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Borrowings | 3 Months Ended
--- | ---
Mar. 31, 2024
Debt Disclosure [Abstract] |
Borrowings | BORROWINGS Borrowings are summarized as follows:
|  | March 31, 2024 |  | December 31, 2023
2029 Dollar Term Loans |  | $ | 1,711 |  |  | $ | 1,786 |
2027 Dollar Senior Notes |  | 500 |  |  | 500 |
2029 Dollar Senior Notes |  | 700 |  |  | 700 |
2031 Dollar Senior Notes |  | 500 |  |  | 500 |
Short-term and other borrowings |  | 56 |  |  | 62 |
Unamortized original issue discount |  | (15) |  |  | (17) |
Unamortized deferred financing costs |  | (25) |  |  | (27) |
Total borrowings, net |  | 3,427 |  |  | 3,504 |
Less: |  |  |  |
Short-term borrowings |  | 3 |  |  | 7 |
Current portion of long-term borrowings |  | 17 |  |  | 19 |
Long-term debt |  | $ | 3,407 |  |  | $ | 3,478 |
Our senior secured credit facilities (the "Senior Secured Credit Facilities") consist of a term loan due 2029 (the "2029 Dollar Term Loans") and a revolving credit facility (the "Revolving Credit Facility") that is governed by a credit agreement (as amended, the "Credit Agreement"). Revolving Credit Facility At both March 31, 2024 and December 31, 2023, letters of credit issued under the Revolving Credit Facility totaled $22 million, which reduced the availability under the Revolving Credit Facility as of such dates. Availability under the Revolving Credit Facility was $528 million at both March 31, 2024 and December 31, 2023. Significant Transactions During the three months ended March 31, 2024, we prepaid $75 million of the outstanding principal amount of the 2029 Dollar Term Loans. As a result of these prepayments, we recorded a loss on extinguishment of debt of $1 million for the three months ended March 31, 2024, which comprised the proportionate write-off of unamortized deferred financing costs and original issue discounts. During March 2024, we entered into the Fourteenth Amendment to the Credit Agreement to lower the interest rate spread applicable to the 2029 Dollar Term Loans, which continues to be based on the Secured Overnight Financing Rate ("SOFR"), from 2.50% to 2.00% and to make related changes to effect such repricing. The other material terms of the Credit Agreement, including the outstanding principal amount and maturity date of the 2029 Dollar Term Loans, remained unchanged. As a result of the repricing, we recorded a $2 million loss on financing-related costs during the three months ended March 31, 2024 related to the write-off of unamortized deferred financing costs and original issue discount and fees incurred to complete the repricing. Future repayments Below is a schedule of required future repayments of all borrowings outstanding at March 31, 2024.
Remainder of 2024 |  | $ | 15 |
2025 |  | 21 |
2026 |  | 21 |
2027 |  | 521 |
2028 |  | 22 |
Thereafter |  | 2,867 |
Total borrowings |  | 3,467 |
Unamortized original issue discount |  | (15) |
Unamortized deferred financing costs |  | (25) |
Total borrowings, net |  | $ | 3,427 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
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