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DEBT (Tables) | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | As of March 31, 2024 and December 31, 2023, our long-term debt consisted of the following:
| March 31, |  | December 31, |  |  |  |
| 2024 |  | 2023 |  | Interest Rate |  | Maturity
| (in millions) |  |  |  |
Revolving Credit Facility | $ | — |  |  | $ | — |  |  | SOFR plus 2.50%-3.50% ABR plus 1.50%-2.50%(a) |  | July 31, 2027(b)
Senior Notes | 545 |  |  | 545 |  |  | 7.125% |  | February 1, 2026
Principal amount | $ | 545 |  |  | $ | 545 |  |  |  |  |
Unamortized debt issuance costs | (4) |  |  | (5) |  |  |  |  |
Long-term debt, net | $ | 541 |  |  | $ | 540 |  |  |  |  |
(a)At our election, borrowings under the amended Revolving Credit Facility may be alternate base rate (ABR) loans or term SOFR loans, plus an applicable margin. ABR loans bear interest at a rate equal to the highest of (i) the federal funds effective rate plus 0.50%, (ii) the administrative agent prime rate and (iii) the one-month SOFR rate plus 1%. Term SOFR loans bear interest at term SOFR, plus an additional 10 basis points per annum credit spread adjustment. The applicable margin is adjusted based on the commitment utilization percentage and will vary from (i) in the case of ABR loans, 1.50% to 2.50% and (ii) in the case of term SOFR loans, 2.50% to 3.50%. (b)The Revolving Credit Facility is subject to a springing maturity to August 4, 2025 if any of our Senior Notes are outstanding on that date.

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