Borrowings are summarized as follows:


	June 30, 2025		December 31, 2024
2029 Dollar Term Loans	$	1,694	$	1,702


2027 Dollar Senior Notes	500		500
2029 Dollar Senior Notes	700		700
2031 Dollar Senior Notes	500		500
Short-term and other borrowings	52		54
Unamortized original issue discount	(12)		(13)
Unamortized deferred financing costs	(19)		(22)
Total borrowings, net	3,415		3,421
Less:
Short-term borrowings	3		3
Current portion of long-term borrowings	17		17
Long-term debt	$	3,395	$	3,401

Our senior secured credit facilities (the “Senior Secured Credit Facilities”) consist of a term loan due 2029 (the “2029 Dollar Term Loans”) and a revolving credit facility due 2029 (the “Revolving Credit Facility”) that is governed by a credit agreement (as amended, the “Credit Agreement”).

At June 30, 2025 and December 31, 2024, letters of credit issued under the Revolving Credit Facility totaled $21 million and $22 million, respectively, which reduced the availability under the Revolving Credit Facility as of such dates. Availability under the Revolving Credit Facility was $779 million and $778 million at June 30, 2025 and December 31, 2024, respectively. The letters of credit issued under the Revolving Credit Facility include $14 million that secures Customer Obligation Guarantees at both June 30, 2025 and December 31, 2024.


Remainder of 2025	$	10
2026	21
2027	521
2028	21
2029	2,339
Thereafter	534
Total borrowings	3,446
Unamortized original issue discount	(12)
Unamortized deferred financing costs	(19)
Total borrowings, net	$	3,415