrevocable, the carrying value of these notes was reclassified to current maturities of long-term debt, net, as of March 31, 2026.