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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of debt outstanding | The following table reflects our outstanding debt:
| As of December 31,
| 2024 |  | 2023
| Final Maturity |  | Rate(s) |  | Face Value |  | Unamortized debt discount/premium and deferred financing costs, net |  | Book Value |  | Book Value
Senior Secured Credit Facilities: |  |  |  |  |  |  |  |  |  |  |
LNWI Revolver | 2027 |  | variable |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
LNWI Term Loan B | 2029 |  | variable |  | 2,156 |  |  | (23) |  |  | 2,133 |  |  | 2,141 |
LNWI Senior Notes: |  |  |  |  |  |  |  |  |  |  |
2028 Unsecured Notes | 2028 |  | 7.000% |  | 700 |  |  | (5) |  |  | 695 |  |  | 694 |
2029 Unsecured Notes | 2029 |  | 7.250% |  | 500 |  |  | (4) |  |  | 496 |  |  | 495 |
2031 Unsecured Notes | 2031 |  | 7.500% |  | 550 |  |  | (7) |  |  | 543 |  |  | 543 |
Other | — |  | — |  | 3 |  |  | — |  |  | 3 |  |  | 1 |
Total long-term debt outstanding |  |  |  |  | $ | 3,909 |  |  | $ | (39) |  |  | $ | 3,870 |  |  | $ | 3,874 |
Less: current portion of long-term debt |  |  |  |  |  |  |  |  | (23) |  |  | (22) |
Long-term debt, excluding current portion |  |  |  |  |  |  |  |  | $ | 3,847 |  |  | $ | 3,852 |
Fair value of debt(1) |  |  |  |  | $ | 3,945 |  |  |  |  |  |  |
(1) Fair value of our fixed rate and variable interest rate debt is classified within Level 2 in the fair value hierarchy and has been calculated based on the quoted market prices of our securities.
Schedule of debt and capital lease payments due over the next five years and beyond | The following reflects the principal amount of debt payments due over the next five years and beyond as of December 31, 2024:
Due |  | Total Principal Due |  |  |  | Series of Debt |  | Principal Due per Series of Debt
2025 |  | $ | 23 |  |  |  |  | Term Loan B |  | $ | 22 |
|  |  |  | Other |  | 1 |
2026 |  | 22 |  |  |  |  | Term Loan B |  | 21 |
|  |  |  | Other |  | 1 |
2027 |  | 23 |  |  |  |  | Term Loan B |  | 22 |
|  |  | Drawn Revolving Credit Facility |  | — |
|  |  |  | Other |  | 1 |
2028 |  | 721 |  |  |  |  | Term Loan B |  | 21 |
|  |  | 2028 Unsecured Notes |  | 700 |
2029 |  | 2,570 |  |  |  |  | Term Loan B |  | 2,070 |
|  |  | 2029 Unsecured Notes |  | 500 |
2030 and beyond |  | 550 |  |  |  |  | 2031 Unsecured Notes |  | 550 |
Unamortized discount and deferred financing costs |  | (39) |  |  |  |  |  |  |
Total debt book value as of December 31, 2024 |  | $ | 3,870 |  |  |  |  |  |  |
Summary of note ranking, guarantees, and collateral | The following table sets forth the date of the indenture, redemption prices and dates and ranking, guarantees and collateral for each of our outstanding series of notes:
Series of Notes |  | Indenture Date |  | Redeemable at Make Whole Price Prior To(1) |  | Ranking, Guarantees and Collateral
2028 Unsecured Notes |  | November 26, 2019 |  | May 15, 2023 |  | Senior Unsecured
2029 Unsecured Notes |  | November 26, 2019 |  | November 15, 2024 |  | Senior Unsecured
2031 Unsecured Notes |  | August 23, 2023 |  | September 1, 2026 |  | Senior Unsecured
(1) Refers to the date prior to which such series of notes may be redeemed at a redemption price equal to 100% of the principal amount of such notes plus accrued and unpaid interest, if any, to the date of redemption plus a “make whole” premium. On or after such date, such notes may be redeemed at the prices specified in the indenture governing such notes.
Schedule of components of extinguishment and modification of debt | The following are components of the loss on debt financing transactions resulting from debt extinguishment and modification accounting:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Repayment of principal balance at premium | $ | — |  |  | $ | 12 |  |  | $ | 90 |
Unamortized debt discount and deferred financing costs, net | 2 |  |  | 3 |  |  | 57 |
Total loss on debt financing transactions | $ | 2 |  |  | $ | 15 |  |  | $ | 147 |

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