Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt and Borrowing Arrangements (Tables)

v3.22.1
Long-Term Debt and Borrowing Arrangements (Tables)
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Company's Indebtedness
The Company’s indebtedness consisted of:
March 31, 2022 December 31, 2021
Long-term debt: (a)
Amount
Weighted Average Rate (b)
Amount
Weighted Average Rate (b)
$750 million revolving credit facility (due May 2023) $ —  $ — 
Term loan (due May 2025) 1,537  3.17% 1,541  3.07%
4.375% senior unsecured notes (due August 2028) 493  4.38% 493  4.38%
Finance leases 49  4.50% 50  4.50%
Total long-term debt 2,079  2,084 
Less: Current portion of long-term debt 21  21 
Long-term debt $ 2,058  $ 2,063 
______________________
(a)    The carrying amount of the term loan and senior unsecured notes are net of deferred debt issuance costs of $14 million and $15 million as of March 31, 2022 and December 31, 2021, respectively.
(b)    Weighted average interest rates are based on period-end balances, including the effects from hedging.

The Company amended its term loan and revolving credit facility in April 2022. See Note 17 - Subsequent Event for more information.
Schedule of Outstanding Debt Maturities
The Company’s outstanding debt as of March 31, 2022 matures as follows:
Long-Term Debt
Within 1 year $ 21 
Between 1 and 2 years 22 
Between 2 and 3 years 22 
Between 3 and 4 years (a)
1,495 
Between 4 and 5 years 7 
Thereafter 512 
Total $ 2,079 
______________________
(a)    In connection with the term loan A issuance in April 2022 (see Note 17 - Subsequent Event), $400 million of this amount was extended two additional years.
Schedule of Available Capacity Under Borrowing Arrangements
As of March 31, 2022, the available capacity under the Company’s revolving credit facility was as follows:
Revolving Credit Facility
Total capacity $ 750 
Less: Letters of credit 9 
Available capacity $ 741