v3.25.4
LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2025
Long-Term Debt, Unclassified [Abstract]  
Schedule of Long-Term Debt
The following schedule presents the components of our long-term debt:
December 31,
(In millions)20252024
Subordinated notes$969 $946 
Senior notes499 — 
Finance lease obligations4 4 
Total$1,472 $950 
Schedule of Subordinated Notes
The following schedule presents our subordinated notes outstanding at December 31, 2025:
(Dollar amounts in millions)Subordinated notes
Coupon rateCarrying valuePar amountMaturity dateEarliest redemption dateInterest terms
3.25%$466 $500 October 2029July 2029
3.25% fixed; interest payable semi‑annually
6.82%503 500 November 2035November 2034
6.82% fixed-to-floating: interest payable semi‑annually during fixed period; converts in Nov. 2034 to compounded SOFR + 2.83% payable quarterly
Total$969 $1,000 
Schedule of Senior Notes
The following schedule presents our senior notes outstanding at December 31, 2025:
(Dollar amounts in millions)Senior notes
Coupon rateCarrying valuePar amountMaturity dateEarliest redemption dateInterest terms
4.70%$499 $500 August 2028August 2027
4.70% fixed-to-floating: interest payable semi‑annually during fixed period; converts in Aug. 2027 to compounded SOFR + 1.16% payable quarterly
Schedule of Maturities of Long-term Debt
The following schedule presents the carrying value of our long-term debt by maturity for each of the next five years:
(In millions)20262027202820292030ThereafterTotal
Subordinated notes$— $— $— $466 $— $503 $969 
Senior notes— — 499 — — — 499 
Finance lease obligations— — — — — 4 4 
Total$— $— $499 $466 $— $507 $1,472