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DEBT (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Components of Debt DEBT
The components of debt as of March 31, 2024 and December 31, 2023 consisted of the following:
March 31, 2024
(in millions)Debt InstrumentUnamortized Issuance ExpenseUnamortized Debt Premium/DiscountTotal
Current portion of long-term debt:
4.95% Senior Notes due January 2025 (1)
$389 $— $— $389 
Total current portion of long-term debt$389 $— $— $389 
Long-term debt:
Variable rate (7.16% at March 31, 2024)
2022 revolving credit facility, due April 2027
$270 $— 
(2)
$— $270 
8.375% Senior Notes due September 2028
304 (3)— 301 
5.375% Senior Notes due February 2029
700 (4)17 713 
5.375% Senior Notes due March 2030
1,200 (12)— 1,188 
4.75% Senior Notes due February 2032
1,150 (13)— 1,137 
Total long-term debt$3,624 $(32)$17 $3,609 
Total debt$4,013 $(32)$17 $3,998 
December 31, 2023
(in millions)Debt InstrumentUnamortized Issuance ExpenseUnamortized Debt Premium/DiscountTotal
Variable rate (7.20% at December 31, 2023) 2022 revolving credit facility, due April 2027
$220 $— 
(2)
$— $220 
4.95% Senior Notes due January 2025 (1)
389 — — 389 
8.375% Senior Notes due September 2028
304 (3)— 301 
5.375% Senior Notes due February 2029
700 (5)18 713 
5.375% Senior Notes due March 2030
1,200 (13)— 1,187 
4.75% Senior Notes due February 2032
1,150 (13)— 1,137 
Total debt$3,963 $(34)$18 $3,947 
(1)Effective in July 2018, the interest rate was 6.20% for the 2025 Notes, reflecting a net downgrade in the Company’s bond ratings since their issuance. On April 7, 2020, S&P downgraded the Company’s bond rating to BB-, which had the effect of increasing the interest rate on the 2025 Notes to 6.45% following the July 23, 2020 interest payment due date. The first coupon payment to the bondholders at the higher interest rate was paid in January 2021. On September 1, 2021, S&P upgraded the Company’s bond rating to BB, and on January 6, 2022, S&P further upgraded the Company’s bond rating to BB+, which decreased the interest rate on the 2025 Notes to 5.95% beginning with coupon payments paid after January 2022. On May 31, 2022, Moody’s upgraded the Company’s bond rating to Ba1, which decreased the interest rate on the 2025 Notes from 5.95% to 5.70% for coupon payments paid after July 2022.
(2)At March 31, 2024 and December 31, 2023, unamortized issuance expense of $14 million and $15 million, respectively, associated with the 2022 credit facility (as defined below) was classified as other long-term assets on the consolidated balance sheets.
Schedule of Maturities of Long-term Debt
The following is a summary of scheduled debt maturities by year as of March 31, 2024:
(in millions)
2024$— 
2025389 
2026— 
2027270 
2028304 
Thereafter3,050 
$4,013