XML 30 R18.htm IDEA: XBRL DOCUMENT v3.26.1
DEBT
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Debt obligations consist of the following:
Maturity DateJune 30,
2026		December 31,
2025
Term loan facility
2021 Term LoanMay 14, 2033$2,152 $2,157 
Revolving Credit FacilityMay 14, 2031280 — 
Senior notes
4.125% Senior Notes
July 15, 2029337 337 
4.750% Senior Notes
October 15, 2029277 277 
5.750% Senior Notes
June 1, 2034500 — 
Other obligations5 5 
Total debt obligations3,551 2,776 
Less: unamortized deferred financing costs(28)(17)
Total debt, net of deferred financing costs3,523 2,759 
Less: short-term and current portion of long-term debt(306)(5)
Long-term debt, less current portion$3,217 $2,754 
Term loan facility
As of June 30, 2026, the Company had $2,152 of principal outstanding under the incremental term loan (the "2021 Term Loan") with a maturity date of May 14, 2033. During the six months ended June 30, 2026, the Company made payments of $5 on the term loan. The interest rate applicable to the 2021 Term Loan is, at the Company's option, either (1) a base rate plus an applicable margin equal to 0.75% or (2) Term SOFR rate (adjusted for statutory reserves) plus an applicable margin equal to 1.75%.
The interest rate applicable to borrowings under the $1,000 five-year senior secured revolving credit facility (the “Revolving Credit Facility”) is, at the Company’s option, either (1) a base rate plus an applicable margin equal to 0.25%, or (2) a Term SOFR rate (adjusted for statutory reserves) plus an applicable margin equal to 1.25%.
As of June 30, 2026 and December 31, 2025, the Company had $280 and $0 outstanding under the Revolving Credit Facility, and $714 and $745 was available at June 30, 2026 and December 31, 2025, respectively, after giving effect to $6 and $5 of outstanding letters of credit, respectively.
During the second quarter of 2026, the Company completed its Ninth Amendment to its credit agreement, upsizing and extending the Revolving Credit Facility, and extending the 2021 Term Loan. The amendment increased the Revolving Credit Facility by $250, from $750 to $1,000, increased the letter of credit sublimit from $250 to $300, extended the maturity date of the Revolving Credit Facility to May 14, 2031, and extended the maturity date of the 2021 Term Loan to May 14, 2033.
During 2025, the Company completed its Eighth Amendment to its credit agreement, which increased the Revolving Credit Facility from $500 to $750, extended the facility's maturity to five years from the date of the Eighth Amendment, reduced the applicable margin by 75 basis points, and eliminated the credit spread adjustment ("CSA") applicable to the Revolving Credit Facility. The Company also completed its Seventh Amendment to its credit agreement, repricing the 2021 Term Loan. The repricing reduced the applicable margin on the 2021 Term Loan by 25 basis points.
During 2024, the Company completed its Sixth Amendment to its credit agreement, refinancing the 2021 Term Loan by increasing its principal amount by approximately $550, lowering the interest margin by 50 basis points, and removing the CSA. The Company also completed its Fifth Amendment to its credit agreement, upsizing its 2021 Term Loan by a principal amount equal to $300.
As of June 30, 2026 and December 31, 2025, the Company was in compliance with all applicable debt covenants.
Swap activity
As of June 30, 2026, the Company had the 2026 Interest Rate Swap with $720 of notional value, exchanging one-month SOFR for a fixed rate of 3.59% per annum and the 2028 Interest Rate Swap with aggregate $400 notional value, exchanging one-month SOFR for a rate of 3.41%. Accordingly, the Company's fixed interest rate per annum on the swapped $720 notional value of the term loans is 5.34% and the swapped $400 notional value of the term loans is 5.16% through the maturity of the swaps. The remaining $1,032 of the term loan balance will bear interest based on one-month SOFR plus 175 basis points, and the rate will fluctuate as SOFR fluctuates. During 2024, the Company entered into a $720 notional amount forward starting interest rate swap commencing in October 2026 and maturing in January 2029 that exchanges a variable rate of interest (SOFR) for an average fixed rate of interest of approximately 3.13% over the term of the agreement. Refer to Note 8 – "Derivatives" for additional information.
Senior notes
4.125% Senior Notes
During 2021, the Company completed a private offering of $350 aggregate principal amount of 4.125% Senior Notes due 2029 (the “4.125% Senior Notes”) issued under an indenture dated June 22, 2021. The 4.125% Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and certain of the Company’s subsidiaries. The balance as of June 30, 2026 was $337.
4.750% Senior Notes
During 2021, the Company completed a private offering of $300 aggregate principal amount of 4.750% Senior Notes due 2029 (the "4.750% Senior Notes") issued under an indenture dated October 21, 2021, as supplemented by a supplemental indenture dated January 3, 2022. The 4.750% Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and certain of the Company's subsidiaries. The balance as of June 30, 2026 was $277.
5.750% Senior Notes
During the second quarter of 2026, the Company completed a private offering of $500 aggregate principal amount of 5.750% Senior Notes due 2034 (the "5.750% Senior Notes") issued under an indenture dated May 14, 2026. The Company used the net proceeds from the offering for general corporate purposes, including funding previously announced acquisitions and related fees and expenses. The 5.750% Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company and certain of the Company's subsidiaries. The balance as of June 30, 2026 was $500.
The Company was in compliance with all covenants contained in the indentures for the 4.125% Senior Notes and 4.750% Senior Notes as of June 30, 2026 and December 31, 2025, and for the 5.750% Senior Notes as of June 30, 2026.
Other obligations
As of June 30, 2026 and December 31, 2025, the Company had $5 in short-term loans outstanding for working capital purposes and the acquisition of equipment and vehicles.