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LONG-TERM OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Long-term debt is summarized as follows (in millions):
 December 31,
20242023
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 borrowings18 19 
Finance lease obligations12 9 
Other1 — 
Total debt2,584 623 
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, 2024December 31, 2023
$500 Million Facility
$— $— 
$400 Million Facility
47 72 
Bilateral Arrangements48 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— 
2029600 
Thereafter2,000 
Total Debt2,600 
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):
2024Book ValueQuoteFair 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 
2023Book ValueQuoteFair Value
5% Notes$600 0.94375 $566