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Long-Term Debt

6 Months Ended

Jun. 30, 2023

Note 10. Long-Term Debt

A summary of our debt is as follows:



	As of
	June 30,		December 31,
(In millions)	2023		2022
Term Loan A maturing in 2026⁽¹⁾	$	233	$	239
Term Loan B maturing in 2028⁽²⁾		368		370
Revolving Credit Facility maturing in 2026		—		—
Total debt		601		609
Less current portion		(17)		(17)
Total long-term debt	$	584	$	592

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(1)Term Loan A is presented net of unamortized debt issuance costs of $1 million and $2 million as of June 30, 2023 and December 31, 2022, respectively.

(2)Term Loan B is presented net of unamortized debt issuance costs of $3 million and unamortized discount of $1 million as of June 30, 2023 and December 31, 2022.

In March 2023, in connection with the planned phase-out of LIBOR, we amended our Credit Facilities to replace LIBOR with SOFR as the benchmark rate under the Credit Agreement. This change was effective in March 2023 for the Term Loan A and the Revolving Credit Facility and in June 2023 for the Term Loan B.

As of June 30, 2023, we had $2 million of letters of credit outstanding under our $250 million Revolving Credit Facility, and the available borrowing capacity under the Revolving Credit Facility was $248 million. As of June 30, 2023, we were in compliance with the covenants under the Credit Agreement.

Scheduled Debt Payments

The following table presents future scheduled debt payments as of June 30, 2023:


(In millions)
2023 (remainder)	$	8
2024		17
2025		17
2026		205
2027		4
2028		355
Total future scheduled debt payments		606
Less unamortized debt issuance costs		(4)
Less unamortized discount		(1)
Total debt	$	601