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DEBT (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | As of June 30, 2024 and December 31, 2023, our long-term debt consisted of the following:
| June 30, |  | December 31, |  |  |  |
| 2024 |  | 2023 |  | Interest Rate |  | Maturity
| (in millions) |  |  |  |
Revolving Credit Facility | $ | 30 |  |  | $ | — |  |  | SOFR plus 2.50%-3.50% ABR plus 1.50%-2.50%(a) |  | July 31, 2027(b)
2026 Senior Notes | 545 |  |  | 545 |  |  | 7.125% |  | February 1, 2026
2029 Senior Notes | 600 |  |  | — |  |  | 8.250% |  | June 15, 2029
Principal amount | $ | 1,175 |  |  | $ | 545 |  |  |  |  |
Unamortized debt discount and debt issuance costs | (14) |  |  | (5) |  |  |  |  |
Long-term debt, net | $ | 1,161 |  |  | $ | 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 a 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 2026 Senior Notes are outstanding on that date. As shown in the table below, we estimate fair value of our fixed rate Senior Notes based on known prices from market transactions (using Level 1 inputs on the fair value hierarchy).
| June 30, |  | December 31,
| 2024 |  | 2023
| (in millions)
Variable rate debt | $ | 30 |  |  | $ | — |
Fixed rate debt |  |  |
2026 Senior Notes | 547 |  |  | 554 |
2029 Senior Notes | 612 |  |  | — |
Fair Value of Long-Term Debt | $ | 1,189 |  |  | $ | 554 |

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