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Debt (Table) | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
Credit facilities | The following table summarizes the unsecured revolving credit agreement as of December 31, 2024:
(Dollars in millions) |
Maximum borrowing capacity | $ | 300 |
Letters of credit outstanding | $ | — |
Amount borrowed and outstanding | $ | — |
Amount available for use | $ | 300 |
The following table summarizes the unsecured term loan credit agreements as of December 31, 2024:
| Term Loan 1 1 | Term Loan 2 | Term Loan 3 | Total
(Dollars in millions) |  |  |  |
Maximum borrowing capacity | $ | 300 |  | $ | 300 |  | $ | 200 |  | $ | 800 |
Amount borrowed and outstanding | $ | 237 |  | $ | 290 |  | $ | 196 |  | $ | 723 |
Amount borrowed and repaid | $ | 63 |  | $ | 10 |  | $ | 4 |  | $ | 77 |
Amount available for use | $ | — |  | $ | — |  | $ | — |  | $ | — |
Interest rate | SOFR plus 1.60% | SOFR plus 2.10% | SOFR plus 2.60% |
Maturity date | July 2026 | July 2028 | July 2031 |
Quarterly installments | $4 million from March 2024 to December 2025; $8 million from March 2026 to maturity date | $0.75 million from December 2021 to maturity date | $0.5 million from December 2022 to September 2026; $1 million from December 2026 to maturity date |
Long-term debt | Long-term debt as of December 31, 2024 and 2023, was as follows:
|  |  |  | December 31, 2024 |  | December 31, 2023
| Issuance date | Maturity date | Call date (any time on or after) | Principal Amount |  | Less Unamortized discount and debt issuance costs |  | Total |  | Principal Amount |  | Less Unamortized discount and debt issuance costs |  | Total
(Dollars in millions) |  |  |  |  |  |  |  |  |  |  |  |
Unsecured Senior Notes |  |  |  |  |  |  |  |  |  |  |  |
6.70% | Dec 2003 and June 2004 | Dec 2033 | Dec 2003 and June 2004 | $ | 544 |  |  | $ | 10 |  |  | $ | 534 |  |  | $ | 544 |  |  | $ | 11 |  |  | $ | 533 |
6.25% | Aug 2020 | Sep 2069 | Sep 2025 | 500 |  |  | 17 |  |  | 483 |  |  | 500 |  |  | 17 |  |  | 483 |
5.50% | Dec 2020 | Mar 2070 | Mar 2026 | 500 |  |  | 17 |  |  | 483 |  |  | 500 |  |  | 17 |  |  | 483 |
5.50% | May 2021 | Jun 2070 | Jun 2026 | 500 |  |  | 16 |  |  | 484 |  |  | 500 |  |  | 16 |  |  | 484 |
Term Loans |  |  |  | 723 |  |  | 4 |  |  | 719 |  |  | 783 |  |  | 4 |  |  | 779 |
EIP Securitization |  |  | 2 |  |  | — |  |  | 2 |  |  | 150 |  |  | — |  |  | 150 |
Export Credit Financing |  |  | 150 |  |  | — |  |  | 150 |  |  | 150 |  |  | 1 |  |  | 149 |
Finance lease obligations |  | 4 |  |  | — |  |  | 4 |  |  | 3 |  |  | — |  |  | 3 |
Total long-term debt |  | $ | 2,923 |  |  | $ | 64 |  |  | $ | 2,859 |  |  | $ | 3,130 |  |  | $ | 66 |  |  | $ | 3,064 |
Long-term debt, current |  |  |  |  |  | $ | 22 |  |  |  |  |  |  | $ | 20 |
Long-term debt, noncurrent |  |  |  |  |  | $ | 2,837 |  |  |  |  |  |  | $ | 3,044 |

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