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Long-Term Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
The Company’s outstanding debt consisted of the following:
(in millions)CurrencyMaturity DateSeptember 30, 2025December 31, 2024
Term loansUSDJanuary 2027$199 $444 
Revolving credit facility USDJanuary 202745 — 
Senior notesUSDOctober 2028300 300 
OtherUSDAugust 20333 3 
Total debt547 747 
Less: unamortized debt issuance costs(3)(5)
Total debt, net of unamortized debt issuance costs544 742 
Less: current portion of long-term debt— (50)
Long-term debt$544 $692 
2022 Credit Facility
In January 2022, the Company entered into a credit agreement with Bank of America, N.A. and certain other lenders, which provides for senior unsecured credit facilities in an aggregate principal amount of $1.25 billion (collectively, and as amended, the “2022 Credit Facility”), consisting of term loans and revolving loan commitments. The Company’s wholly owned subsidiary, UL LLC, a Delaware limited liability company (“UL LLC”), provides a guaranty of its obligations thereunder. As of September 30, 2025, the Company was in compliance with all covenants under the 2022 Credit Facility. The interest rate on the term loans was 5.26% as of September 30, 2025 and 5.58% as of December 31, 2024. The interest rate on the revolving credit facility was 5.34% as of September 30, 2025. As described below, in connection with the entry into the 2025 Credit Facility, the Company repaid in full all indebtedness and other obligations outstanding under, and terminated, the 2022 Credit Facility.
Senior Notes
In October 2023, the Company issued $300 million in aggregate principal amount of 6.500% senior notes due 2028 (the “notes”). The notes are senior unsecured obligations of UL Solutions Inc. Borrowings under the notes bear a fixed interest rate of 6.500% per annum.
In connection with the issuance of the notes, the Company entered into a registration rights agreement on the same date. In September 2025, pursuant to the registration rights agreement, the Company completed an exchange offer, pursuant to which the Company exchanged all of the outstanding notes for new 6.500% senior notes due 2028 registered under the Securities Act of 1933, as amended (the “exchange notes”). The terms of the exchange notes are substantially the same as the notes. Subsequent to the balance sheet date, the Company entered into a Credit Agreement on October 28, 2025, and repaid in full all indebtedness and other obligations outstanding under, and terminated, the 2022 Credit Facility. In connection with such termination, the guaranty by UL LLC of the Company’s obligations under the 2022 Credit Facility and the exchange notes was released. Refer to Note 18.