v3.24.3
Debt and Letters of Credit
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt and Letters of Credit Debt and Letters of Credit
Debt consisted of the following:
(in millions)September 30,
2024		December 31, 2023
Borrowings under credit facility$— $— 
Senior Notes
2028 Notes (4.250% Senior Notes)
556 600 
Unamortized discount and deferred financing costs(3)(3)
2029 Notes (1.125% Convertible Senior Notes)
575 575 
Unamortized deferred financing costs(12)(14)
Total debt$1,116 $1,158 

Credit Facility

As of September 30, 2024, letters of credit totaling $483 million were outstanding under our $1.8 billion credit facility, which matures in February 2026. This credit facility contains customary financial covenants, including a debt-to-capitalization ratio that cannot exceed 0.60 to 1.00, a limitation on the aggregate amount of debt of the greater of $750 million or €750 million for our subsidiaries, and a minimum liquidity threshold of $1.2 billion, defined in the amended credit facility, which may be reduced to $1.0 billion upon the repayment of debt. The credit facility also contains provisions that will require us to provide collateral to secure the facility should we be downgraded to BB by S&P and Ba2 by Moody's, such collateral consisting broadly of our U.S. assets. Borrowings under the facility, which may be denominated in USD, EUR or GBP, bear interest at a base rate, plus an applicable borrowing margin. As of September 30, 2024, we had not made any borrowings under our credit facility line and maintained a borrowing capacity of $758 million.
Uncommitted Lines of Credit
As of September 30, 2024, letters of credit totaling $946 million were outstanding under uncommitted lines of credit.
Redemption of 2028 Notes
During 2024 YTD, we redeemed $44 million of aggregate outstanding 2028 Notes, with an immaterial earnings impact.