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Debt | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt | 8. Debt Debt outstanding consisted of the following (in millions):
| Maturity Date |  | September 30, 2025 |  | December 31, 2024
Seventh Incremental Term Loans(1) | August 31, 2028 |  | $ | 2,010 |  |  | $ | — |
Sixth Incremental Term Loans(2) | August 31, 2028 |  | — |  |  | 2,025 |
$330 million Revolving Credit Facility, Amended | May 31, 2030 |  | — |  |  | — |
Total debt, net |  |  | 2,010 |  |  | 2,025 |
Less: current portion of long-term debt, net |  |  | (20) |  |  | (25) |
Total long-term debt, net |  |  | $ | 1,990 |  |  | $ | 2,000 |
_______________________________________________________ (1)The net balance for the Seventh Incremental Term Loans included unamortized debt issuance costs at September 30, 2025 of approximately $5 million. (2)The net balance for the Sixth Incremental Term Loans included unamortized debt issuance costs at December 31, 2024 of approximately $6 million. Term Loan In June 2024, the Company entered into Amendment No. 10 to its credit agreement, dated as of May 1, 2017 (as amended from time to time, the “Credit Agreement”), with a syndicate of lenders to establish a new class of Sixth Incremental Term Loans (the “Sixth Incremental Term Loans”) with an aggregate principal amount of $2,489 million to reprice the outstanding Fifth Incremental Term Loans due August 31, 2028 by reducing the applicable rate from the Secured Overnight Financing Rate ("SOFR") + 2.75% to SOFR + 2.25%. In July 2024, the Company paid down $440 million of the Sixth Incremental Term Loans principal balance with proceeds from the Divestiture. In January 2025, the Company entered into Amendment No. 11 to the Credit Agreement with a syndicate of lenders to establish a new class of Seventh Incremental Term Loans with an aggregate principal amount of $2,030 million and to reprice the outstanding Sixth Incremental Term Loans due August 31, 2028 by reducing the applicable rate from SOFR + 2.25% to SOFR + 1.75%. Interest rates on the Term Loan borrowings are based on SOFR plus a margin. The Company is required to make principal payments at the end of each fiscal quarter based on defined terms in the Credit Agreement with the remaining principal balances due on the maturity dates. The Company utilized swap agreements to fix a portion of the floating interest rates through December 2026 (see Note 13 “Derivative Financial Instruments”). During the three and nine months ended September 30, 2025, the Company made total principal payments on the Incremental Term Loans of $5 million and $15 million, respectively. During the three and nine months ended September 30, 2024, the Company made total principal payments on the Incremental Term Loans of $6 million and $19 million, respectively. Revolving Credit Facility In August 2021, the Company entered into a $294 million revolving credit facility with a maturity date of August 31, 2026. In March 2023, the Company amended and upsized the revolving credit facility to $300 million and updated the benchmark reference rate from LIBOR to Term SOFR. In May 2025, the Company entered into Amendment No. 12 of its credit agreement, which increased the aggregate principal amount of its revolving credit facility to $330 million and extended the maturity date to May 31, 2030. At September 30, 2025, an immaterial amount of unused letters of credit related to insurance policies were issued under the revolving credit facility and there were no borrowings. The Company is required to make periodic payments for commitment fees and interest related to the revolving credit facility and outstanding letters of credit. During the three months ended September 30, 2025, the Company did not make payments related to these fees. During the nine months ended September 30, 2025, the Company made payments related to these fees of $1 million. During the three and nine months ended September 30, 2024, the Company made immaterial payments related to these fees. Financing Fees, Premiums and Interest Expense The Company capitalized financing fees and premiums related to the Term Loan and Revolver issued. These financing fees and premiums were recorded as an offset to the aggregate debt balances and are being amortized over the respective loan terms. Total interest expense related to the debt instruments for the three months ended September 30, 2025 and 2024, was $32 million and $40 million, respectively. Total interest expense related to the debt instruments for the nine months ended September 30, 2025 and 2024 was $96 million and $149 million, respectively. Interest expense is recorded in Interest expense in the Condensed Consolidated Statements of Comprehensive Income (Loss) and, is net of interest rate swap derivative gains recognized and interest income. Principal Payments Aggregate remaining contractual principal payments as of September 30, 2025 are as follows (in millions):
2025 (October - December) | $ | 5 |
2026 | 20 |
2027 | 20 |
2028 | 1,970 |
Total payments | $ | 2,015 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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