v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long-term debt consisted of the following:
June 30, 2025December 31, 2024
Term Loan B due 2027$2,288 $2,593 
Incremental Term Facility due 2028341 370 
Incremental Term Facility due 2029173 187 
Incremental Term Facility due 2031323 349 
Revolving Credit Facility (1)
— — 
Securitization Facility (2)
100 100 
4.900% Senior Notes due 2028 (3)
750 750 
Unamortized debt issuance costs(21)(28)
Total debt3,954 4,321 
Finance lease liability (4)
255 — 
4,209 4,321 
Less current portion of long-term debt and finance lease liability61 44 
Total long-term debt and finance lease liability$4,148 $4,277 
(1)Our Revolving Credit Facility provides up to $750 million in borrowing capacity and bears interest at Term SOFR plus a spread dependent on our Net Total Leverage Ratio, as defined within the agreement, which was 1.60% at June 30, 2025. During the six months ended June 30, 2025, we drew $125 million on our Revolving Credit Facility, which we subsequently repaid with the proceeds from a draw on our Securitization Facility.
(2)Our Securitization Facility is secured and collateralized by our U.S. Net Eligible Receivables Balance. On June 25, 2025, we amended our Securitization Facility, which extended its maturity through June 2028 and made other amendments to certain covenants and other terms of the agreement. As of June 30, 2025, our Securitization Facility bears interest at Term SOFR plus 1.25%. Our borrowing capacity under our Securitization Facility is subject to monthly fluctuation based on the level of our borrowing base as reported to the lender. During the six months ended June 30, 2025, we both drew and subsequently repaid $125 million on our Securitization Facility.
(3)Subsequent to issuance in August 2018, our 4.900% Senior Notes due 2028 have been subject to interest rate increases related to credit rating agency downgrades. As of June 30, 2025, these notes bear interest at a rate of 6.650%.
(4)In June 2025, we entered into a finance lease arrangement for our new corporate headquarters. See below for further details.