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TEP expects to contribute $ 11 million to the pension plans and $ 2 million to the VEBA trust in 2024. | text | 11 | monetaryItemType | text: <entity> 11 </entity> <entity type> monetaryItemType </entity type> <context> TEP expects to contribute $ 11 million to the pension plans and $ 2 million to the VEBA trust in 2024. </context> | us-gaap:DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear |
TEP expects to contribute $ 11 million to the pension plans and $ 2 million to the VEBA trust in 2024. | text | 2 | monetaryItemType | text: <entity> 2 </entity> <entity type> monetaryItemType </entity type> <context> TEP expects to contribute $ 11 million to the pension plans and $ 2 million to the VEBA trust in 2024. </context> | us-gaap:DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear |
All three pension plans had a projected benefit obligation in excess of plan assets as of December 31, 2023, compared to one as of December 31, 2022. This was primarily due to a decrease in discount rates partially offset by positive equity and fixed income returns. For plans with projected benefit obligations in excess of plan assets, total projected benefit obligations and plan assets were $ 461 million and $ 432 million, respectively, as of December 31, 2023, and $ 21 million and none , respectively, as of December 31, 2022. | text | 461 | monetaryItemType | text: <entity> 461 </entity> <entity type> monetaryItemType </entity type> <context> All three pension plans had a projected benefit obligation in excess of plan assets as of December 31, 2023, compared to one as of December 31, 2022. This was primarily due to a decrease in discount rates partially offset by positive equity and fixed income returns. For plans with projected benefit obligations in excess of plan assets, total projected benefit obligations and plan assets were $ 461 million and $ 432 million, respectively, as of December 31, 2023, and $ 21 million and none , respectively, as of December 31, 2022. </context> | us-gaap:DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsProjectedBenefitObligation |
All three pension plans had a projected benefit obligation in excess of plan assets as of December 31, 2023, compared to one as of December 31, 2022. This was primarily due to a decrease in discount rates partially offset by positive equity and fixed income returns. For plans with projected benefit obligations in excess of plan assets, total projected benefit obligations and plan assets were $ 461 million and $ 432 million, respectively, as of December 31, 2023, and $ 21 million and none , respectively, as of December 31, 2022. | text | 432 | monetaryItemType | text: <entity> 432 </entity> <entity type> monetaryItemType </entity type> <context> All three pension plans had a projected benefit obligation in excess of plan assets as of December 31, 2023, compared to one as of December 31, 2022. This was primarily due to a decrease in discount rates partially offset by positive equity and fixed income returns. For plans with projected benefit obligations in excess of plan assets, total projected benefit obligations and plan assets were $ 461 million and $ 432 million, respectively, as of December 31, 2023, and $ 21 million and none , respectively, as of December 31, 2022. </context> | us-gaap:DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsPlanAssets |
All three pension plans had a projected benefit obligation in excess of plan assets as of December 31, 2023, compared to one as of December 31, 2022. This was primarily due to a decrease in discount rates partially offset by positive equity and fixed income returns. For plans with projected benefit obligations in excess of plan assets, total projected benefit obligations and plan assets were $ 461 million and $ 432 million, respectively, as of December 31, 2023, and $ 21 million and none , respectively, as of December 31, 2022. | text | 21 | monetaryItemType | text: <entity> 21 </entity> <entity type> monetaryItemType </entity type> <context> All three pension plans had a projected benefit obligation in excess of plan assets as of December 31, 2023, compared to one as of December 31, 2022. This was primarily due to a decrease in discount rates partially offset by positive equity and fixed income returns. For plans with projected benefit obligations in excess of plan assets, total projected benefit obligations and plan assets were $ 461 million and $ 432 million, respectively, as of December 31, 2023, and $ 21 million and none , respectively, as of December 31, 2022. </context> | us-gaap:DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsProjectedBenefitObligation |
All three pension plans had a projected benefit obligation in excess of plan assets as of December 31, 2023, compared to one as of December 31, 2022. This was primarily due to a decrease in discount rates partially offset by positive equity and fixed income returns. For plans with projected benefit obligations in excess of plan assets, total projected benefit obligations and plan assets were $ 461 million and $ 432 million, respectively, as of December 31, 2023, and $ 21 million and none , respectively, as of December 31, 2022. | text | none | monetaryItemType | text: <entity> none </entity> <entity type> monetaryItemType </entity type> <context> All three pension plans had a projected benefit obligation in excess of plan assets as of December 31, 2023, compared to one as of December 31, 2022. This was primarily due to a decrease in discount rates partially offset by positive equity and fixed income returns. For plans with projected benefit obligations in excess of plan assets, total projected benefit obligations and plan assets were $ 461 million and $ 432 million, respectively, as of December 31, 2023, and $ 21 million and none , respectively, as of December 31, 2022. </context> | us-gaap:DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsPlanAssets |
The accumulated benefit obligation aggregated for all pension plans was $ 409 million and $ 373 million as of December 31, 2023 and 2022, respectively. One pension plan had an accumulated benefit obligation in excess of plan assets as of December 31, 2023 and 2022. The following table includes information for the pension plan with an accumulated benefit obligation in excess of pension plan assets: | text | 409 | monetaryItemType | text: <entity> 409 </entity> <entity type> monetaryItemType </entity type> <context> The accumulated benefit obligation aggregated for all pension plans was $ 409 million and $ 373 million as of December 31, 2023 and 2022, respectively. One pension plan had an accumulated benefit obligation in excess of plan assets as of December 31, 2023 and 2022. The following table includes information for the pension plan with an accumulated benefit obligation in excess of pension plan assets: </context> | us-gaap:DefinedBenefitPlanAccumulatedBenefitObligation |
The accumulated benefit obligation aggregated for all pension plans was $ 409 million and $ 373 million as of December 31, 2023 and 2022, respectively. One pension plan had an accumulated benefit obligation in excess of plan assets as of December 31, 2023 and 2022. The following table includes information for the pension plan with an accumulated benefit obligation in excess of pension plan assets: | text | 373 | monetaryItemType | text: <entity> 373 </entity> <entity type> monetaryItemType </entity type> <context> The accumulated benefit obligation aggregated for all pension plans was $ 409 million and $ 373 million as of December 31, 2023 and 2022, respectively. One pension plan had an accumulated benefit obligation in excess of plan assets as of December 31, 2023 and 2022. The following table includes information for the pension plan with an accumulated benefit obligation in excess of pension plan assets: </context> | us-gaap:DefinedBenefitPlanAccumulatedBenefitObligation |
The non-service components of net periodic benefit cost are primarily included in Other, Net on the Consolidated Statements of Income. In 2022, $ 3 million of the effect of settlement was deferred as a regulatory asset and recorded in Regulatory and Other Assets—Regulatory Assets on the Consolidated Balance Sheets. TEP capitalized 21 % of service cost as a cost of construction in each of 2023 and 2022, and 22 % in 2021. | text | 3 | monetaryItemType | text: <entity> 3 </entity> <entity type> monetaryItemType </entity type> <context> The non-service components of net periodic benefit cost are primarily included in Other, Net on the Consolidated Statements of Income. In 2022, $ 3 million of the effect of settlement was deferred as a regulatory asset and recorded in Regulatory and Other Assets—Regulatory Assets on the Consolidated Balance Sheets. TEP capitalized 21 % of service cost as a cost of construction in each of 2023 and 2022, and 22 % in 2021. </context> | us-gaap:DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1 |
As of December 31, 2023, the fair value of VEBA trust assets was $ 27 million, of which $ 10 million were fixed income investments and $ 17 million were equities. As of December 31, 2022, the fair value of VEBA trust assets was $ 23 million, of which $ 9 million were fixed income investments and $ 14 million were equities. The VEBA trust assets are primarily Level 1 assets within the fair value hierarchy described below. There are no Level 3 assets in the VEBA trust. | text | 27 | monetaryItemType | text: <entity> 27 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2023, the fair value of VEBA trust assets was $ 27 million, of which $ 10 million were fixed income investments and $ 17 million were equities. As of December 31, 2022, the fair value of VEBA trust assets was $ 23 million, of which $ 9 million were fixed income investments and $ 14 million were equities. The VEBA trust assets are primarily Level 1 assets within the fair value hierarchy described below. There are no Level 3 assets in the VEBA trust. </context> | us-gaap:DefinedBenefitPlanFairValueOfPlanAssets |
As of December 31, 2023, the fair value of VEBA trust assets was $ 27 million, of which $ 10 million were fixed income investments and $ 17 million were equities. As of December 31, 2022, the fair value of VEBA trust assets was $ 23 million, of which $ 9 million were fixed income investments and $ 14 million were equities. The VEBA trust assets are primarily Level 1 assets within the fair value hierarchy described below. There are no Level 3 assets in the VEBA trust. | text | 10 | monetaryItemType | text: <entity> 10 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2023, the fair value of VEBA trust assets was $ 27 million, of which $ 10 million were fixed income investments and $ 17 million were equities. As of December 31, 2022, the fair value of VEBA trust assets was $ 23 million, of which $ 9 million were fixed income investments and $ 14 million were equities. The VEBA trust assets are primarily Level 1 assets within the fair value hierarchy described below. There are no Level 3 assets in the VEBA trust. </context> | us-gaap:DefinedBenefitPlanFairValueOfPlanAssets |
As of December 31, 2023, the fair value of VEBA trust assets was $ 27 million, of which $ 10 million were fixed income investments and $ 17 million were equities. As of December 31, 2022, the fair value of VEBA trust assets was $ 23 million, of which $ 9 million were fixed income investments and $ 14 million were equities. The VEBA trust assets are primarily Level 1 assets within the fair value hierarchy described below. There are no Level 3 assets in the VEBA trust. | text | 17 | monetaryItemType | text: <entity> 17 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2023, the fair value of VEBA trust assets was $ 27 million, of which $ 10 million were fixed income investments and $ 17 million were equities. As of December 31, 2022, the fair value of VEBA trust assets was $ 23 million, of which $ 9 million were fixed income investments and $ 14 million were equities. The VEBA trust assets are primarily Level 1 assets within the fair value hierarchy described below. There are no Level 3 assets in the VEBA trust. </context> | us-gaap:DefinedBenefitPlanFairValueOfPlanAssets |
As of December 31, 2023, the fair value of VEBA trust assets was $ 27 million, of which $ 10 million were fixed income investments and $ 17 million were equities. As of December 31, 2022, the fair value of VEBA trust assets was $ 23 million, of which $ 9 million were fixed income investments and $ 14 million were equities. The VEBA trust assets are primarily Level 1 assets within the fair value hierarchy described below. There are no Level 3 assets in the VEBA trust. | text | 23 | monetaryItemType | text: <entity> 23 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2023, the fair value of VEBA trust assets was $ 27 million, of which $ 10 million were fixed income investments and $ 17 million were equities. As of December 31, 2022, the fair value of VEBA trust assets was $ 23 million, of which $ 9 million were fixed income investments and $ 14 million were equities. The VEBA trust assets are primarily Level 1 assets within the fair value hierarchy described below. There are no Level 3 assets in the VEBA trust. </context> | us-gaap:DefinedBenefitPlanFairValueOfPlanAssets |
As of December 31, 2023, the fair value of VEBA trust assets was $ 27 million, of which $ 10 million were fixed income investments and $ 17 million were equities. As of December 31, 2022, the fair value of VEBA trust assets was $ 23 million, of which $ 9 million were fixed income investments and $ 14 million were equities. The VEBA trust assets are primarily Level 1 assets within the fair value hierarchy described below. There are no Level 3 assets in the VEBA trust. | text | 9 | monetaryItemType | text: <entity> 9 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2023, the fair value of VEBA trust assets was $ 27 million, of which $ 10 million were fixed income investments and $ 17 million were equities. As of December 31, 2022, the fair value of VEBA trust assets was $ 23 million, of which $ 9 million were fixed income investments and $ 14 million were equities. The VEBA trust assets are primarily Level 1 assets within the fair value hierarchy described below. There are no Level 3 assets in the VEBA trust. </context> | us-gaap:DefinedBenefitPlanFairValueOfPlanAssets |
As of December 31, 2023, the fair value of VEBA trust assets was $ 27 million, of which $ 10 million were fixed income investments and $ 17 million were equities. As of December 31, 2022, the fair value of VEBA trust assets was $ 23 million, of which $ 9 million were fixed income investments and $ 14 million were equities. The VEBA trust assets are primarily Level 1 assets within the fair value hierarchy described below. There are no Level 3 assets in the VEBA trust. | text | 14 | monetaryItemType | text: <entity> 14 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2023, the fair value of VEBA trust assets was $ 27 million, of which $ 10 million were fixed income investments and $ 17 million were equities. As of December 31, 2022, the fair value of VEBA trust assets was $ 23 million, of which $ 9 million were fixed income investments and $ 14 million were equities. The VEBA trust assets are primarily Level 1 assets within the fair value hierarchy described below. There are no Level 3 assets in the VEBA trust. </context> | us-gaap:DefinedBenefitPlanFairValueOfPlanAssets |
As of December 31, 2023, the fair value of VEBA trust assets was $ 27 million, of which $ 10 million were fixed income investments and $ 17 million were equities. As of December 31, 2022, the fair value of VEBA trust assets was $ 23 million, of which $ 9 million were fixed income investments and $ 14 million were equities. The VEBA trust assets are primarily Level 1 assets within the fair value hierarchy described below. There are no Level 3 assets in the VEBA trust. | text | no | monetaryItemType | text: <entity> no </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2023, the fair value of VEBA trust assets was $ 27 million, of which $ 10 million were fixed income investments and $ 17 million were equities. As of December 31, 2022, the fair value of VEBA trust assets was $ 23 million, of which $ 9 million were fixed income investments and $ 14 million were equities. The VEBA trust assets are primarily Level 1 assets within the fair value hierarchy described below. There are no Level 3 assets in the VEBA trust. </context> | us-gaap:DefinedBenefitPlanFairValueOfPlanAssets |
The following table presents a reconciliation of changes in the fair value of pension plan assets classified as Level 3 in the fair value hierarchy. There were no transfers in or out of Level 3. | text | no | monetaryItemType | text: <entity> no </entity> <entity type> monetaryItemType </entity type> <context> The following table presents a reconciliation of changes in the fair value of pension plan assets classified as Level 3 in the fair value hierarchy. There were no transfers in or out of Level 3. </context> | us-gaap:DefinedBenefitPlanTransfersBetweenMeasurementLevels |
TEP offers a defined contribution savings plan to all eligible employees. The plan meets the IRS required standards for 401(k) qualified plans. Participants direct the investment of contributions to certain funds in their account. The Company matches part of a participant’s contributions to the plan. TEP made matching contributions to the plan of $ 8 million in 2023 and $ 7 million in each of 2022 and 2021. | text | 8 | monetaryItemType | text: <entity> 8 </entity> <entity type> monetaryItemType </entity type> <context> TEP offers a defined contribution savings plan to all eligible employees. The plan meets the IRS required standards for 401(k) qualified plans. Participants direct the investment of contributions to certain funds in their account. The Company matches part of a participant’s contributions to the plan. TEP made matching contributions to the plan of $ 8 million in 2023 and $ 7 million in each of 2022 and 2021. </context> | us-gaap:DefinedContributionPlanCostRecognized |
TEP's allocated portion of compensation expense is recognized in Operations and Maintenance Expense on the Consolidated Statements of Income. Compensation expense associated with unvested RSUs is recognized on a straight-line basis over the minimum required service period in an amount equal to the fair value on the measurement date or each reporting period. TEP recorded $ 1 million in 2023 and no compensation expense in 2022 and 2021, based on its share of Fortis' compensation expense. | text | 1 | monetaryItemType | text: <entity> 1 </entity> <entity type> monetaryItemType </entity type> <context> TEP's allocated portion of compensation expense is recognized in Operations and Maintenance Expense on the Consolidated Statements of Income. Compensation expense associated with unvested RSUs is recognized on a straight-line basis over the minimum required service period in an amount equal to the fair value on the measurement date or each reporting period. TEP recorded $ 1 million in 2023 and no compensation expense in 2022 and 2021, based on its share of Fortis' compensation expense. </context> | us-gaap:AllocatedShareBasedCompensationExpense |
The awards are classified as liability awards based on the cash settlement feature. Liability awards are measured at their fair value at the end of each reporting period and will fluctuate based on the price of Fortis' common stock as well as the level of achievement of the financial performance criteria. The awards are payable on the third anniversary of the grant date. TEP's allocated share of probable payout was $ 6 million and $ 4 million as of December 31, 2023 and 2022, respectively. | text | 6 | monetaryItemType | text: <entity> 6 </entity> <entity type> monetaryItemType </entity type> <context> The awards are classified as liability awards based on the cash settlement feature. Liability awards are measured at their fair value at the end of each reporting period and will fluctuate based on the price of Fortis' common stock as well as the level of achievement of the financial performance criteria. The awards are payable on the third anniversary of the grant date. TEP's allocated share of probable payout was $ 6 million and $ 4 million as of December 31, 2023 and 2022, respectively. </context> | us-gaap:DeferredCompensationCashbasedArrangementsLiabilityClassifiedNoncurrent |
The awards are classified as liability awards based on the cash settlement feature. Liability awards are measured at their fair value at the end of each reporting period and will fluctuate based on the price of Fortis' common stock as well as the level of achievement of the financial performance criteria. The awards are payable on the third anniversary of the grant date. TEP's allocated share of probable payout was $ 6 million and $ 4 million as of December 31, 2023 and 2022, respectively. | text | 4 | monetaryItemType | text: <entity> 4 </entity> <entity type> monetaryItemType </entity type> <context> The awards are classified as liability awards based on the cash settlement feature. Liability awards are measured at their fair value at the end of each reporting period and will fluctuate based on the price of Fortis' common stock as well as the level of achievement of the financial performance criteria. The awards are payable on the third anniversary of the grant date. TEP's allocated share of probable payout was $ 6 million and $ 4 million as of December 31, 2023 and 2022, respectively. </context> | us-gaap:DeferredCompensationCashbasedArrangementsLiabilityClassifiedNoncurrent |
TEP's allocated portion of compensation expense is recognized in Operations and Maintenance Expense on the Consolidated Statements of Income. Compensation expense associated with unvested PSUs and RSUs is recognized on a straight-line basis over the minimum required service period in an amount equal to the fair value on the measurement date or each reporting period. TEP recorded $ 3 million in 2023, $ 2 million in 2022, and $ 4 million in 2021 based on its share of UNS Energy's compensation expense. | text | 3 | monetaryItemType | text: <entity> 3 </entity> <entity type> monetaryItemType </entity type> <context> TEP's allocated portion of compensation expense is recognized in Operations and Maintenance Expense on the Consolidated Statements of Income. Compensation expense associated with unvested PSUs and RSUs is recognized on a straight-line basis over the minimum required service period in an amount equal to the fair value on the measurement date or each reporting period. TEP recorded $ 3 million in 2023, $ 2 million in 2022, and $ 4 million in 2021 based on its share of UNS Energy's compensation expense. </context> | us-gaap:AllocatedShareBasedCompensationExpense |
TEP's allocated portion of compensation expense is recognized in Operations and Maintenance Expense on the Consolidated Statements of Income. Compensation expense associated with unvested PSUs and RSUs is recognized on a straight-line basis over the minimum required service period in an amount equal to the fair value on the measurement date or each reporting period. TEP recorded $ 3 million in 2023, $ 2 million in 2022, and $ 4 million in 2021 based on its share of UNS Energy's compensation expense. | text | 2 | monetaryItemType | text: <entity> 2 </entity> <entity type> monetaryItemType </entity type> <context> TEP's allocated portion of compensation expense is recognized in Operations and Maintenance Expense on the Consolidated Statements of Income. Compensation expense associated with unvested PSUs and RSUs is recognized on a straight-line basis over the minimum required service period in an amount equal to the fair value on the measurement date or each reporting period. TEP recorded $ 3 million in 2023, $ 2 million in 2022, and $ 4 million in 2021 based on its share of UNS Energy's compensation expense. </context> | us-gaap:AllocatedShareBasedCompensationExpense |
TEP's allocated portion of compensation expense is recognized in Operations and Maintenance Expense on the Consolidated Statements of Income. Compensation expense associated with unvested PSUs and RSUs is recognized on a straight-line basis over the minimum required service period in an amount equal to the fair value on the measurement date or each reporting period. TEP recorded $ 3 million in 2023, $ 2 million in 2022, and $ 4 million in 2021 based on its share of UNS Energy's compensation expense. | text | 4 | monetaryItemType | text: <entity> 4 </entity> <entity type> monetaryItemType </entity type> <context> TEP's allocated portion of compensation expense is recognized in Operations and Maintenance Expense on the Consolidated Statements of Income. Compensation expense associated with unvested PSUs and RSUs is recognized on a straight-line basis over the minimum required service period in an amount equal to the fair value on the measurement date or each reporting period. TEP recorded $ 3 million in 2023, $ 2 million in 2022, and $ 4 million in 2021 based on its share of UNS Energy's compensation expense. </context> | us-gaap:AllocatedShareBasedCompensationExpense |
TEP categorizes financial instruments into the three-level hierarchy based on inputs used to determine the fair value. Level 1 inputs are unadjusted quoted prices for identical assets or liabilities in an active market. Level 2 inputs include quoted prices for similar assets or liabilities, quoted prices in non-active markets, and pricing models whose inputs are observable, directly or indirectly. Level 3 inputs are unobservable and supported by little or no market activity. TEP has no financial instruments categorized as Level 3. | text | no | monetaryItemType | text: <entity> no </entity> <entity type> monetaryItemType </entity type> <context> TEP categorizes financial instruments into the three-level hierarchy based on inputs used to determine the fair value. Level 1 inputs are unadjusted quoted prices for identical assets or liabilities in an active market. Level 2 inputs include quoted prices for similar assets or liabilities, quoted prices in non-active markets, and pricing models whose inputs are observable, directly or indirectly. Level 3 inputs are unobservable and supported by little or no market activity. TEP has no financial instruments categorized as Level 3. </context> | us-gaap:FairValueNetAssetLiability |
The value of all derivative instruments in net liability positions under contracts with credit risk-related contingent features, including contracts under the normal purchase normal sale exception, was $ 28 million as of December 31, 2023, compared with $ 86 million as of December 31, 2022. As of December 31, 2023, TEP had no cash posted as collateral to provide credit enhancement. If the credit risk contingent features had been triggered on December 31, 2023, TEP would have been required to post $ 28 million of collateral. As of December 31, 2023, TEP had $ 13 million in outstanding net payable balances for settled positions. | text | 28 | monetaryItemType | text: <entity> 28 </entity> <entity type> monetaryItemType </entity type> <context> The value of all derivative instruments in net liability positions under contracts with credit risk-related contingent features, including contracts under the normal purchase normal sale exception, was $ 28 million as of December 31, 2023, compared with $ 86 million as of December 31, 2022. As of December 31, 2023, TEP had no cash posted as collateral to provide credit enhancement. If the credit risk contingent features had been triggered on December 31, 2023, TEP would have been required to post $ 28 million of collateral. As of December 31, 2023, TEP had $ 13 million in outstanding net payable balances for settled positions. </context> | us-gaap:DerivativeNetLiabilityPositionAggregateFairValue |
The value of all derivative instruments in net liability positions under contracts with credit risk-related contingent features, including contracts under the normal purchase normal sale exception, was $ 28 million as of December 31, 2023, compared with $ 86 million as of December 31, 2022. As of December 31, 2023, TEP had no cash posted as collateral to provide credit enhancement. If the credit risk contingent features had been triggered on December 31, 2023, TEP would have been required to post $ 28 million of collateral. As of December 31, 2023, TEP had $ 13 million in outstanding net payable balances for settled positions. | text | 86 | monetaryItemType | text: <entity> 86 </entity> <entity type> monetaryItemType </entity type> <context> The value of all derivative instruments in net liability positions under contracts with credit risk-related contingent features, including contracts under the normal purchase normal sale exception, was $ 28 million as of December 31, 2023, compared with $ 86 million as of December 31, 2022. As of December 31, 2023, TEP had no cash posted as collateral to provide credit enhancement. If the credit risk contingent features had been triggered on December 31, 2023, TEP would have been required to post $ 28 million of collateral. As of December 31, 2023, TEP had $ 13 million in outstanding net payable balances for settled positions. </context> | us-gaap:DerivativeNetLiabilityPositionAggregateFairValue |
The value of all derivative instruments in net liability positions under contracts with credit risk-related contingent features, including contracts under the normal purchase normal sale exception, was $ 28 million as of December 31, 2023, compared with $ 86 million as of December 31, 2022. As of December 31, 2023, TEP had no cash posted as collateral to provide credit enhancement. If the credit risk contingent features had been triggered on December 31, 2023, TEP would have been required to post $ 28 million of collateral. As of December 31, 2023, TEP had $ 13 million in outstanding net payable balances for settled positions. | text | no | monetaryItemType | text: <entity> no </entity> <entity type> monetaryItemType </entity type> <context> The value of all derivative instruments in net liability positions under contracts with credit risk-related contingent features, including contracts under the normal purchase normal sale exception, was $ 28 million as of December 31, 2023, compared with $ 86 million as of December 31, 2022. As of December 31, 2023, TEP had no cash posted as collateral to provide credit enhancement. If the credit risk contingent features had been triggered on December 31, 2023, TEP would have been required to post $ 28 million of collateral. As of December 31, 2023, TEP had $ 13 million in outstanding net payable balances for settled positions. </context> | us-gaap:CollateralAlreadyPostedAggregateFairValue |
The value of all derivative instruments in net liability positions under contracts with credit risk-related contingent features, including contracts under the normal purchase normal sale exception, was $ 28 million as of December 31, 2023, compared with $ 86 million as of December 31, 2022. As of December 31, 2023, TEP had no cash posted as collateral to provide credit enhancement. If the credit risk contingent features had been triggered on December 31, 2023, TEP would have been required to post $ 28 million of collateral. As of December 31, 2023, TEP had $ 13 million in outstanding net payable balances for settled positions. | text | 28 | monetaryItemType | text: <entity> 28 </entity> <entity type> monetaryItemType </entity type> <context> The value of all derivative instruments in net liability positions under contracts with credit risk-related contingent features, including contracts under the normal purchase normal sale exception, was $ 28 million as of December 31, 2023, compared with $ 86 million as of December 31, 2022. As of December 31, 2023, TEP had no cash posted as collateral to provide credit enhancement. If the credit risk contingent features had been triggered on December 31, 2023, TEP would have been required to post $ 28 million of collateral. As of December 31, 2023, TEP had $ 13 million in outstanding net payable balances for settled positions. </context> | us-gaap:AdditionalCollateralAggregateFairValue |
The value of all derivative instruments in net liability positions under contracts with credit risk-related contingent features, including contracts under the normal purchase normal sale exception, was $ 28 million as of December 31, 2023, compared with $ 86 million as of December 31, 2022. As of December 31, 2023, TEP had no cash posted as collateral to provide credit enhancement. If the credit risk contingent features had been triggered on December 31, 2023, TEP would have been required to post $ 28 million of collateral. As of December 31, 2023, TEP had $ 13 million in outstanding net payable balances for settled positions. | text | 13 | monetaryItemType | text: <entity> 13 </entity> <entity type> monetaryItemType </entity type> <context> The value of all derivative instruments in net liability positions under contracts with credit risk-related contingent features, including contracts under the normal purchase normal sale exception, was $ 28 million as of December 31, 2023, compared with $ 86 million as of December 31, 2022. As of December 31, 2023, TEP had no cash posted as collateral to provide credit enhancement. If the credit risk contingent features had been triggered on December 31, 2023, TEP would have been required to post $ 28 million of collateral. As of December 31, 2023, TEP had $ 13 million in outstanding net payable balances for settled positions. </context> | us-gaap:AssetsNeededForImmediateSettlementAggregateFairValue |
Wyndham Hotels & Resorts, Inc. (collectively with its consolidated subsidiaries, “Wyndham Hotels” or the “Company”) is a leading global hotel franchisor, licensing its renowned hotel brands to hotel owners in over 95 countries around the world. | text | 95 | integerItemType | text: <entity> 95 </entity> <entity type> integerItemType </entity type> <context> Wyndham Hotels & Resorts, Inc. (collectively with its consolidated subsidiaries, “Wyndham Hotels” or the “Company”) is a leading global hotel franchisor, licensing its renowned hotel brands to hotel owners in over 95 countries around the world. </context> | us-gaap:NumberOfCountriesInWhichEntityOperates |
As members earn points through the loyalty program, the Company records a liability for the estimated future redemption costs, which is calculated based on (i) an estimated cost per point and (ii) an estimated redemption rate of the overall points earned, which is determined with the assistance of a third-party actuarial firm through historical experience, current trends and the use of an actuarial analysis. The Company estimates the value of the future redemption obligations by projecting the timing of future point redemptions based on historical levels, including an estimate of the points that will expire or never be redeemed, and an estimate of the points members will eventually redeem. The recorded liability related to the program totals $ 105 million and $ 117 million as of December 31, 2024 and 2023, respectively, of which $ 65 million and $ 75 million, respectively, are included in accrued expenses and other current liabilities, and $ 40 million and $ 42 million, respectively, are included in other non-current liabilities on the Company’s Consolidated Balance Sheets. | text | 105 | monetaryItemType | text: <entity> 105 </entity> <entity type> monetaryItemType </entity type> <context> As members earn points through the loyalty program, the Company records a liability for the estimated future redemption costs, which is calculated based on (i) an estimated cost per point and (ii) an estimated redemption rate of the overall points earned, which is determined with the assistance of a third-party actuarial firm through historical experience, current trends and the use of an actuarial analysis. The Company estimates the value of the future redemption obligations by projecting the timing of future point redemptions based on historical levels, including an estimate of the points that will expire or never be redeemed, and an estimate of the points members will eventually redeem. The recorded liability related to the program totals $ 105 million and $ 117 million as of December 31, 2024 and 2023, respectively, of which $ 65 million and $ 75 million, respectively, are included in accrued expenses and other current liabilities, and $ 40 million and $ 42 million, respectively, are included in other non-current liabilities on the Company’s Consolidated Balance Sheets. </context> | us-gaap:OtherLiabilities |
As members earn points through the loyalty program, the Company records a liability for the estimated future redemption costs, which is calculated based on (i) an estimated cost per point and (ii) an estimated redemption rate of the overall points earned, which is determined with the assistance of a third-party actuarial firm through historical experience, current trends and the use of an actuarial analysis. The Company estimates the value of the future redemption obligations by projecting the timing of future point redemptions based on historical levels, including an estimate of the points that will expire or never be redeemed, and an estimate of the points members will eventually redeem. The recorded liability related to the program totals $ 105 million and $ 117 million as of December 31, 2024 and 2023, respectively, of which $ 65 million and $ 75 million, respectively, are included in accrued expenses and other current liabilities, and $ 40 million and $ 42 million, respectively, are included in other non-current liabilities on the Company’s Consolidated Balance Sheets. | text | 117 | monetaryItemType | text: <entity> 117 </entity> <entity type> monetaryItemType </entity type> <context> As members earn points through the loyalty program, the Company records a liability for the estimated future redemption costs, which is calculated based on (i) an estimated cost per point and (ii) an estimated redemption rate of the overall points earned, which is determined with the assistance of a third-party actuarial firm through historical experience, current trends and the use of an actuarial analysis. The Company estimates the value of the future redemption obligations by projecting the timing of future point redemptions based on historical levels, including an estimate of the points that will expire or never be redeemed, and an estimate of the points members will eventually redeem. The recorded liability related to the program totals $ 105 million and $ 117 million as of December 31, 2024 and 2023, respectively, of which $ 65 million and $ 75 million, respectively, are included in accrued expenses and other current liabilities, and $ 40 million and $ 42 million, respectively, are included in other non-current liabilities on the Company’s Consolidated Balance Sheets. </context> | us-gaap:OtherLiabilities |
As members earn points through the loyalty program, the Company records a liability for the estimated future redemption costs, which is calculated based on (i) an estimated cost per point and (ii) an estimated redemption rate of the overall points earned, which is determined with the assistance of a third-party actuarial firm through historical experience, current trends and the use of an actuarial analysis. The Company estimates the value of the future redemption obligations by projecting the timing of future point redemptions based on historical levels, including an estimate of the points that will expire or never be redeemed, and an estimate of the points members will eventually redeem. The recorded liability related to the program totals $ 105 million and $ 117 million as of December 31, 2024 and 2023, respectively, of which $ 65 million and $ 75 million, respectively, are included in accrued expenses and other current liabilities, and $ 40 million and $ 42 million, respectively, are included in other non-current liabilities on the Company’s Consolidated Balance Sheets. | text | 65 | monetaryItemType | text: <entity> 65 </entity> <entity type> monetaryItemType </entity type> <context> As members earn points through the loyalty program, the Company records a liability for the estimated future redemption costs, which is calculated based on (i) an estimated cost per point and (ii) an estimated redemption rate of the overall points earned, which is determined with the assistance of a third-party actuarial firm through historical experience, current trends and the use of an actuarial analysis. The Company estimates the value of the future redemption obligations by projecting the timing of future point redemptions based on historical levels, including an estimate of the points that will expire or never be redeemed, and an estimate of the points members will eventually redeem. The recorded liability related to the program totals $ 105 million and $ 117 million as of December 31, 2024 and 2023, respectively, of which $ 65 million and $ 75 million, respectively, are included in accrued expenses and other current liabilities, and $ 40 million and $ 42 million, respectively, are included in other non-current liabilities on the Company’s Consolidated Balance Sheets. </context> | us-gaap:AccruedLiabilitiesCurrent |
As members earn points through the loyalty program, the Company records a liability for the estimated future redemption costs, which is calculated based on (i) an estimated cost per point and (ii) an estimated redemption rate of the overall points earned, which is determined with the assistance of a third-party actuarial firm through historical experience, current trends and the use of an actuarial analysis. The Company estimates the value of the future redemption obligations by projecting the timing of future point redemptions based on historical levels, including an estimate of the points that will expire or never be redeemed, and an estimate of the points members will eventually redeem. The recorded liability related to the program totals $ 105 million and $ 117 million as of December 31, 2024 and 2023, respectively, of which $ 65 million and $ 75 million, respectively, are included in accrued expenses and other current liabilities, and $ 40 million and $ 42 million, respectively, are included in other non-current liabilities on the Company’s Consolidated Balance Sheets. | text | 75 | monetaryItemType | text: <entity> 75 </entity> <entity type> monetaryItemType </entity type> <context> As members earn points through the loyalty program, the Company records a liability for the estimated future redemption costs, which is calculated based on (i) an estimated cost per point and (ii) an estimated redemption rate of the overall points earned, which is determined with the assistance of a third-party actuarial firm through historical experience, current trends and the use of an actuarial analysis. The Company estimates the value of the future redemption obligations by projecting the timing of future point redemptions based on historical levels, including an estimate of the points that will expire or never be redeemed, and an estimate of the points members will eventually redeem. The recorded liability related to the program totals $ 105 million and $ 117 million as of December 31, 2024 and 2023, respectively, of which $ 65 million and $ 75 million, respectively, are included in accrued expenses and other current liabilities, and $ 40 million and $ 42 million, respectively, are included in other non-current liabilities on the Company’s Consolidated Balance Sheets. </context> | us-gaap:AccruedLiabilitiesCurrent |
As members earn points through the loyalty program, the Company records a liability for the estimated future redemption costs, which is calculated based on (i) an estimated cost per point and (ii) an estimated redemption rate of the overall points earned, which is determined with the assistance of a third-party actuarial firm through historical experience, current trends and the use of an actuarial analysis. The Company estimates the value of the future redemption obligations by projecting the timing of future point redemptions based on historical levels, including an estimate of the points that will expire or never be redeemed, and an estimate of the points members will eventually redeem. The recorded liability related to the program totals $ 105 million and $ 117 million as of December 31, 2024 and 2023, respectively, of which $ 65 million and $ 75 million, respectively, are included in accrued expenses and other current liabilities, and $ 40 million and $ 42 million, respectively, are included in other non-current liabilities on the Company’s Consolidated Balance Sheets. | text | 40 | monetaryItemType | text: <entity> 40 </entity> <entity type> monetaryItemType </entity type> <context> As members earn points through the loyalty program, the Company records a liability for the estimated future redemption costs, which is calculated based on (i) an estimated cost per point and (ii) an estimated redemption rate of the overall points earned, which is determined with the assistance of a third-party actuarial firm through historical experience, current trends and the use of an actuarial analysis. The Company estimates the value of the future redemption obligations by projecting the timing of future point redemptions based on historical levels, including an estimate of the points that will expire or never be redeemed, and an estimate of the points members will eventually redeem. The recorded liability related to the program totals $ 105 million and $ 117 million as of December 31, 2024 and 2023, respectively, of which $ 65 million and $ 75 million, respectively, are included in accrued expenses and other current liabilities, and $ 40 million and $ 42 million, respectively, are included in other non-current liabilities on the Company’s Consolidated Balance Sheets. </context> | us-gaap:OtherLiabilitiesNoncurrent |
As members earn points through the loyalty program, the Company records a liability for the estimated future redemption costs, which is calculated based on (i) an estimated cost per point and (ii) an estimated redemption rate of the overall points earned, which is determined with the assistance of a third-party actuarial firm through historical experience, current trends and the use of an actuarial analysis. The Company estimates the value of the future redemption obligations by projecting the timing of future point redemptions based on historical levels, including an estimate of the points that will expire or never be redeemed, and an estimate of the points members will eventually redeem. The recorded liability related to the program totals $ 105 million and $ 117 million as of December 31, 2024 and 2023, respectively, of which $ 65 million and $ 75 million, respectively, are included in accrued expenses and other current liabilities, and $ 40 million and $ 42 million, respectively, are included in other non-current liabilities on the Company’s Consolidated Balance Sheets. | text | 42 | monetaryItemType | text: <entity> 42 </entity> <entity type> monetaryItemType </entity type> <context> As members earn points through the loyalty program, the Company records a liability for the estimated future redemption costs, which is calculated based on (i) an estimated cost per point and (ii) an estimated redemption rate of the overall points earned, which is determined with the assistance of a third-party actuarial firm through historical experience, current trends and the use of an actuarial analysis. The Company estimates the value of the future redemption obligations by projecting the timing of future point redemptions based on historical levels, including an estimate of the points that will expire or never be redeemed, and an estimate of the points members will eventually redeem. The recorded liability related to the program totals $ 105 million and $ 117 million as of December 31, 2024 and 2023, respectively, of which $ 65 million and $ 75 million, respectively, are included in accrued expenses and other current liabilities, and $ 40 million and $ 42 million, respectively, are included in other non-current liabilities on the Company’s Consolidated Balance Sheets. </context> | us-gaap:OtherLiabilitiesNoncurrent |
Advertising costs are expensed in the period incurred. Advertising expenses, which are primarily recorded within marketing and reservation expenses on the Consolidated Statements of Income, were $ 110 million, $ 127 million and $ 124 million in 2024, 2023 and 2022, respectively. | text | 110 | monetaryItemType | text: <entity> 110 </entity> <entity type> monetaryItemType </entity type> <context> Advertising costs are expensed in the period incurred. Advertising expenses, which are primarily recorded within marketing and reservation expenses on the Consolidated Statements of Income, were $ 110 million, $ 127 million and $ 124 million in 2024, 2023 and 2022, respectively. </context> | us-gaap:AdvertisingExpense |
Advertising costs are expensed in the period incurred. Advertising expenses, which are primarily recorded within marketing and reservation expenses on the Consolidated Statements of Income, were $ 110 million, $ 127 million and $ 124 million in 2024, 2023 and 2022, respectively. | text | 127 | monetaryItemType | text: <entity> 127 </entity> <entity type> monetaryItemType </entity type> <context> Advertising costs are expensed in the period incurred. Advertising expenses, which are primarily recorded within marketing and reservation expenses on the Consolidated Statements of Income, were $ 110 million, $ 127 million and $ 124 million in 2024, 2023 and 2022, respectively. </context> | us-gaap:AdvertisingExpense |
Advertising costs are expensed in the period incurred. Advertising expenses, which are primarily recorded within marketing and reservation expenses on the Consolidated Statements of Income, were $ 110 million, $ 127 million and $ 124 million in 2024, 2023 and 2022, respectively. | text | 124 | monetaryItemType | text: <entity> 124 </entity> <entity type> monetaryItemType </entity type> <context> Advertising costs are expensed in the period incurred. Advertising expenses, which are primarily recorded within marketing and reservation expenses on the Consolidated Statements of Income, were $ 110 million, $ 127 million and $ 124 million in 2024, 2023 and 2022, respectively. </context> | us-gaap:AdvertisingExpense |
The net carrying value of software developed or obtained for internal use was $ 50 million and $ 47 million as of December 31, 2024 and 2023, respectively. Depreciation expense on capitalized software developed or obtained for | text | 50 | monetaryItemType | text: <entity> 50 </entity> <entity type> monetaryItemType </entity type> <context> The net carrying value of software developed or obtained for internal use was $ 50 million and $ 47 million as of December 31, 2024 and 2023, respectively. Depreciation expense on capitalized software developed or obtained for </context> | us-gaap:PropertyPlantAndEquipmentNet |
The net carrying value of software developed or obtained for internal use was $ 50 million and $ 47 million as of December 31, 2024 and 2023, respectively. Depreciation expense on capitalized software developed or obtained for | text | 47 | monetaryItemType | text: <entity> 47 </entity> <entity type> monetaryItemType </entity type> <context> The net carrying value of software developed or obtained for internal use was $ 50 million and $ 47 million as of December 31, 2024 and 2023, respectively. Depreciation expense on capitalized software developed or obtained for </context> | us-gaap:PropertyPlantAndEquipmentNet |
internal use was $ 36 million, $ 40 million and $ 37 million for the twelve months ended December 31, 2024, 2023 and 2022, respectively, which is reported within depreciation and amortization on the Consolidated Statements of Income. | text | 36 | monetaryItemType | text: <entity> 36 </entity> <entity type> monetaryItemType </entity type> <context> internal use was $ 36 million, $ 40 million and $ 37 million for the twelve months ended December 31, 2024, 2023 and 2022, respectively, which is reported within depreciation and amortization on the Consolidated Statements of Income. </context> | us-gaap:Depreciation |
internal use was $ 36 million, $ 40 million and $ 37 million for the twelve months ended December 31, 2024, 2023 and 2022, respectively, which is reported within depreciation and amortization on the Consolidated Statements of Income. | text | 40 | monetaryItemType | text: <entity> 40 </entity> <entity type> monetaryItemType </entity type> <context> internal use was $ 36 million, $ 40 million and $ 37 million for the twelve months ended December 31, 2024, 2023 and 2022, respectively, which is reported within depreciation and amortization on the Consolidated Statements of Income. </context> | us-gaap:Depreciation |
internal use was $ 36 million, $ 40 million and $ 37 million for the twelve months ended December 31, 2024, 2023 and 2022, respectively, which is reported within depreciation and amortization on the Consolidated Statements of Income. | text | 37 | monetaryItemType | text: <entity> 37 </entity> <entity type> monetaryItemType </entity type> <context> internal use was $ 36 million, $ 40 million and $ 37 million for the twelve months ended December 31, 2024, 2023 and 2022, respectively, which is reported within depreciation and amortization on the Consolidated Statements of Income. </context> | us-gaap:Depreciation |
(a) Diluted shares outstanding exclude shares related to stock options which were immaterial for both 2024 and 2023 and 0.4 million for 2022. Diluted shares outstanding exclude shares related to RSUs of 0.3 million, 0.4 million and 0.2 million for 2024, 2023 and 2022, respectively. Such options and RSUs were excluded as their effect would have been anti-dilutive under the treasury stock method. | text | 0.4 | sharesItemType | text: <entity> 0.4 </entity> <entity type> sharesItemType </entity type> <context> (a) Diluted shares outstanding exclude shares related to stock options which were immaterial for both 2024 and 2023 and 0.4 million for 2022. Diluted shares outstanding exclude shares related to RSUs of 0.3 million, 0.4 million and 0.2 million for 2024, 2023 and 2022, respectively. Such options and RSUs were excluded as their effect would have been anti-dilutive under the treasury stock method. </context> | us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount |
(a) Diluted shares outstanding exclude shares related to stock options which were immaterial for both 2024 and 2023 and 0.4 million for 2022. Diluted shares outstanding exclude shares related to RSUs of 0.3 million, 0.4 million and 0.2 million for 2024, 2023 and 2022, respectively. Such options and RSUs were excluded as their effect would have been anti-dilutive under the treasury stock method. | text | 0.3 | sharesItemType | text: <entity> 0.3 </entity> <entity type> sharesItemType </entity type> <context> (a) Diluted shares outstanding exclude shares related to stock options which were immaterial for both 2024 and 2023 and 0.4 million for 2022. Diluted shares outstanding exclude shares related to RSUs of 0.3 million, 0.4 million and 0.2 million for 2024, 2023 and 2022, respectively. Such options and RSUs were excluded as their effect would have been anti-dilutive under the treasury stock method. </context> | us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount |
(a) Diluted shares outstanding exclude shares related to stock options which were immaterial for both 2024 and 2023 and 0.4 million for 2022. Diluted shares outstanding exclude shares related to RSUs of 0.3 million, 0.4 million and 0.2 million for 2024, 2023 and 2022, respectively. Such options and RSUs were excluded as their effect would have been anti-dilutive under the treasury stock method. | text | 0.2 | sharesItemType | text: <entity> 0.2 </entity> <entity type> sharesItemType </entity type> <context> (a) Diluted shares outstanding exclude shares related to stock options which were immaterial for both 2024 and 2023 and 0.4 million for 2022. Diluted shares outstanding exclude shares related to RSUs of 0.3 million, 0.4 million and 0.2 million for 2024, 2023 and 2022, respectively. Such options and RSUs were excluded as their effect would have been anti-dilutive under the treasury stock method. </context> | us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount |
The Company had $ 538 million of remaining availability under its program as of December 31, 2024. | text | 538 | monetaryItemType | text: <entity> 538 </entity> <entity type> monetaryItemType </entity type> <context> The Company had $ 538 million of remaining availability under its program as of December 31, 2024. </context> | us-gaap:StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1 |
In the fourth quarter of 2024, the Company purchased its corporate headquarters which was previously accounted for as a finance lease. The Company paid $ 48 million, of which $ 33 million was recorded to finance lease liability within long-term debt on the Consolidated Balance Sheet and the remaining $ 15 million was recorded to land and building within property and equipment, net on its Consolidated Balance Sheet. | text | 15 | monetaryItemType | text: <entity> 15 </entity> <entity type> monetaryItemType </entity type> <context> In the fourth quarter of 2024, the Company purchased its corporate headquarters which was previously accounted for as a finance lease. The Company paid $ 48 million, of which $ 33 million was recorded to finance lease liability within long-term debt on the Consolidated Balance Sheet and the remaining $ 15 million was recorded to land and building within property and equipment, net on its Consolidated Balance Sheet. </context> | us-gaap:PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease |
Additionally, the Company recorded an $ 18 million non-cash reclass representing the net book value of the finance lease asset, to land and building which is reported within property and equipment, net on its Consolidated Balance Sheet. | text | 18 | monetaryItemType | text: <entity> 18 </entity> <entity type> monetaryItemType </entity type> <context> Additionally, the Company recorded an $ 18 million non-cash reclass representing the net book value of the finance lease asset, to land and building which is reported within property and equipment, net on its Consolidated Balance Sheet. </context> | us-gaap:PropertyPlantAndEquipmentTransfersAndChanges |
In connection with this transaction, the Company reported $ 33 million within financing activities as principal payments on finance lease obligations and $ 15 million within investing activities as property and equipment on its Consolidated Statement of Cash Flows. | text | 33 | monetaryItemType | text: <entity> 33 </entity> <entity type> monetaryItemType </entity type> <context> In connection with this transaction, the Company reported $ 33 million within financing activities as principal payments on finance lease obligations and $ 15 million within investing activities as property and equipment on its Consolidated Statement of Cash Flows. </context> | us-gaap:FinanceLeasePrincipalPayments |
In connection with this transaction, the Company reported $ 33 million within financing activities as principal payments on finance lease obligations and $ 15 million within investing activities as property and equipment on its Consolidated Statement of Cash Flows. | text | 15 | monetaryItemType | text: <entity> 15 </entity> <entity type> monetaryItemType </entity type> <context> In connection with this transaction, the Company reported $ 33 million within financing activities as principal payments on finance lease obligations and $ 15 million within investing activities as property and equipment on its Consolidated Statement of Cash Flows. </context> | us-gaap:PaymentsToAcquireBuildings |
The Company recorded depreciation expense of $ 44 million, $ 49 million, and $ 46 million during 2024, 2023 and 2022, respectively, related to property and equipment. | text | 44 | monetaryItemType | text: <entity> 44 </entity> <entity type> monetaryItemType </entity type> <context> The Company recorded depreciation expense of $ 44 million, $ 49 million, and $ 46 million during 2024, 2023 and 2022, respectively, related to property and equipment. </context> | us-gaap:Depreciation |
The Company recorded depreciation expense of $ 44 million, $ 49 million, and $ 46 million during 2024, 2023 and 2022, respectively, related to property and equipment. | text | 49 | monetaryItemType | text: <entity> 49 </entity> <entity type> monetaryItemType </entity type> <context> The Company recorded depreciation expense of $ 44 million, $ 49 million, and $ 46 million during 2024, 2023 and 2022, respectively, related to property and equipment. </context> | us-gaap:Depreciation |
The Company recorded depreciation expense of $ 44 million, $ 49 million, and $ 46 million during 2024, 2023 and 2022, respectively, related to property and equipment. | text | 46 | monetaryItemType | text: <entity> 46 </entity> <entity type> monetaryItemType </entity type> <context> The Company recorded depreciation expense of $ 44 million, $ 49 million, and $ 46 million during 2024, 2023 and 2022, respectively, related to property and equipment. </context> | us-gaap:Depreciation |
Royalties and franchise fee revenues on the Consolidated Statements of Income include initial franchise fees of $ 22 million, $ 16 million and $ 15 million in 2024, 2023 and 2022, respectively. | text | 22 | monetaryItemType | text: <entity> 22 </entity> <entity type> monetaryItemType </entity type> <context> Royalties and franchise fee revenues on the Consolidated Statements of Income include initial franchise fees of $ 22 million, $ 16 million and $ 15 million in 2024, 2023 and 2022, respectively. </context> | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
Royalties and franchise fee revenues on the Consolidated Statements of Income include initial franchise fees of $ 22 million, $ 16 million and $ 15 million in 2024, 2023 and 2022, respectively. | text | 16 | monetaryItemType | text: <entity> 16 </entity> <entity type> monetaryItemType </entity type> <context> Royalties and franchise fee revenues on the Consolidated Statements of Income include initial franchise fees of $ 22 million, $ 16 million and $ 15 million in 2024, 2023 and 2022, respectively. </context> | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
Royalties and franchise fee revenues on the Consolidated Statements of Income include initial franchise fees of $ 22 million, $ 16 million and $ 15 million in 2024, 2023 and 2022, respectively. | text | 15 | monetaryItemType | text: <entity> 15 </entity> <entity type> monetaryItemType </entity type> <context> Royalties and franchise fee revenues on the Consolidated Statements of Income include initial franchise fees of $ 22 million, $ 16 million and $ 15 million in 2024, 2023 and 2022, respectively. </context> | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
As a result of the Company’s evaluation of the recoverability of the carrying value of the development advance notes, the Company recorded an impairment charge of $ 10 million during the first quarter of 2024. | text | 10 | monetaryItemType | text: <entity> 10 </entity> <entity type> monetaryItemType </entity type> <context> As a result of the Company’s evaluation of the recoverability of the carrying value of the development advance notes, the Company recorded an impairment charge of $ 10 million during the first quarter of 2024. </context> | us-gaap:AssetImpairmentCharges |
As of December 31, 2024, the Company had $ 10 million of restricted cash that is reported within other non-current assets on the Condensed Consolidated Balance Sheet. The Company had no restricted cash on its Condensed Consolidated Balance Sheet as of December 31, 2023. | text | 10 | monetaryItemType | text: <entity> 10 </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, the Company had $ 10 million of restricted cash that is reported within other non-current assets on the Condensed Consolidated Balance Sheet. The Company had no restricted cash on its Condensed Consolidated Balance Sheet as of December 31, 2023. </context> | us-gaap:RestrictedCashNoncurrent |
As of December 31, 2024, the Company had $ 10 million of restricted cash that is reported within other non-current assets on the Condensed Consolidated Balance Sheet. The Company had no restricted cash on its Condensed Consolidated Balance Sheet as of December 31, 2023. | text | no | monetaryItemType | text: <entity> no </entity> <entity type> monetaryItemType </entity type> <context> As of December 31, 2024, the Company had $ 10 million of restricted cash that is reported within other non-current assets on the Condensed Consolidated Balance Sheet. The Company had no restricted cash on its Condensed Consolidated Balance Sheet as of December 31, 2023. </context> | us-gaap:RestrictedCashNoncurrent |
(a) As of December 31, 2024, the Company had $ 7 million of foreign tax credits. The foreign tax credits expire no later than 2034. | text | 7 | monetaryItemType | text: <entity> 7 </entity> <entity type> monetaryItemType </entity type> <context> (a) As of December 31, 2024, the Company had $ 7 million of foreign tax credits. The foreign tax credits expire no later than 2034. </context> | us-gaap:DeferredTaxAssetsTaxCreditCarryforwardsForeign |
(c) The valuation allowance of $ 19 million as of December 31, 2024 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 9 million, $ 3 million and $ 7 million, respectively. The valuation allowance of $ 23 million as of December 31, 2023 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 12 million, $ 2 million and $ 9 million, respectively. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized. | text | 19 | monetaryItemType | text: <entity> 19 </entity> <entity type> monetaryItemType </entity type> <context> (c) The valuation allowance of $ 19 million as of December 31, 2024 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 9 million, $ 3 million and $ 7 million, respectively. The valuation allowance of $ 23 million as of December 31, 2023 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 12 million, $ 2 million and $ 9 million, respectively. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized. </context> | us-gaap:DeferredTaxAssetsValuationAllowance |
(c) The valuation allowance of $ 19 million as of December 31, 2024 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 9 million, $ 3 million and $ 7 million, respectively. The valuation allowance of $ 23 million as of December 31, 2023 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 12 million, $ 2 million and $ 9 million, respectively. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized. | text | 9 | monetaryItemType | text: <entity> 9 </entity> <entity type> monetaryItemType </entity type> <context> (c) The valuation allowance of $ 19 million as of December 31, 2024 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 9 million, $ 3 million and $ 7 million, respectively. The valuation allowance of $ 23 million as of December 31, 2023 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 12 million, $ 2 million and $ 9 million, respectively. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized. </context> | us-gaap:DeferredTaxAssetsValuationAllowance |
(c) The valuation allowance of $ 19 million as of December 31, 2024 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 9 million, $ 3 million and $ 7 million, respectively. The valuation allowance of $ 23 million as of December 31, 2023 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 12 million, $ 2 million and $ 9 million, respectively. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized. | text | 3 | monetaryItemType | text: <entity> 3 </entity> <entity type> monetaryItemType </entity type> <context> (c) The valuation allowance of $ 19 million as of December 31, 2024 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 9 million, $ 3 million and $ 7 million, respectively. The valuation allowance of $ 23 million as of December 31, 2023 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 12 million, $ 2 million and $ 9 million, respectively. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized. </context> | us-gaap:DeferredTaxAssetsValuationAllowance |
(c) The valuation allowance of $ 19 million as of December 31, 2024 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 9 million, $ 3 million and $ 7 million, respectively. The valuation allowance of $ 23 million as of December 31, 2023 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 12 million, $ 2 million and $ 9 million, respectively. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized. | text | 7 | monetaryItemType | text: <entity> 7 </entity> <entity type> monetaryItemType </entity type> <context> (c) The valuation allowance of $ 19 million as of December 31, 2024 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 9 million, $ 3 million and $ 7 million, respectively. The valuation allowance of $ 23 million as of December 31, 2023 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 12 million, $ 2 million and $ 9 million, respectively. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized. </context> | us-gaap:DeferredTaxAssetsValuationAllowance |
(c) The valuation allowance of $ 19 million as of December 31, 2024 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 9 million, $ 3 million and $ 7 million, respectively. The valuation allowance of $ 23 million as of December 31, 2023 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 12 million, $ 2 million and $ 9 million, respectively. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized. | text | 23 | monetaryItemType | text: <entity> 23 </entity> <entity type> monetaryItemType </entity type> <context> (c) The valuation allowance of $ 19 million as of December 31, 2024 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 9 million, $ 3 million and $ 7 million, respectively. The valuation allowance of $ 23 million as of December 31, 2023 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 12 million, $ 2 million and $ 9 million, respectively. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized. </context> | us-gaap:DeferredTaxAssetsValuationAllowance |
(c) The valuation allowance of $ 19 million as of December 31, 2024 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 9 million, $ 3 million and $ 7 million, respectively. The valuation allowance of $ 23 million as of December 31, 2023 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 12 million, $ 2 million and $ 9 million, respectively. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized. | text | 12 | monetaryItemType | text: <entity> 12 </entity> <entity type> monetaryItemType </entity type> <context> (c) The valuation allowance of $ 19 million as of December 31, 2024 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 9 million, $ 3 million and $ 7 million, respectively. The valuation allowance of $ 23 million as of December 31, 2023 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 12 million, $ 2 million and $ 9 million, respectively. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized. </context> | us-gaap:DeferredTaxAssetsValuationAllowance |
(c) The valuation allowance of $ 19 million as of December 31, 2024 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 9 million, $ 3 million and $ 7 million, respectively. The valuation allowance of $ 23 million as of December 31, 2023 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 12 million, $ 2 million and $ 9 million, respectively. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized. | text | 2 | monetaryItemType | text: <entity> 2 </entity> <entity type> monetaryItemType </entity type> <context> (c) The valuation allowance of $ 19 million as of December 31, 2024 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 9 million, $ 3 million and $ 7 million, respectively. The valuation allowance of $ 23 million as of December 31, 2023 relates to net operating loss carryforwards, certain deferred tax assets and foreign tax credits of $ 12 million, $ 2 million and $ 9 million, respectively. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized. </context> | us-gaap:DeferredTaxAssetsValuationAllowance |
Although the one-time mandatory deemed repatriation tax during 2017 and the territorial tax system created as a result of U.S. tax reform generally eliminate U.S. federal income taxes on dividends from foreign subsidiaries, the Company continues to assert that all of the undistributed foreign earnings of $ 143 million will be reinvested indefinitely as of December 31, 2024. In the event the Company determines not to continue to assert that all or part of its undistributed foreign earnings are permanently reinvested, such a determination in the future could result in the accrual and payment of additional foreign withholding taxes and U.S. taxes on currency transaction gains and losses, the determination of which is not practicable due to the complexities associated with the hypothetical calculation. | text | 143 | monetaryItemType | text: <entity> 143 </entity> <entity type> monetaryItemType </entity type> <context> Although the one-time mandatory deemed repatriation tax during 2017 and the territorial tax system created as a result of U.S. tax reform generally eliminate U.S. federal income taxes on dividends from foreign subsidiaries, the Company continues to assert that all of the undistributed foreign earnings of $ 143 million will be reinvested indefinitely as of December 31, 2024. In the event the Company determines not to continue to assert that all or part of its undistributed foreign earnings are permanently reinvested, such a determination in the future could result in the accrual and payment of additional foreign withholding taxes and U.S. taxes on currency transaction gains and losses, the determination of which is not practicable due to the complexities associated with the hypothetical calculation. </context> | us-gaap:UndistributedEarningsOfForeignSubsidiaries |
The effective income tax rate for 2024, 2023 and 2022 differs from the U.S. Federal income tax rate of 21 % primarily due to state taxes and U.S. and foreign taxes, including withholding taxes on the Company’s international operations. During 2024, the effective income tax rate was lower primarily due to tax credits received in Puerto Rico. | text | 21 | percentItemType | text: <entity> 21 </entity> <entity type> percentItemType </entity type> <context> The effective income tax rate for 2024, 2023 and 2022 differs from the U.S. Federal income tax rate of 21 % primarily due to state taxes and U.S. and foreign taxes, including withholding taxes on the Company’s international operations. During 2024, the effective income tax rate was lower primarily due to tax credits received in Puerto Rico. </context> | us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate |
The gross amount of the unrecognized tax benefits that, if recognized, would affect the Company’s effective tax rate was $ 11 million as of December 31, 2024 and 2023 and $ 8 million as of December 31, 2022. The Company recorded both accrued interest and penalties related to unrecognized tax benefits as a component of provision for income taxes on the Consolidated Statements of Income. The amount of potential penalties and interest related to these unrecognized tax benefits recorded in the provision for income taxes were immaterial during 2024, 2023 and 2022. The Company had a liability for potential penalties of $ 1 million as of December 31, 2024, 2023 and 2022, and potential interest of $ 3 million as of December 31, 2024 and 2023 and $ 2 million as of December 31, 2022, respectively. Such liabilities are reported as a component of accrued expenses and other current liabilities and other non-current liabilities on the Consolidated Balance Sheets. | text | 8 | monetaryItemType | text: <entity> 8 </entity> <entity type> monetaryItemType </entity type> <context> The gross amount of the unrecognized tax benefits that, if recognized, would affect the Company’s effective tax rate was $ 11 million as of December 31, 2024 and 2023 and $ 8 million as of December 31, 2022. The Company recorded both accrued interest and penalties related to unrecognized tax benefits as a component of provision for income taxes on the Consolidated Statements of Income. The amount of potential penalties and interest related to these unrecognized tax benefits recorded in the provision for income taxes were immaterial during 2024, 2023 and 2022. The Company had a liability for potential penalties of $ 1 million as of December 31, 2024, 2023 and 2022, and potential interest of $ 3 million as of December 31, 2024 and 2023 and $ 2 million as of December 31, 2022, respectively. Such liabilities are reported as a component of accrued expenses and other current liabilities and other non-current liabilities on the Consolidated Balance Sheets. </context> | us-gaap:UnrecognizedTaxBenefits |
The gross amount of the unrecognized tax benefits that, if recognized, would affect the Company’s effective tax rate was $ 11 million as of December 31, 2024 and 2023 and $ 8 million as of December 31, 2022. The Company recorded both accrued interest and penalties related to unrecognized tax benefits as a component of provision for income taxes on the Consolidated Statements of Income. The amount of potential penalties and interest related to these unrecognized tax benefits recorded in the provision for income taxes were immaterial during 2024, 2023 and 2022. The Company had a liability for potential penalties of $ 1 million as of December 31, 2024, 2023 and 2022, and potential interest of $ 3 million as of December 31, 2024 and 2023 and $ 2 million as of December 31, 2022, respectively. Such liabilities are reported as a component of accrued expenses and other current liabilities and other non-current liabilities on the Consolidated Balance Sheets. | text | 2 | monetaryItemType | text: <entity> 2 </entity> <entity type> monetaryItemType </entity type> <context> The gross amount of the unrecognized tax benefits that, if recognized, would affect the Company’s effective tax rate was $ 11 million as of December 31, 2024 and 2023 and $ 8 million as of December 31, 2022. The Company recorded both accrued interest and penalties related to unrecognized tax benefits as a component of provision for income taxes on the Consolidated Statements of Income. The amount of potential penalties and interest related to these unrecognized tax benefits recorded in the provision for income taxes were immaterial during 2024, 2023 and 2022. The Company had a liability for potential penalties of $ 1 million as of December 31, 2024, 2023 and 2022, and potential interest of $ 3 million as of December 31, 2024 and 2023 and $ 2 million as of December 31, 2022, respectively. Such liabilities are reported as a component of accrued expenses and other current liabilities and other non-current liabilities on the Consolidated Balance Sheets. </context> | us-gaap:UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued |
The Company files income tax returns in the U.S. federal and state jurisdictions, as well as in foreign jurisdictions. With certain exceptions, the Company is no longer subject to federal income tax examinations for years prior to 2021. The 2018 through 2023 tax years generally remain subject to examination by many state tax authorities. In significant foreign jurisdictions, the 2017 through the 2023 tax years generally remain subject to examination by their respective tax authorities. The statute of limitations is scheduled to expire and current open examinations are expected to be resolved within 12 months of the reporting date in certain taxing jurisdictions, and the Company therefore believes that it is reasonably possible that the total amount of its unrecognized tax benefits could decrease by $ 9 million to $ 10 million, inclusive of interest and penalties. | text | 9 | monetaryItemType | text: <entity> 9 </entity> <entity type> monetaryItemType </entity type> <context> The Company files income tax returns in the U.S. federal and state jurisdictions, as well as in foreign jurisdictions. With certain exceptions, the Company is no longer subject to federal income tax examinations for years prior to 2021. The 2018 through 2023 tax years generally remain subject to examination by many state tax authorities. In significant foreign jurisdictions, the 2017 through the 2023 tax years generally remain subject to examination by their respective tax authorities. The statute of limitations is scheduled to expire and current open examinations are expected to be resolved within 12 months of the reporting date in certain taxing jurisdictions, and the Company therefore believes that it is reasonably possible that the total amount of its unrecognized tax benefits could decrease by $ 9 million to $ 10 million, inclusive of interest and penalties. </context> | us-gaap:UnrecognizedTaxBenefits |
The Company files income tax returns in the U.S. federal and state jurisdictions, as well as in foreign jurisdictions. With certain exceptions, the Company is no longer subject to federal income tax examinations for years prior to 2021. The 2018 through 2023 tax years generally remain subject to examination by many state tax authorities. In significant foreign jurisdictions, the 2017 through the 2023 tax years generally remain subject to examination by their respective tax authorities. The statute of limitations is scheduled to expire and current open examinations are expected to be resolved within 12 months of the reporting date in certain taxing jurisdictions, and the Company therefore believes that it is reasonably possible that the total amount of its unrecognized tax benefits could decrease by $ 9 million to $ 10 million, inclusive of interest and penalties. | text | 10 | monetaryItemType | text: <entity> 10 </entity> <entity type> monetaryItemType </entity type> <context> The Company files income tax returns in the U.S. federal and state jurisdictions, as well as in foreign jurisdictions. With certain exceptions, the Company is no longer subject to federal income tax examinations for years prior to 2021. The 2018 through 2023 tax years generally remain subject to examination by many state tax authorities. In significant foreign jurisdictions, the 2017 through the 2023 tax years generally remain subject to examination by their respective tax authorities. The statute of limitations is scheduled to expire and current open examinations are expected to be resolved within 12 months of the reporting date in certain taxing jurisdictions, and the Company therefore believes that it is reasonably possible that the total amount of its unrecognized tax benefits could decrease by $ 9 million to $ 10 million, inclusive of interest and penalties. </context> | us-gaap:UnrecognizedTaxBenefits |
The Company made cash income tax payments, net of refunds, of $ 95 million during both 2024 and 2023 and $ 123 million during 2022. | text | 123 | monetaryItemType | text: <entity> 123 </entity> <entity type> monetaryItemType </entity type> <context> The Company made cash income tax payments, net of refunds, of $ 95 million during both 2024 and 2023 and $ 123 million during 2022. </context> | us-gaap:IncomeTaxesPaidNet |
(a) The carrying amount of the term loans and senior unsecured notes are net of deferred debt issuance costs of $ 13 million and $ 16 million as of December 31, 2024 and 2023, respectively. The carrying amount of the term loan B is net of unamortized discounts of $ 5 million as of both December 31, 2024 and 2023. | text | 13 | monetaryItemType | text: <entity> 13 </entity> <entity type> monetaryItemType </entity type> <context> (a) The carrying amount of the term loans and senior unsecured notes are net of deferred debt issuance costs of $ 13 million and $ 16 million as of December 31, 2024 and 2023, respectively. The carrying amount of the term loan B is net of unamortized discounts of $ 5 million as of both December 31, 2024 and 2023. </context> | us-gaap:UnamortizedDebtIssuanceExpense |
(a) The carrying amount of the term loans and senior unsecured notes are net of deferred debt issuance costs of $ 13 million and $ 16 million as of December 31, 2024 and 2023, respectively. The carrying amount of the term loan B is net of unamortized discounts of $ 5 million as of both December 31, 2024 and 2023. | text | 16 | monetaryItemType | text: <entity> 16 </entity> <entity type> monetaryItemType </entity type> <context> (a) The carrying amount of the term loans and senior unsecured notes are net of deferred debt issuance costs of $ 13 million and $ 16 million as of December 31, 2024 and 2023, respectively. The carrying amount of the term loan B is net of unamortized discounts of $ 5 million as of both December 31, 2024 and 2023. </context> | us-gaap:UnamortizedDebtIssuanceExpense |
(a) The carrying amount of the term loans and senior unsecured notes are net of deferred debt issuance costs of $ 13 million and $ 16 million as of December 31, 2024 and 2023, respectively. The carrying amount of the term loan B is net of unamortized discounts of $ 5 million as of both December 31, 2024 and 2023. | text | 5 | monetaryItemType | text: <entity> 5 </entity> <entity type> monetaryItemType </entity type> <context> (a) The carrying amount of the term loans and senior unsecured notes are net of deferred debt issuance costs of $ 13 million and $ 16 million as of December 31, 2024 and 2023, respectively. The carrying amount of the term loan B is net of unamortized discounts of $ 5 million as of both December 31, 2024 and 2023. </context> | us-gaap:DebtInstrumentUnamortizedDiscount |
$ 750 million Revolving Credit Facility | text | 750 | monetaryItemType | text: <entity> 750 </entity> <entity type> monetaryItemType </entity type> <context> $ 750 million Revolving Credit Facility </context> | us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity |
In April 2022, the Company entered into the Third Amendment to the credit agreement dated May 30, 2018 (“Third Amendment”) which amended its original five-year $ 750 million revolver to extend the term to April 2027. The benchmark rate applicable to the revolver has changed from LIBOR to Secured Overnight Funding Rate (“SOFR”). The revolver is subject to an interest rate equal to, at the Company’s option, either (i) a base rate plus a margin ranging from 0.50 % to 1.00 % or (ii) SOFR, plus a margin ranging from 1.50 % to 2.00 % and an additional 0.10 % SOFR adjustment, in either case based upon the total leverage ratio of the Company and its restricted subsidiaries. The revolver is subject to the same prepayment provisions and covenants applicable to the previous revolver. | text | 750 | monetaryItemType | text: <entity> 750 </entity> <entity type> monetaryItemType </entity type> <context> In April 2022, the Company entered into the Third Amendment to the credit agreement dated May 30, 2018 (“Third Amendment”) which amended its original five-year $ 750 million revolver to extend the term to April 2027. The benchmark rate applicable to the revolver has changed from LIBOR to Secured Overnight Funding Rate (“SOFR”). The revolver is subject to an interest rate equal to, at the Company’s option, either (i) a base rate plus a margin ranging from 0.50 % to 1.00 % or (ii) SOFR, plus a margin ranging from 1.50 % to 2.00 % and an additional 0.10 % SOFR adjustment, in either case based upon the total leverage ratio of the Company and its restricted subsidiaries. The revolver is subject to the same prepayment provisions and covenants applicable to the previous revolver. </context> | us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity |
In April 2022, the Company entered into the Third Amendment to the credit agreement dated May 30, 2018 (“Third Amendment”) which amended its original five-year $ 750 million revolver to extend the term to April 2027. The benchmark rate applicable to the revolver has changed from LIBOR to Secured Overnight Funding Rate (“SOFR”). The revolver is subject to an interest rate equal to, at the Company’s option, either (i) a base rate plus a margin ranging from 0.50 % to 1.00 % or (ii) SOFR, plus a margin ranging from 1.50 % to 2.00 % and an additional 0.10 % SOFR adjustment, in either case based upon the total leverage ratio of the Company and its restricted subsidiaries. The revolver is subject to the same prepayment provisions and covenants applicable to the previous revolver. | text | 0.50 | percentItemType | text: <entity> 0.50 </entity> <entity type> percentItemType </entity type> <context> In April 2022, the Company entered into the Third Amendment to the credit agreement dated May 30, 2018 (“Third Amendment”) which amended its original five-year $ 750 million revolver to extend the term to April 2027. The benchmark rate applicable to the revolver has changed from LIBOR to Secured Overnight Funding Rate (“SOFR”). The revolver is subject to an interest rate equal to, at the Company’s option, either (i) a base rate plus a margin ranging from 0.50 % to 1.00 % or (ii) SOFR, plus a margin ranging from 1.50 % to 2.00 % and an additional 0.10 % SOFR adjustment, in either case based upon the total leverage ratio of the Company and its restricted subsidiaries. The revolver is subject to the same prepayment provisions and covenants applicable to the previous revolver. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
In April 2022, the Company entered into the Third Amendment to the credit agreement dated May 30, 2018 (“Third Amendment”) which amended its original five-year $ 750 million revolver to extend the term to April 2027. The benchmark rate applicable to the revolver has changed from LIBOR to Secured Overnight Funding Rate (“SOFR”). The revolver is subject to an interest rate equal to, at the Company’s option, either (i) a base rate plus a margin ranging from 0.50 % to 1.00 % or (ii) SOFR, plus a margin ranging from 1.50 % to 2.00 % and an additional 0.10 % SOFR adjustment, in either case based upon the total leverage ratio of the Company and its restricted subsidiaries. The revolver is subject to the same prepayment provisions and covenants applicable to the previous revolver. | text | 1.00 | percentItemType | text: <entity> 1.00 </entity> <entity type> percentItemType </entity type> <context> In April 2022, the Company entered into the Third Amendment to the credit agreement dated May 30, 2018 (“Third Amendment”) which amended its original five-year $ 750 million revolver to extend the term to April 2027. The benchmark rate applicable to the revolver has changed from LIBOR to Secured Overnight Funding Rate (“SOFR”). The revolver is subject to an interest rate equal to, at the Company’s option, either (i) a base rate plus a margin ranging from 0.50 % to 1.00 % or (ii) SOFR, plus a margin ranging from 1.50 % to 2.00 % and an additional 0.10 % SOFR adjustment, in either case based upon the total leverage ratio of the Company and its restricted subsidiaries. The revolver is subject to the same prepayment provisions and covenants applicable to the previous revolver. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
In April 2022, the Company entered into the Third Amendment to the credit agreement dated May 30, 2018 (“Third Amendment”) which amended its original five-year $ 750 million revolver to extend the term to April 2027. The benchmark rate applicable to the revolver has changed from LIBOR to Secured Overnight Funding Rate (“SOFR”). The revolver is subject to an interest rate equal to, at the Company’s option, either (i) a base rate plus a margin ranging from 0.50 % to 1.00 % or (ii) SOFR, plus a margin ranging from 1.50 % to 2.00 % and an additional 0.10 % SOFR adjustment, in either case based upon the total leverage ratio of the Company and its restricted subsidiaries. The revolver is subject to the same prepayment provisions and covenants applicable to the previous revolver. | text | 1.50 | percentItemType | text: <entity> 1.50 </entity> <entity type> percentItemType </entity type> <context> In April 2022, the Company entered into the Third Amendment to the credit agreement dated May 30, 2018 (“Third Amendment”) which amended its original five-year $ 750 million revolver to extend the term to April 2027. The benchmark rate applicable to the revolver has changed from LIBOR to Secured Overnight Funding Rate (“SOFR”). The revolver is subject to an interest rate equal to, at the Company’s option, either (i) a base rate plus a margin ranging from 0.50 % to 1.00 % or (ii) SOFR, plus a margin ranging from 1.50 % to 2.00 % and an additional 0.10 % SOFR adjustment, in either case based upon the total leverage ratio of the Company and its restricted subsidiaries. The revolver is subject to the same prepayment provisions and covenants applicable to the previous revolver. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
In April 2022, the Company entered into the Third Amendment to the credit agreement dated May 30, 2018 (“Third Amendment”) which amended its original five-year $ 750 million revolver to extend the term to April 2027. The benchmark rate applicable to the revolver has changed from LIBOR to Secured Overnight Funding Rate (“SOFR”). The revolver is subject to an interest rate equal to, at the Company’s option, either (i) a base rate plus a margin ranging from 0.50 % to 1.00 % or (ii) SOFR, plus a margin ranging from 1.50 % to 2.00 % and an additional 0.10 % SOFR adjustment, in either case based upon the total leverage ratio of the Company and its restricted subsidiaries. The revolver is subject to the same prepayment provisions and covenants applicable to the previous revolver. | text | 2.00 | percentItemType | text: <entity> 2.00 </entity> <entity type> percentItemType </entity type> <context> In April 2022, the Company entered into the Third Amendment to the credit agreement dated May 30, 2018 (“Third Amendment”) which amended its original five-year $ 750 million revolver to extend the term to April 2027. The benchmark rate applicable to the revolver has changed from LIBOR to Secured Overnight Funding Rate (“SOFR”). The revolver is subject to an interest rate equal to, at the Company’s option, either (i) a base rate plus a margin ranging from 0.50 % to 1.00 % or (ii) SOFR, plus a margin ranging from 1.50 % to 2.00 % and an additional 0.10 % SOFR adjustment, in either case based upon the total leverage ratio of the Company and its restricted subsidiaries. The revolver is subject to the same prepayment provisions and covenants applicable to the previous revolver. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
In April 2022, the Company entered into the Third Amendment to the credit agreement dated May 30, 2018 (“Third Amendment”) which amended its original five-year $ 750 million revolver to extend the term to April 2027. The benchmark rate applicable to the revolver has changed from LIBOR to Secured Overnight Funding Rate (“SOFR”). The revolver is subject to an interest rate equal to, at the Company’s option, either (i) a base rate plus a margin ranging from 0.50 % to 1.00 % or (ii) SOFR, plus a margin ranging from 1.50 % to 2.00 % and an additional 0.10 % SOFR adjustment, in either case based upon the total leverage ratio of the Company and its restricted subsidiaries. The revolver is subject to the same prepayment provisions and covenants applicable to the previous revolver. | text | 0.10 | percentItemType | text: <entity> 0.10 </entity> <entity type> percentItemType </entity type> <context> In April 2022, the Company entered into the Third Amendment to the credit agreement dated May 30, 2018 (“Third Amendment”) which amended its original five-year $ 750 million revolver to extend the term to April 2027. The benchmark rate applicable to the revolver has changed from LIBOR to Secured Overnight Funding Rate (“SOFR”). The revolver is subject to an interest rate equal to, at the Company’s option, either (i) a base rate plus a margin ranging from 0.50 % to 1.00 % or (ii) SOFR, plus a margin ranging from 1.50 % to 2.00 % and an additional 0.10 % SOFR adjustment, in either case based upon the total leverage ratio of the Company and its restricted subsidiaries. The revolver is subject to the same prepayment provisions and covenants applicable to the previous revolver. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
The Company had $ 88 million and $ 160 million of outstanding borrowings on its revolving credit facility as of December 31, 2024 and 2023, respectively. Such borrowings are included within long-term debt on the Consolidated Balance Sheet. | text | 88 | monetaryItemType | text: <entity> 88 </entity> <entity type> monetaryItemType </entity type> <context> The Company had $ 88 million and $ 160 million of outstanding borrowings on its revolving credit facility as of December 31, 2024 and 2023, respectively. Such borrowings are included within long-term debt on the Consolidated Balance Sheet. </context> | us-gaap:LongTermDebt |
The Company had $ 88 million and $ 160 million of outstanding borrowings on its revolving credit facility as of December 31, 2024 and 2023, respectively. Such borrowings are included within long-term debt on the Consolidated Balance Sheet. | text | 160 | monetaryItemType | text: <entity> 160 </entity> <entity type> monetaryItemType </entity type> <context> The Company had $ 88 million and $ 160 million of outstanding borrowings on its revolving credit facility as of December 31, 2024 and 2023, respectively. Such borrowings are included within long-term debt on the Consolidated Balance Sheet. </context> | us-gaap:LongTermDebt |
$ 400 million Term Loan A Agreement | text | 400 | monetaryItemType | text: <entity> 400 </entity> <entity type> monetaryItemType </entity type> <context> $ 400 million Term Loan A Agreement </context> | us-gaap:LongTermDebt |
The Third Amendment provides for a new senior secured term loan A facility (“Term Loan A”) in an aggregate principal amount of $ 400 million maturing in April 2027, the proceeds of which were used to repay a portion of the existing Term Loan B facility in 2022. The Term Loan A is subject to an interest rate equal to, at the Company’s option, either (i) a base rate plus a margin ranging from 0.50 % to 1.00 % or (ii) SOFR, plus a margin ranging from 1.50 % to 2.00 % and an additional 0.10 % SOFR adjustment, in either case based upon the total leverage ratio of the Company and its restricted subsidiaries. The Term Loan A is subject to the same prepayment provisions and covenants applicable to the existing Term Loan B. The Term Loan A is subject to quarterly principal payments as follows: (i) 0.0 % per year of the initial principal amount during the first year, (ii) 5.0 % per year of the initial principal amount payable in equal quarterly installments during the second and third years and (iii) 7.5 % per year of the initial principal amount payable in equal quarterly installments during the fourth and fifth years, with final payments of all amounts outstanding, plus accrued interest, being due on the maturity date in April 2027. | text | 400 | monetaryItemType | text: <entity> 400 </entity> <entity type> monetaryItemType </entity type> <context> The Third Amendment provides for a new senior secured term loan A facility (“Term Loan A”) in an aggregate principal amount of $ 400 million maturing in April 2027, the proceeds of which were used to repay a portion of the existing Term Loan B facility in 2022. The Term Loan A is subject to an interest rate equal to, at the Company’s option, either (i) a base rate plus a margin ranging from 0.50 % to 1.00 % or (ii) SOFR, plus a margin ranging from 1.50 % to 2.00 % and an additional 0.10 % SOFR adjustment, in either case based upon the total leverage ratio of the Company and its restricted subsidiaries. The Term Loan A is subject to the same prepayment provisions and covenants applicable to the existing Term Loan B. The Term Loan A is subject to quarterly principal payments as follows: (i) 0.0 % per year of the initial principal amount during the first year, (ii) 5.0 % per year of the initial principal amount payable in equal quarterly installments during the second and third years and (iii) 7.5 % per year of the initial principal amount payable in equal quarterly installments during the fourth and fifth years, with final payments of all amounts outstanding, plus accrued interest, being due on the maturity date in April 2027. </context> | us-gaap:LongTermDebt |
The Third Amendment provides for a new senior secured term loan A facility (“Term Loan A”) in an aggregate principal amount of $ 400 million maturing in April 2027, the proceeds of which were used to repay a portion of the existing Term Loan B facility in 2022. The Term Loan A is subject to an interest rate equal to, at the Company’s option, either (i) a base rate plus a margin ranging from 0.50 % to 1.00 % or (ii) SOFR, plus a margin ranging from 1.50 % to 2.00 % and an additional 0.10 % SOFR adjustment, in either case based upon the total leverage ratio of the Company and its restricted subsidiaries. The Term Loan A is subject to the same prepayment provisions and covenants applicable to the existing Term Loan B. The Term Loan A is subject to quarterly principal payments as follows: (i) 0.0 % per year of the initial principal amount during the first year, (ii) 5.0 % per year of the initial principal amount payable in equal quarterly installments during the second and third years and (iii) 7.5 % per year of the initial principal amount payable in equal quarterly installments during the fourth and fifth years, with final payments of all amounts outstanding, plus accrued interest, being due on the maturity date in April 2027. | text | 0.50 | percentItemType | text: <entity> 0.50 </entity> <entity type> percentItemType </entity type> <context> The Third Amendment provides for a new senior secured term loan A facility (“Term Loan A”) in an aggregate principal amount of $ 400 million maturing in April 2027, the proceeds of which were used to repay a portion of the existing Term Loan B facility in 2022. The Term Loan A is subject to an interest rate equal to, at the Company’s option, either (i) a base rate plus a margin ranging from 0.50 % to 1.00 % or (ii) SOFR, plus a margin ranging from 1.50 % to 2.00 % and an additional 0.10 % SOFR adjustment, in either case based upon the total leverage ratio of the Company and its restricted subsidiaries. The Term Loan A is subject to the same prepayment provisions and covenants applicable to the existing Term Loan B. The Term Loan A is subject to quarterly principal payments as follows: (i) 0.0 % per year of the initial principal amount during the first year, (ii) 5.0 % per year of the initial principal amount payable in equal quarterly installments during the second and third years and (iii) 7.5 % per year of the initial principal amount payable in equal quarterly installments during the fourth and fifth years, with final payments of all amounts outstanding, plus accrued interest, being due on the maturity date in April 2027. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
The Third Amendment provides for a new senior secured term loan A facility (“Term Loan A”) in an aggregate principal amount of $ 400 million maturing in April 2027, the proceeds of which were used to repay a portion of the existing Term Loan B facility in 2022. The Term Loan A is subject to an interest rate equal to, at the Company’s option, either (i) a base rate plus a margin ranging from 0.50 % to 1.00 % or (ii) SOFR, plus a margin ranging from 1.50 % to 2.00 % and an additional 0.10 % SOFR adjustment, in either case based upon the total leverage ratio of the Company and its restricted subsidiaries. The Term Loan A is subject to the same prepayment provisions and covenants applicable to the existing Term Loan B. The Term Loan A is subject to quarterly principal payments as follows: (i) 0.0 % per year of the initial principal amount during the first year, (ii) 5.0 % per year of the initial principal amount payable in equal quarterly installments during the second and third years and (iii) 7.5 % per year of the initial principal amount payable in equal quarterly installments during the fourth and fifth years, with final payments of all amounts outstanding, plus accrued interest, being due on the maturity date in April 2027. | text | 1.00 | percentItemType | text: <entity> 1.00 </entity> <entity type> percentItemType </entity type> <context> The Third Amendment provides for a new senior secured term loan A facility (“Term Loan A”) in an aggregate principal amount of $ 400 million maturing in April 2027, the proceeds of which were used to repay a portion of the existing Term Loan B facility in 2022. The Term Loan A is subject to an interest rate equal to, at the Company’s option, either (i) a base rate plus a margin ranging from 0.50 % to 1.00 % or (ii) SOFR, plus a margin ranging from 1.50 % to 2.00 % and an additional 0.10 % SOFR adjustment, in either case based upon the total leverage ratio of the Company and its restricted subsidiaries. The Term Loan A is subject to the same prepayment provisions and covenants applicable to the existing Term Loan B. The Term Loan A is subject to quarterly principal payments as follows: (i) 0.0 % per year of the initial principal amount during the first year, (ii) 5.0 % per year of the initial principal amount payable in equal quarterly installments during the second and third years and (iii) 7.5 % per year of the initial principal amount payable in equal quarterly installments during the fourth and fifth years, with final payments of all amounts outstanding, plus accrued interest, being due on the maturity date in April 2027. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
$ 1.5 billion Term Loan B Agreement | text | 1.5 | monetaryItemType | text: <entity> 1.5 </entity> <entity type> monetaryItemType </entity type> <context> $ 1.5 billion Term Loan B Agreement </context> | us-gaap:DebtInstrumentFaceAmount |
In May 2024, the Company entered into a Fifth Amendment to the credit agreement dated May 30, 2018 (the “Fifth Amendment”), in which the Company repriced all of its Term Loan B loans (“Prior Term Loan B Facility”) and borrowed an incremental $ 400 million. The new Senior Secured Term Loan B Facility (“New Term Loan B”) had an outstanding principal balance of $ 1.5 billion as of December 31, 2024. The incremental proceeds of the New Term Loan B were used for general corporate purposes, including the repayment of then-outstanding balances under the Company’s revolving credit facility. The New Term Loan B has substantially the same terms as the Prior Term Loan B Facility. The New Term Loan B bears interest at the Borrower’s option at a rate of (a) base rate, plus an applicable rate of 0.75 % or (b) Term SOFR, plus an applicable rate of 1.75 %. The New Term Loan B is subject to the same prepayment provisions and covenants applicable to the Prior Term Loan B facility. | text | 400 | monetaryItemType | text: <entity> 400 </entity> <entity type> monetaryItemType </entity type> <context> In May 2024, the Company entered into a Fifth Amendment to the credit agreement dated May 30, 2018 (the “Fifth Amendment”), in which the Company repriced all of its Term Loan B loans (“Prior Term Loan B Facility”) and borrowed an incremental $ 400 million. The new Senior Secured Term Loan B Facility (“New Term Loan B”) had an outstanding principal balance of $ 1.5 billion as of December 31, 2024. The incremental proceeds of the New Term Loan B were used for general corporate purposes, including the repayment of then-outstanding balances under the Company’s revolving credit facility. The New Term Loan B has substantially the same terms as the Prior Term Loan B Facility. The New Term Loan B bears interest at the Borrower’s option at a rate of (a) base rate, plus an applicable rate of 0.75 % or (b) Term SOFR, plus an applicable rate of 1.75 %. The New Term Loan B is subject to the same prepayment provisions and covenants applicable to the Prior Term Loan B facility. </context> | us-gaap:DebtInstrumentFaceAmount |
In May 2024, the Company entered into a Fifth Amendment to the credit agreement dated May 30, 2018 (the “Fifth Amendment”), in which the Company repriced all of its Term Loan B loans (“Prior Term Loan B Facility”) and borrowed an incremental $ 400 million. The new Senior Secured Term Loan B Facility (“New Term Loan B”) had an outstanding principal balance of $ 1.5 billion as of December 31, 2024. The incremental proceeds of the New Term Loan B were used for general corporate purposes, including the repayment of then-outstanding balances under the Company’s revolving credit facility. The New Term Loan B has substantially the same terms as the Prior Term Loan B Facility. The New Term Loan B bears interest at the Borrower’s option at a rate of (a) base rate, plus an applicable rate of 0.75 % or (b) Term SOFR, plus an applicable rate of 1.75 %. The New Term Loan B is subject to the same prepayment provisions and covenants applicable to the Prior Term Loan B facility. | text | 1.5 | monetaryItemType | text: <entity> 1.5 </entity> <entity type> monetaryItemType </entity type> <context> In May 2024, the Company entered into a Fifth Amendment to the credit agreement dated May 30, 2018 (the “Fifth Amendment”), in which the Company repriced all of its Term Loan B loans (“Prior Term Loan B Facility”) and borrowed an incremental $ 400 million. The new Senior Secured Term Loan B Facility (“New Term Loan B”) had an outstanding principal balance of $ 1.5 billion as of December 31, 2024. The incremental proceeds of the New Term Loan B were used for general corporate purposes, including the repayment of then-outstanding balances under the Company’s revolving credit facility. The New Term Loan B has substantially the same terms as the Prior Term Loan B Facility. The New Term Loan B bears interest at the Borrower’s option at a rate of (a) base rate, plus an applicable rate of 0.75 % or (b) Term SOFR, plus an applicable rate of 1.75 %. The New Term Loan B is subject to the same prepayment provisions and covenants applicable to the Prior Term Loan B facility. </context> | us-gaap:DebtInstrumentFaceAmount |
In May 2024, the Company entered into a Fifth Amendment to the credit agreement dated May 30, 2018 (the “Fifth Amendment”), in which the Company repriced all of its Term Loan B loans (“Prior Term Loan B Facility”) and borrowed an incremental $ 400 million. The new Senior Secured Term Loan B Facility (“New Term Loan B”) had an outstanding principal balance of $ 1.5 billion as of December 31, 2024. The incremental proceeds of the New Term Loan B were used for general corporate purposes, including the repayment of then-outstanding balances under the Company’s revolving credit facility. The New Term Loan B has substantially the same terms as the Prior Term Loan B Facility. The New Term Loan B bears interest at the Borrower’s option at a rate of (a) base rate, plus an applicable rate of 0.75 % or (b) Term SOFR, plus an applicable rate of 1.75 %. The New Term Loan B is subject to the same prepayment provisions and covenants applicable to the Prior Term Loan B facility. | text | 0.75 | percentItemType | text: <entity> 0.75 </entity> <entity type> percentItemType </entity type> <context> In May 2024, the Company entered into a Fifth Amendment to the credit agreement dated May 30, 2018 (the “Fifth Amendment”), in which the Company repriced all of its Term Loan B loans (“Prior Term Loan B Facility”) and borrowed an incremental $ 400 million. The new Senior Secured Term Loan B Facility (“New Term Loan B”) had an outstanding principal balance of $ 1.5 billion as of December 31, 2024. The incremental proceeds of the New Term Loan B were used for general corporate purposes, including the repayment of then-outstanding balances under the Company’s revolving credit facility. The New Term Loan B has substantially the same terms as the Prior Term Loan B Facility. The New Term Loan B bears interest at the Borrower’s option at a rate of (a) base rate, plus an applicable rate of 0.75 % or (b) Term SOFR, plus an applicable rate of 1.75 %. The New Term Loan B is subject to the same prepayment provisions and covenants applicable to the Prior Term Loan B facility. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
In May 2024, the Company entered into a Fifth Amendment to the credit agreement dated May 30, 2018 (the “Fifth Amendment”), in which the Company repriced all of its Term Loan B loans (“Prior Term Loan B Facility”) and borrowed an incremental $ 400 million. The new Senior Secured Term Loan B Facility (“New Term Loan B”) had an outstanding principal balance of $ 1.5 billion as of December 31, 2024. The incremental proceeds of the New Term Loan B were used for general corporate purposes, including the repayment of then-outstanding balances under the Company’s revolving credit facility. The New Term Loan B has substantially the same terms as the Prior Term Loan B Facility. The New Term Loan B bears interest at the Borrower’s option at a rate of (a) base rate, plus an applicable rate of 0.75 % or (b) Term SOFR, plus an applicable rate of 1.75 %. The New Term Loan B is subject to the same prepayment provisions and covenants applicable to the Prior Term Loan B facility. | text | 1.75 | percentItemType | text: <entity> 1.75 </entity> <entity type> percentItemType </entity type> <context> In May 2024, the Company entered into a Fifth Amendment to the credit agreement dated May 30, 2018 (the “Fifth Amendment”), in which the Company repriced all of its Term Loan B loans (“Prior Term Loan B Facility”) and borrowed an incremental $ 400 million. The new Senior Secured Term Loan B Facility (“New Term Loan B”) had an outstanding principal balance of $ 1.5 billion as of December 31, 2024. The incremental proceeds of the New Term Loan B were used for general corporate purposes, including the repayment of then-outstanding balances under the Company’s revolving credit facility. The New Term Loan B has substantially the same terms as the Prior Term Loan B Facility. The New Term Loan B bears interest at the Borrower’s option at a rate of (a) base rate, plus an applicable rate of 0.75 % or (b) Term SOFR, plus an applicable rate of 1.75 %. The New Term Loan B is subject to the same prepayment provisions and covenants applicable to the Prior Term Loan B facility. </context> | us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 |
4.375 % Senior Unsecured Notes | text | 4.375 | percentItemType | text: <entity> 4.375 </entity> <entity type> percentItemType </entity type> <context> 4.375 % Senior Unsecured Notes </context> | us-gaap:DebtInstrumentInterestRateStatedPercentage |
In August 2020, the Company issued $ 500 million of senior unsecured notes, which mature in 2028 and bear interest at a rate of 4.375 % per year, for net proceeds of $ 492 million. Interest is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2021. | text | 500 | monetaryItemType | text: <entity> 500 </entity> <entity type> monetaryItemType </entity type> <context> In August 2020, the Company issued $ 500 million of senior unsecured notes, which mature in 2028 and bear interest at a rate of 4.375 % per year, for net proceeds of $ 492 million. Interest is payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2021. </context> | us-gaap:DebtInstrumentFaceAmount |
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