Long-Term Debt and Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Company's Indebtedness

The Company’s indebtedness consisted of:

	September 30, 2024			December 31, 2023
Long-term debt: (a)	Amount		Weighted Average Rate (b)	Amount		Weighted Average Rate (b)
$750 million revolving credit facility (due April 2027)	$	69	7.17%	$	160	7.30%
$400 million term loan A (due April 2027)	369		7.17%	384		6.82%
$1.5 billion term loan B (due May 2030)	1,518		4.42%	1,123		4.10%
$500 million 4.375% senior unsecured notes (due August 2028)	496		4.38%	495		4.38%
Finance leases	35		4.50%	39		4.50%
Total long-term debt	2,487		5.02%	2,201		4.77%
Less: Current portion of long-term debt	47			37
Long-term debt	$	2,440		$	2,164

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(a)    The carrying amount of the term loans and senior unsecured notes are net of deferred debt issuance costs of $13 million and $16 million as of September 30, 2024 and December 31, 2023, respectively. The carrying amount of the term loan B is net of unamortized discounts of $6 million and $5 million as of September 30, 2024 and December 31, 2023, respectively.

(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, 2024 matures as follows:

	Long-Term Debt
Within 1 year	$	47
Between 1 and 2 years	52
Between 2 and 3 years	406
Between 3 and 4 years	519
Between 4 and 5 years	23
Thereafter	1,440
Total	$	2,487

Schedule of Available Capacity Under Borrowing Arrangements

As of September 30, 2024, the available capacity under the Company’s revolving credit facility was as follows:

	Revolving Credit Facility
Total capacity	$	750
Less: Borrowings	69
Available capacity	$	681