BORROWINGS

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

BORROWINGS

BORROWINGS

Borrowings are summarized as follows:

	September 30, 2025		December 31, 2024
2029 Dollar Term Loans	$	1,679	$	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	(11)		(13)
Unamortized deferred financing costs	(18)		(22)
Total borrowings, net	3,402		3,421
Less:
Short-term borrowings	3		3
Current portion of long-term borrowings	17		17
Long-term debt	$	3,382	$	3,401

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

Revolving Credit Facility

At September 30, 2025 and December 31, 2024, letters of credit issued under the Revolving Credit Facility totaled $28 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 $772 million and $778 million at September 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 September 30, 2025 and December 31, 2024, respectively.

Other Activity

During the three months ended September 30, 2025, we prepaid $10 million of the outstanding principal amount of the 2029 Dollar Term Loans. As a result of these prepayments, we recorded an immaterial loss on extinguishment of debt for the three months ended September 30, 2025, which comprised the proportionate write-off of unamortized deferred financing costs and original issue discounts.

On October 28, 2025, certain of our subsidiaries entered into the Seventeenth Amendment to the Credit Agreement (the "Seventeenth Amendment"), to permit the funding of repurchases of our common shares using borrowings under the Credit Agreement.

Future repayments

Below is a schedule of required future repayments of all borrowings outstanding at September 30, 2025.

Remainder of 2025	$	5
2026	21
2027	521
2028	21
2029	2,329
Thereafter	534
Total borrowings	3,431
Unamortized original issue discount	(11)
Unamortized deferred financing costs	(18)
Total borrowings, net	$	3,402