Long-Term Debt and Credit Agreements

9 Months Ended

Sep. 30, 2025

The following table includes a summary of the Company’s long-term debt:


(In millions)	September 30, 2025		December 31, 2024
Private placement senior notes:
3.77% senior notes due September 18, 2026	$	250	$	250
Senior notes:
3.90% senior notes due May 15, 2027	750		750
4.375% senior notes due March 15, 2029	500		500
5.60% senior notes due March 15, 2034	500		500
5.40% senior notes due February 15, 2035	750		750
5.90% senior notes due February 15, 2055	750		750
Term loan:
Tranche A term loan due January 27, 2027	—		—
Tranche B term loan due January 17, 2028	400		—

	3,900		3,500
Unamortized debt premium	53		69
Unamortized debt discount	(10)		(10)
Unamortized debt issuance costs	(21)		(24)
Total debt, net	3,922		3,535
Less: current portion of long-term debt	250		—
Long-term debt	$	3,672	$	3,535

As of September 30, 2025, the Company was in compliance with all financial covenants for its term loan, revolving credit agreement and 3.77% private placement senior notes.

Revolving Credit Agreement

During 2025, the Company borrowed and repaid $446 million under its revolving credit agreement. The Company’s weighted-average interest rate for borrowings under the revolving credit agreement for the three and nine months ended September 30, 2025 was 7.7 percent. There were no borrowings under the revolving credit agreement during 2024.

As of September 30, 2025, the Company had no borrowings outstanding under its revolving credit agreement and unused commitments of $2.0 billion.

Term Loan

In December 2024, the Company entered into a delayed draw term loan credit agreement with Toronto Dominion (Texas), LLC, as administrative agent, and certain other lenders and issuing banks (the “Term Loan”), which consisted of a $500 million Tranche A Term Loan and a $500 million Tranche B Term Loan. In January 2025, the Company borrowed $500 million under the Tranche A Term Loan to partially fund the FME Interests acquisition and $500 million under the Tranche B Term Loan to partially fund the acquisition of the Avant assets. During 2025, the Company repaid the full $500 million Tranche A Term Loan and $100 million of the Tranche B Term Loan.

During the three and nine months ended September 30, 2025, the weighted-average effective interest rate on the Company’s Term Loan was approximately 5.8 percent. As of September 30, 2025, the effective interest rate on the Company’s Term Loan was approximately 5.6 percent.