DEBT AND CREDIT FACILITIES (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The following represents a summary of our long-term debt:

(In millions)
Debt Instrument	Annual Effective Interest Rate	March 31, 2026		December 31, 2025
Senior Unsecured Notes:
4.625% 2029 Senior Notes	4.625%	368		368
6.875% 2029 Senior Notes	6.875%	900		900
6.750% 2030 Senior Notes	6.750%	750		750
4.875% 2031 Senior Notes	4.875%	325		325
7.500% 2031 Senior Notes	7.500%	850		850
7.000% 2032 Senior Notes	7.054%	1,425		1,425
7.375% 2033 Senior Notes	7.375%	900		900
7.625% 2034 Senior Notes	7.516%	1,125		1,125
6.250% 2040 Senior Notes	6.340%	235		235
ABL Facility	Variable1	959		452
Total principal amount		7,837		7,330
Unamortized discounts and issuance costs		(74)		(77)
Total long-term debt		$	7,763	$	7,253
1 Our ABL Facility annual effective interest rate was 5.305% as of March 31, 2026.

The following represents a summary of our borrowing capacity under the ABL Facility:

(In millions)	March 31, 2026
Available borrowing base on ABL Facility1	$	4,103
Borrowings	(959)
Letter of credit obligations2	(48)
Borrowing capacity available	$	3,096
1 As of March 31, 2026, the ABL Facility has a maximum available borrowing base of $4.75 billion. The borrowing base is determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment.
2 We issued standby letters of credit with certain financial institutions in order to support business obligations, including, but not limited to, operating agreements, employee severance, environmental obligations, workers' compensation and insurance obligations.

Schedule of Maturities of Long-term Debt

The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at March 31, 2026 (in millions):

2026		2027		2028		2029		2030		Thereafter		Total
$	—	$	—	$	959	$	1,268	$	750	$	4,860	$	7,837