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Short-Term Borrowings and Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Short-Term Borrowings | Details of carrying amounts of short-term borrowings were as follows:
(in millions) |  |  |  |  |  | Borrowing Limit |  | December 31, 2023 |  | December 31, 2022
Maturity Date |  | Interest rate (%) |  |  |
September 2024 |  | (1) |  | $ | 23 |  |  | $ | — |  |  | $ | — |
January 2024 - December 2024 |  | 2.10 | – | 5.70 |  | 283 |  |  | 282 |  |  | 176 |
Total principal short-term borrowings |  |  |  | $ | 306 |  |  | $ | 282 |  |  | $ | 176 |
Less: unamortized discounts |  |  |  |  |  | — |  |  | (1) |
Total short-term borrowings |  |  |  |  |  |  |  | $ | 282 |  |  | $ | 175 |
Weighted-average interest rates |  |  |  |  |  |  |  | 3.49 | % |  | 4.27 | %
(1)The interest rate is based on an average of AAA rated financial bonds rate in Korea plus 1.35%.
Schedule of Long-Term Debt | Details of carrying amounts of long-term debt were as follows:
(in millions) | Maturity Date |  |  |  |  |  | Borrowing Limit |  | December 31, 2023 |  | December 31, 2022
Description |  | Interest rate (%) |  |  |
Revolving Credit Facility | Feb 2024 |  | (2) |  | $ | 1,000 |  |  | $ | — |  |  | $ | — |
Revolving Credit Agreement | Nov 2024 |  | CD interest rate (91 days) + 2.30 |  | 124 |  |  | — |  |  | — |
August 2021 Term Loan(1) | Aug 2024 |  | 3.16 |  | 155 |  |  | 155 |  |  | 158 |
April 2023 Term Loan(1) | Apr 2026 |  | 6.76 |  | 178 |  |  | 178 |  |  | — |
March 2022 Term Loan(1) | Mar 2027 |  | 4.26 |  | 310 |  |  | 310 |  |  | 316 |
Other Term Loan Facilities(1) | Aug 2024 - Nov 2026 |  | 3.68 | - | 6.00 |  | 92 |  |  | 92 |  |  | 196 |
Total principal long-term debt |  |  |  |  |  |  | $ | 1,859 |  |  | $ | 735 |  |  | $ | 670 |
Less: current portion of long-term debt |  |  |  |  |  |  |  |  | (203) |  |  | (129) |
Less: unamortized discounts |  |  |  |  |  |  |  |  | (3) |  |  | (3) |
Total long-term debt |  |  |  |  |  |  |  |  | $ | 529 |  |  | $ | 538 |
(1)At December 31, 2023, we had pledged up to $882 million of land and buildings as collateral against long-term loan facilities. (2)Borrowings under the 2021 revolving credit facility bear interest, at our option, at a rate per annum equal to (i) a base rate equal to the highest of (A) the prime rate, (B) the higher of the federal funds rate or a composite overnight bank borrowing rate plus 0.50%, or (C) an adjusted Term Secured Overnight Financing Rate (SOFR) for a one-month interest period plus 1.00% or (ii) an adjusted Term SOFR plus a margin equal to 1.00%.
Schedule of Long-Term Debt Maturities | Future principal payments for long-term debt as of December 31, 2023 were as follows:
(in millions) | Long-term debt
2024 | $ | 203 |
2025 | — |
2026 | 222 |
2027 | 310 |
2028 | — |
Thereafter | — |
Total | $ | 735 |

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-6 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-7 + Details
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