Long-term Debt and Other Borrowings, Net (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt and other borrowings consisted of the following as of:

(In millions)	Maturity Date	Rate as of December 31, 2021		December 31, 2021		December 31, 2020
Credit Facility
Revolving line of credit	February 2024	—	%	$	—	$	—
Term loan	February 2024	1.9	%	1,050		1,080
Other borrowings (a)				8		7
Total debt and other borrowings				1,058		1,087
Less: current maturities				(32)		(1)
Total Long-term debt and other borrowings				$	1,026	$	1,086
Less: unamortized debt discount				(12)		(18)
Total Long-term debt and other borrowings, net				$	1,014	$	1,068

(a) As of December 31, 2021 and 2020, other borrowings include a loan payable of $6 million along with finance lease obligations of $2 million and $1 million, respectively.

Schedule of Credit Facility

Our Credit Facility is comprised of the following:

(In millions)	Total Amount		Amount Available as of December 31, 2021
Term loan facility	$	1,200	$	1,050
Revolving line of credit (a)	300		298
Total Credit Facility (b)	$	1,500	$	1,348
(a) Letters of credit reduce our borrowing capacity under the revolving line of credit. At December 31, 2021, we had $2 million for letters of credit outstanding against the total $35 million sub-limit available.
(b) For the years ended December 31, 2021, 2020 and 2019, we paid $0 million, $4 million, and $24 million, respectively of debt issuance costs related to the Credit Facilities, respectively. Debt issuance costs is deferred and amortized on an effective yield basis to interest expense.

Schedule of Maturity of Debt Obligations

The following table presents the maturities of our long-term debt and other borrowings, net as of December 31, 2021:

(In millions)	Credit Facility		Other Borrowings		Total Repayments
2022	$	30	$	2	$	32
2023	60		6		66
2024	960		—		960
2025	—		—		—
Total debt maturities	$	1,050	$	8	$	1,058