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LONG-TERM OBLIGATIONS (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Long-term debt is summarized as follows (in millions):
| December 31,
| 2024 |  | 2023
5% Senior Notes due May 15, 2029, net of unamortized debt issuance costs of $4 and $5 million at December 31, 2024 and 2023, respectively | $ | 596 |  |  | $ | 595 |
6.25% Senior Notes due October 15, 2032, net of unamortized debt issuance costs of $17 million at December 31, 2024 | 733 |  |  | — |
Credit Agreement – term debt due October 8, 2031 (“New Term Facility”, as defined below), net of unamortized debt issuance costs of $20 million and unamortized original issue discount of $6 million at December 31, 2024 | 1,224 |  |  | — |
Secured borrowings | 18 |  |  | 19 |
Finance lease obligations | 12 |  |  | 9 |
Other | 1 |  |  | — |
Total debt | 2,584 |  |  | 623 |
Less: Current portion of long-term debt | (4) |  |  | (3) |
Long-term debt, less current portion | $ | 2,580 |  |  | $ | 620 |
Schedule of Debt | Letters of credit outstanding (in millions):
| December 31, 2024 |  | December 31, 2023
$500 Million Facility | $ | — |  |  |  |  |  |  | $ | — |  |  |  |  |
$400 Million Facility | 47 |  |  |  |  |  |  | 72 |  |  |  |  |
Bilateral Arrangements | 48 |  |  |  |  |  |  | 48 |  |  |  |  |
Total | $ | 95 |  |  |  |  |  |  | $ | 120 |  |  |  |  |
Schedule of Maturities of Long-term Debt | Amounts shown are exclusive of minimum lease payments for capital lease obligations and secured borrowings (in millions):
2025 | $ | — |
2026 | — |
2027 | — |
2028 | — |
2029 | 600 |
Thereafter | 2,000 |
Total Debt | 2,600 |
Less: Unamortized original issue discount | (6) |
Less: Unamortized debt issuance costs | (40) |
Net debt | $ | 2,554 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The Company estimates the fair value of its debt set forth below as of December 31, 2024 and 2023, as follows (in millions, except for quotes):
2024 | Book Value |  | Quote |  | Fair Value
5% Notes | $ | 600 |  |  | 0.95000 |  |  | $ | 570 |
6.25% Notes | 750 |  |  | 0.98000 |  |  | $ | 735 |
New Term Facility (net of discount) | 1,244 |  |  | 1.00250 |  |  | $ | 1,247 |
2023 | Book Value |  | Quote |  | Fair Value
5% Notes | $ | 600 |  |  | 0.94375 |  |  | $ | 566 |

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