Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Debt, net of unamortized original issue discounts or premiums, and unamortized debt issuance costs, consists of the following:

	March 31, 2025		December 31, 2024
Accounts receivable securitization facility expiring 2025 (1) (2)	$	1,323	$	1,085
$4.25 billion ABL facility expiring 2027 (1)	1,504		2,253
Term loan facility expiring 2031 (1)	982		984
5 1/2 percent Senior Notes due 2027	499		499
3 7/8 percent Senior Secured Notes due 2027	747		747
4 7/8 percent Senior Notes due 2028 (3)	1,667		1,667
6 percent Senior Secured Notes due 2029	1,490		1,490
5 1/4 percent Senior Notes due 2030	746		746
4 percent Senior Notes due 2030	745		745
3 7/8 percent Senior Notes due 2031	1,093		1,092
3 3/4 percent Senior Notes due 2032	745		745
6 1/8 percent Senior Notes due 2034	1,090		1,090
Finance leases	291		263
Total debt	12,922		13,406
Less short-term portion (4)	(1,420)		(1,178)
Total long-term debt	$	11,502	$	12,228

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(1)The table below presents financial information associated with our variable rate indebtedness as of and for the three months ended March 31, 2025. We have borrowed the full available amount under the term loan facility. The principal obligation under the term loan facility is required to be repaid in quarterly installments in an aggregate amount equal to 1.0 percent per annum, with the balance due at the maturity of the facility. The average amount of debt outstanding under the term loan facility decreases slightly each quarter due to the requirement to repay a portion of the principal obligation.

	ABL facility			Accounts receivable securitization facility			Term loan facility
Borrowing capacity, net of letters of credit	$	2,723		$	80		$	—
Letters of credit	18
Interest rate at March 31, 2025	5.5		%	5.3		%	6.1		%
Average month-end debt outstanding	1,658			1,275			992
Weighted-average interest rate on average debt outstanding	5.5		%	5.3		%	6.1		%
Maximum month-end debt outstanding	1,876			1,323			993

(2)Borrowings under the accounts receivable securitization facility are permitted only to the extent that the face amount of the receivables in the collateral pool, net of applicable reserves and other deductions, exceeds the outstanding loans. As of March 31, 2025, there were $1.403 billion of receivables, net of applicable reserves and other deductions, in the collateral pool. The accounts receivable securitization facility expires on June 24, 2025 and may be extended on a 364-day basis by mutual agreement with the purchasers under the facility.

(3)URNA separately issued 4 7/8 percent Senior Notes in August 2017 and in September 2017. Following the issuances, URNA consummated an exchange offer pursuant to which most of the 4 7/8 percent Senior Notes issued in September 2017 were exchanged for additional notes fungible with the 4 7/8 percent Senior Notes issued in August 2017. As of March 31, 2025, the total above is comprised of two separate 4 7/8 percent Senior Notes, one with a book value of $1.663 billion and one with a book value of $4.

(4)Short-term debt primarily reflects borrowings under the accounts receivable securitization facility and the short-term portion of our finance leases.