Annual report pursuant to Section 13 and 15(d)

Long-Term Debt and Borrowing Arrangements (Tables)

v3.22.4
Long-Term Debt and Borrowing Arrangements (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Company's Indebtedness
The Company’s indebtedness consisted of:
As of December 31,
2022 2021
Long-term debt: (a)
Amount
Weighted Average Rate (b)
Amount
Weighted Average Rate (b)
$750 million revolving credit facility (due April 2027)
 $ —  $ — 
$400 million term loan A (due April 2027)
399  5.92% — 
$1.6 billion term loan B (due May 2025)
1,139  3.70% 1,541  3.07%
4.375% senior unsecured notes (due August 2028)
 494  4.38% 493  4.38%
Finance leases 45  4.50% 50  4.50%
Total long-term debt 2,077  2,084 
Less: Current portion of long-term debt 20  21 
Long-term debt $ 2,057  $ 2,063 
_____________________
(a)    The carrying amount of the term loan and senior unsecured notes are net of deferred debt issuance costs of $11 million and $15 million as of December 31, 2022 and 2021, respectively.
(b)    Weighted average interest rate based on year-end balances, including the effects from hedging.
Schedule of Outstanding Debt Maturities
The Company’s outstanding debt as of December 31, 2022 matures as follows:
Long-Term Debt
Within 1 year $ 20 
Between 1 and 2 years 26 
Between 2 and 3 years 1,173 
Between 3 and 4 years 37 
Between 4 and 5 years 313 
Thereafter 508 
Total $ 2,077 
Schedule of Available Capacity Under Borrowing Arrangements
As of December 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