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Short-Term Borrowings and Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Short-Term Borrowings
Details of carrying amounts of short-term borrowings were as follows:
(in millions)
Borrowing LimitDecember 31, 2023December 31, 2022
Maturity DateInterest rate (%)
September 2024
(1)
$23 $— $— 
January 2024 - December 20242.10–5.70283 282 176 
Total principal short-term borrowings$306 $282 $176 
Less: unamortized discounts— (1)
Total short-term borrowings$282 $175 
Weighted-average interest rates3.49 %4.27 %
(1)The interest rate is based on an average of AAA rated financial bonds rate in Korea plus 1.35%.
Schedule of Long-Term Debt
Details of carrying amounts of long-term debt were as follows:
(in millions)
Maturity DateBorrowing LimitDecember 31, 2023December 31, 2022
Description
Interest rate (%)
Revolving Credit Facility
Feb 2024
(2)
$1,000 $— $— 
Revolving Credit Agreement
Nov 2024
CD interest rate (91 days) + 2.30
124 — — 
August 2021 Term Loan(1)
Aug 20243.16155 155 158 
April 2023 Term Loan(1)
Apr 20266.76178 178 — 
March 2022 Term Loan(1)
Mar 20274.26310 310 316 
Other Term Loan Facilities(1)
Aug 2024 - Nov 20263.68-6.0092 92 196 
Total principal long-term debt$1,859 $735 $670 
Less: current portion of long-term debt(203)(129)
Less: unamortized discounts(3)(3)
Total long-term debt$529 $538 
(1)At December 31, 2023, we had pledged up to $882 million of land and buildings as collateral against long-term loan facilities.
(2)Borrowings under the 2021 revolving credit facility bear interest, at our option, at a rate per annum equal to (i) a base rate equal to the highest of (A) the prime rate, (B) the higher of the federal funds rate or a composite overnight bank borrowing rate plus 0.50%, or (C) an adjusted Term Secured Overnight Financing Rate (SOFR) for a one-month interest period plus 1.00% or (ii) an adjusted Term SOFR plus a margin equal to 1.00%.
Schedule of Long-Term Debt Maturities
Future principal payments for long-term debt as of December 31, 2023 were as follows:
(in millions)
Long-term debt
2024$203 
2025— 
2026222 
2027310 
2028— 
Thereafter— 
Total$735