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Debt | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Debt | We entered into the Credit Agreement providing for a $650 million Term Loan and a $1,850 million unsecured revolving credit facility, which are each due to mature in October 2027. We are required under the Credit Agreement to make scheduled quarterly principal payments on the Term Loan. During the third quarter of 2024, we borrowed $600 million under our revolving credit facility to partially fund the acquisition of Belcan. We repaid $300 million during the fourth quarter of 2024, leaving $300 million of notes outstanding under the revolving credit facility as of December 31, 2024. The Credit Agreement requires interest to be paid, at our option, at either the Term Benchmark, Adjusted Daily Simple RFR or the ABR Rate (each as defined in the Credit Agreement), plus, in each case, an Applicable Margin (as defined in the Credit Agreement). Initially, the Applicable Margin is 0.875% with respect to Term Benchmark loans and RFR loans and 0.00% with respect to ABR loans. Subsequently, the Applicable Margin with respect to Term Benchmark loans and RFR loans will be determined quarterly and may range from 0.75% to 1.125%, depending on our public debt ratings or, if we have not received public debt ratings, from 0.875% to 1.125%, depending on our Leverage Ratio, which is the ratio of indebtedness for borrowed money to Consolidated EBITDA, as defined in the Credit Agreement. Since issuance of the Term Loan, t he Term Loan has been a Term Benchmark loan. The Credit Agreement contains customary affirmative and negative covenants as well as a financial covenant. The financial covenant is tested at the end of each fiscal quarter and requires us to maintain a Leverage Ratio not in excess of 3.50:1.00, or for a period of up to four quarters following certain material acquisitions, 3.75:1.00. We were in compliance with all debt covenants and representations of the Credit Agreement as of December 31, 2024. Short-term Debt As of each of December 31, 2024 and 2023, we had $33 million of short-term debt related to current maturities of our Term Loan, with a weighted average interest rate of 5.3% and 6.3%, respectively. Long-term Debt The following table summarizes the long-term debt balances as of December 31:
(in millions) |  | 2024 |  | 2023
Notes outstanding under revolving credit facility |  | $ | 300 |  |  | $ | — |
Term Loan |  | 610 |  |  | 642 |
Less: |  |  |  |
Current maturities - Term Loan |  | (33) |  |  | (33) |
Unamortized deferred financing costs |  | (2) |  |  | (3) |
Long-term debt, net of current maturities |  | $ | 875 |  |  | $ | 606 |
The carrying value of our debt approximated its fair value as of each of December 31, 2024 and 2023. The following represents the schedule of maturities of our Term Loan:
Year |  | Amounts (in millions)
2025 |  | $ | 33 |
2026 |  | 33 |
2027 |  | 544 |
Total |  | $ | 610 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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