DEBT (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Interest Income and Interest Expense

The following table summarizes our interest expense:


	Year Ended December 31,
		2025		2024		2023
		(millions)
Interest expense		$	169	$	163	$	170
Capitalized interest		(8)		(10)		(20)
Total interest expense, net		$	161	$	153	$	150

Schedule of Long-term Debt Outstanding

The following is a summary of long-term debt:


			Maturity	December 31,		December 31,
Title	Type	Interest Rate	Date	2025		2024
				(millions)
2029 Notes	Senior Notes (a)	4.125%	2029	$	1,100	$	1,100
2031 Notes	Senior Notes (a)	4.375%	2031	1,000		1,000
2032 Notes	Senior Notes (b), (c)	4.300%	2032	600		600
2034 Notes	Senior Notes (a), (c)	5.800%	2034	650		650
Long-term debt principal				3,350		3,350
Unamortized debt discount				(1)		(1)
Unamortized debt issuance costs				(25)		(30)

Long-term debt, net				$	3,324	$	3,319

______________________________

(a) Interest payable semi-annually in arrears each June 15 and December 15.

(b) Interest payable semi-annually in arrears each April 15 and October 15.

(c) The collateral was released on May 16, 2025 following an Investment Grade Event under the respective indentures. In the event of a Reversion Event (as defined in the respective indentures), the collateral is required to be reinstated in accordance with the respective indentures.

Schedule of Debt Maturities

The following table presents scheduled debt maturities, excluding any unamortized discount on debt:


		2026		2027	2028	2029	2030 and thereafter	Total
	(millions)
Debt maturities		$	—	—	—	1,100	2,250	$	3,350

Schedule of Availability Under the Revolving Credit Facility

The following table presents the availability under the Revolving Credit Facility:


	December 31,
	2025
	(millions)
Total availability
Revolving Credit Facility, expiring December 2029 (a)	$	1,000
Amounts outstanding
Revolving Credit Facility borrowings	—
Letters of credit (b)	17
	17
Net availability	$	983

______________________________

(a) The collateral was released on May 16, 2025 following an Investment Grade Event under the Credit Agreement. To the extent the collateral is reinstated under either of the 2032 Notes or the 2034 Notes, the collateral would also be reinstated under the Credit Agreement.

(b) This amount includes $16 million of letters of credit issued to third-party creditors on behalf of Millennium to support its outstanding debt obligations.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

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