Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:

	September 30, 2022		December 31, 2021
Incremental Term Facility due 2025 (1)	$	175	$	—
Incremental Term Facility due 2028	495		499
Incremental Term Facility due 2029 (2)	250		—
Term Loan B due 2027 (3)	3,941		4,118
Revolving Credit Facility	—		250
4.272% Senior Notes due 2023 (4)	344		750
4.900% Senior Notes due 2028	750		750
TEU Amortizing Notes due 2023	14		34
Unamortized debt issuance costs	(68)		(82)
	5,901		6,319
Less current portion of long-term debt	394		294
Total long-term debt	$	5,507	$	6,025

(1)In June 2022, we entered into an incremental assumption agreement with Bank of America, N.A. supplementing and amending our existing credit agreement dated August 1, 2020 relating to our senior secured credit facility. The incremental assumption agreement provides for a new incremental term facility with an aggregate principal amount of $175 million. The new incremental term facility bears interest at the Secured Overnight Financing Rate (Term SOFR), including a credit spread adjustment, plus 175 basis points and is payable in full on June 30, 2025. The proceeds were used to repay a portion of our outstanding obligations under our revolving credit facility.

(2)In April 2022, we entered into an incremental assumption agreement with Farm Credit Mid-America, PCA supplementing and amending our existing credit agreement dated August 1, 2020 relating to our senior secured credit facility. The incremental assumption agreement provides for a new incremental term facility with an aggregate principal amount of $250 million maturing on April 19, 2029. The new incremental term facility bears interest at Term SOFR, including a credit spread adjustment, plus 175 basis points and will be payable in quarterly installments of principal and interest with a final balloon payment due on April 19, 2029. The proceeds were used to repay a portion of our outstanding obligations under our revolving credit facility.

(3)In September 2022, we repaid indebtedness outstanding under our Term Loan B. We paid $75 million in cash, composed of principal and accrued interest, resulting in a debt extinguishment loss of approximately $2 million recognized in interest expense, net of capitalized interest in the condensed consolidated statements of operations.

(4)In April 2022, we completed a tender offer and retired $406 million in aggregate principal amount of our 4.272% Senior Notes due August 28, 2023, resulting in a debt extinguishment loss of approximately $17 million recognized in interest expense, net of capitalized interest in the condensed consolidated statements of operations. The repayment was funded with proceeds received from a draw under our revolving credit facility.