| | | | | | | | | | | | | December 31,
2025 | | December 31,
2024 | | Credit Facility | $ | — | | | $ | 203 | | 5.750% senior notes due 2025 | — | | | 600 | | 6.000% senior notes due 2026 (1) | 500 | | | 500 | | 3.875% CAD senior notes due 2026 (1)(2) | 400 | | | — | | Parkland 3.875% CAD senior notes due 2026 (1)(3) | 37 | | | — | | 6.000% senior notes due 2027 | 600 | | | 600 | | 5.625% senior notes due 2027 | 550 | | | 550 | | 5.875% senior notes due 2027 (2) | 499 | | | — | | Parkland 5.875% senior notes due 2027 (3) | 1 | | | — | | 5.875% senior notes due 2028 | 400 | | | 400 | | 7.000% senior notes due 2028 | 500 | | | 500 | | 6.000% CAD senior notes due 2028 (2) | 277 | | | — | | Parkland 6.000% CAD senior notes due 2028 (3) | 14 | | | — | | 4.500% senior notes due 2029 | 800 | | | 800 | | 7.000% senior notes due 2029 | 750 | | | 750 | | 4.375% CAD senior notes due 2029 (2) | 397 | | | — | | Parkland 4.375% CAD senior notes due 2029 (3) | 40 | | | — | | 4.500% senior notes due 2029 (2) | 790 | | | — | | Parkland 4.500% senior notes due 2029 (3) | 10 | | | — | | 4.500% senior notes due 2030 | 800 | | | 800 | | 6.375% senior notes due 2030 | 600 | | | 600 | | 4.625% senior notes due 2030 (2) | 798 | | | — | | Parkland 4.625% senior notes due 2030 (3) | 2 | | | — | | 5.625% senior notes due 2031 | 1,000 | | | — | | 7.250% senior notes due 2032 | 750 | | | 750 | | 6.625% senior notes due 2032 (2) | 493 | | | — | | Parkland 6.625% senior notes due 2032 (3) | 7 | | | — | | 6.250% senior notes due 2033 | 1,000 | | | — | | 5.875% senior notes due 2034 | 900 | | | — | | | GoZone Bonds | 322 | | | 322 | | | Lease-related financing obligations and other subsidiary debt | 233 | | | 132 | | | Net unamortized premiums, discounts and fair value adjustments | 2 | | | 16 | | | Deferred debt issuance costs | (83) | | | (37) | | | Total debt | 13,389 | | | 7,486 | | | Less: current maturities | 17 | | | 2 | | | Total long-term debt, net | $ | 13,372 | | | $ | 7,484 | |
(1)As of December 31, 2025, $937 million aggregate principal amount of senior notes due before December 31, 2026 were classified as long-term as management has the intent and ability to refinance the borrowings on a long-term basis. (2)These senior notes, totaling $3.65 billion as of December 31, 2025, were assumed and exchanged by the Partnership in connection with the closing of the Parkland Acquisition. For additional information, see “Parkland Senior Note Exchange” below. (3)These senior notes, totaling $111 million as of December 31, 2025, represent the aggregate principal amounts not tendered in the private exchange offers and remain outstanding obligations of Parkland. For additional information, see “Parkland Senior Note Exchange” below.
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