Quarterly report [Sections 13 or 15(d)]

Long-Term Debt and Borrowing Arrangements (Tables)

v3.25.3
Long-Term Debt and Borrowing Arrangements (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Company's Indebtedness
The Company’s indebtedness consisted of:
September 30, 2025 December 31, 2024
Long-term debt: (a)
Amount
Weighted Average Rate (b)
Amount
Weighted Average Rate (b)
$750 million revolving credit facility (due April 2027)
 $ 281  6.13% $ 88  7.17%
$400 million term loan A (due April 2027)
 345  6.18% 364  7.02%
$1.5 billion term loan B (due May 2030)
1,504  5.42% 1,515  4.20%
$500 million 4.375% senior unsecured notes (due August 2028)
 497  4.38% 496  4.38%
Total long-term debt 2,627  5.38% 2,463  4.84%
Less: Current portion of long-term debt 45  43 
Long-term debt $ 2,582  $ 2,420 
______________________
(a)    The carrying amount of the term loans and senior unsecured notes are net of deferred debt issuance costs of $11 million and $13 million as of September 30, 2025 and December 31, 2024, respectively. The carrying amount of the term loan B is net of unamortized discounts of $5 million as of both September 30, 2025 and December 31, 2024.
(b)    Weighted average interest rates are based on the stated interest rate for the year-to-date periods and include the effects of hedging.
Schedule of Outstanding Debt Maturities
The Company’s outstanding debt as of September 30, 2025 matures as follows:
Long-Term Debt
Within 1 year $ 45 
Between 1 and 2 years 611 
Between 2 and 3 years 513 
Between 3 and 4 years 15 
Between 4 and 5 years 1,443 
Thereafter — 
Total $ 2,627 
Schedule of Available Capacity Under Borrowing Arrangements
As of September 30, 2025, the available capacity under the Company’s revolving credit facility was as follows:
Revolving Credit Facility
Total capacity $ 750 
Less: Borrowings 281 
Available capacity $ 469