Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt and Borrowing Arrangements (Tables)

v3.23.3
Long-Term Debt and Borrowing Arrangements (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Company's Indebtedness
The Company’s indebtedness consisted of:
September 30, 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)
 $ 110  7.42% $ — 
$400 million term loan A (due April 2027)
 389  6.70% 399  5.92%
$1.6 billion term loan B (due May 2025)
—  1,139  3.70%
$1.1 billion term loan B (due May 2030)
1,125  4.11% — 
4.375% senior unsecured notes (due August 2028)
 495  4.38% 494  4.38%
Finance leases 41  4.50% 45  4.50%
Total long-term debt 2,160  4.59% 2,077  3.79%
Less: Current portion of long-term debt 37  20 
Long-term debt $ 2,123  $ 2,057 
______________________
(a)    The carrying amount of the term loans and senior unsecured notes are net of deferred debt issuance costs of $17 million and $11 million as of September 30, 2023 and December 31, 2022, respectively. The carrying amount of the term loan B is net of unamortized discounts of $5 million as of September 30, 2023.
(b)    Weighted average interest rates are based on the stated interest rate for the year to date periods and include the effects from hedging.
Schedule of Outstanding Debt Maturities
The Company’s outstanding debt as of September 30, 2023 matures as follows:
Long-Term Debt
Within 1 year $ 37 
Between 1 and 2 years 43 
Between 2 and 3 years 48 
Between 3 and 4 years 442 
Between 4 and 5 years 514 
Thereafter 1,076 
Total $ 2,160 
Schedule of Available Capacity Under Borrowing Arrangements
As of September 30, 2023, the available capacity under the Company’s revolving credit facility was as follows:
Revolving Credit Facility
Total capacity $ 750 
Less: Borrowings 110 
Less: Letters of credit 9 
Available capacity $ 631