Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt and Borrowing Arrangements (Tables)

v3.23.1
Long-Term Debt and Borrowing Arrangements (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Company's Indebtedness
The Company’s indebtedness consisted of:
March 31, 2023 December 31, 2022
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  6.18% 399  5.92%
$1.6 billion term loan B (due May 2025)
1,141  3.71% 1,139  3.70%
4.375% senior unsecured notes (due August 2028)
 494  4.38% 494  4.38%
Finance leases 43  4.50% 45  4.50%
Total long-term debt 2,077  2,077 
Less: Current portion of long-term debt 26  20 
Long-term debt $ 2,051  $ 2,057 
______________________
(a)    The carrying amount of the term loans and senior unsecured notes are net of deferred debt issuance costs of $11 million as of both March 31, 2023 and December 31, 2022.
(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 March 31, 2023 matures as follows:
Long-Term Debt
Within 1 year $ 26 
Between 1 and 2 years 26 
Between 2 and 3 years 1,176 
Between 3 and 4 years 37 
Between 4 and 5 years 306 
Thereafter 506 
Total $ 2,077 
Schedule of Available Capacity Under Borrowing Arrangements
As of March 31, 2023, 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