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Schedule I - Debt
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Debt Short-Term Borrowings and Long-Term Debt
Short-Term Borrowings
Details of carrying amounts of short-term borrowings were as follows:
(in millions)
Interest rate as of December 31, 2025 (%)
Borrowing limit as of December 31, 2025
December 31, 2025December 31, 2024
Maturity Date
January 2026 - November 2026
2.67% to 4.87%
$1,068 $963 $482 
Revolving Credit Facility
(1)
1,500 — — 
Total principal short-term borrowings$2,568 $963 $482 
Less: unamortized discounts(3)(3)
Total short-term borrowings$960 $479 
Weighted-average interest rates3.02 %3.07 %
(1)Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to the applicable benchmark rate, including but not limited to Term Secured Overnight Financing Rate (“Term SOFR”), plus an applicable margin ranging from 0.75% to 1.25%.
Our short-term borrowings generally include lines of credit and loan facilities with financial institutions to be drawn upon for general operating purposes.
Revolving Credit Facility
In June 2025, we entered into a five-year revolving credit agreement (the “Revolving Credit Facility”), replacing our prior revolving credit and guaranty agreement entered into in February 2021, which was terminated in connection with the entry into the new Revolving Credit Facility. The Revolving Credit Facility provides for syndicated, unsecured revolving loans with a total borrowing capacity of up to $1.5 billion. Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to the applicable benchmark rate, including but not limited to Term SOFR, plus an applicable margin ranging from 0.75% to 1.25%. The Revolving Credit Facility contains customary affirmative and negative covenants, including certain financial covenants. In July 2025, we borrowed $425 million under the Revolving Credit Facility primarily to finance the redemption of the syndicated term loans assumed by Surpique LP (the “Limited Partnership”) as part of the Farfetch Acquisition (“Farfetch Term Loans”). In December 2025, we repaid the $425 million outstanding balance on the Revolving Credit Facility. As of December 31, 2025, there was no balance outstanding on the Revolving Credit Facility.
Other Credit Facilities
During 2025, we entered into various unsecured borrowings under other revolving credit facilities, which are due in 2026. These credit facilities contain customary affirmative and negative covenants, including certain financial covenants. As of December 31, 2025, aggregate outstanding borrowings under all other credit facilities totaled $963 million with a weighted average interest rate of 3.02%.
Long-Term Debt
Details of carrying amounts of long-term debt were as follows:
(in millions)

December 31, 2025December 31, 2024
Issue Date
Contractual Maturity Date
Fixed vs. Floating
Amount
Interest Rate (%)
AmountInterest Rate (%)
Secured
November 20212026Fixed$— $38 3.78 
April 20232026Fixed— 156 6.76 
March 20222027Fixed— 273 4.26 
August 20242027Fixed114 4.90 111 4.90 
Unsecured
Farfetch Term Loans2027Floating— 493 11.57 
November 20252027Fixed74 2.65 — 
February 20252028Fixed23 4.18 — 
September 20252028Fixed439 3.80 — 
Total principal long-term debt$650 $1,071 
Less: current portion of long-term debt— (66)
Less: unamortized discounts(2)(17)
Total long-term debt$648 $988 
Term Loan Agreement
In September 2025, we entered into an unsecured three-year term loan agreement with aggregate borrowings of $439 million to refinance existing facility-backed secured loans maturing in April 2026 and March 2027. The term loan agreement contains customary affirmative and negative covenants and consists of two tranches with an average fixed interest rate of 3.80%.
Farfetch Term Loans
In 2025, we fully redeemed the $493 million of principal amount outstanding on the Farfetch Term Loans.
Our long-term debt is recorded at amortized cost. The fair value is estimated using Level 2 inputs based on our current interest rates for similar types of borrowing arrangements.
We were in compliance with the financial covenants for each of our borrowings and debt agreements as of December 31, 2025.
Future contractual principal payments for long-term debt as of December 31, 2025 were as follows:
(in millions)
Long-term debt
2026$— 
2027187 
2028463 
2029— 
2030— 
Thereafter— 
Total$650 
DebtThe Parent has a $1.5 billion unsecured credit facility (the “Revolving Credit Facility”) as further described in Note 13 — "Short-Term Borrowings and Long-Term Debt" which was amended to extend the term to February 2026. As of December 31, 2025, there was no balance outstanding on the Revolving Credit Facility.