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Debt (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Summary of Outstanding Debt

The Company’s outstanding debt consisted of the following as of the dates presented:

 

 

June 30, 2025

 

 

December 31, 2024

 

 

 

(in millions)

 

Short-term debt:

 

 

 

 

 

 

Term Loan B Facility due 2031

 

$

9

 

 

$

5

 

0.25% Convertible 2026 Senior Notes due 2026 (1)

 

 

345

 

 

 

—

 

Unamortized Debt Issuance Costs

 

 

(1

)

 

 

—

 

Total short-term debt

 

$

353

 

 

$

5

 

 

 

 

 

 

 

 

Long-term debt:

 

 

 

 

 

 

Term Loan B Facility due 2031

 

$

836

 

 

$

494

 

0.25% Convertible 2026 Senior Notes due 2026 (1)

 

 

—

 

 

 

345

 

Unamortized Debt Issuance Costs

 

 

(14

)

 

 

(8

)

Total long-term debt

 

$

822

 

 

$

831

 
(1)
Reclassified to short-term debt as of June 30, 2025 as 2026 Senior Notes maturity date is April 1, 2026.