Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt and Borrowing Arrangements (Tables)

v3.22.2
Long-Term Debt and Borrowing Arrangements (Tables)
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Company's Indebtedness
The Company’s indebtedness consisted of:
June 30, 2022 December 31, 2021
Long-term debt: (a)
Amount
Weighted Average Rate (b)
Amount
Weighted Average Rate (b)
$750 million revolving credit facility (due April 2027) $ —  $ — 
Term loan A (due April 2027) 399  3.38% — 
Term loan B (due May 2025) 1,138  3.56% 1,541  3.07%
4.375% senior unsecured notes (due August 2028) 494  4.38% 493  4.38%
Finance leases 47  4.50% 50  4.50%
Total long-term debt 2,078  2,084 
Less: Current portion of long-term debt 10  21 
Long-term debt $ 2,068  $ 2,063 
______________________
(a)    The carrying amount of the term loans and senior unsecured notes are net of deferred debt issuance costs of $13 million and $15 million as of June 30, 2022 and December 31, 2021, respectively.
(b)    Weighted average interest rates are based on period-end balances, including the effects from hedging.
Schedule of Outstanding Debt Maturities
The Company’s outstanding debt as of June 30, 2022 matures as follows:
Long-Term Debt
Within 1 year $ 10 
Between 1 and 2 years 26 
Between 2 and 3 years 1,167 
Between 3 and 4 years 36 
Between 4 and 5 years 328 
Thereafter 511 
Total $ 2,078 
Schedule of Available Capacity Under Borrowing Arrangements
As of June 30, 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