Annual report pursuant to Section 13 and 15(d)

Long-Term Debt and Borrowing Arrangements (Tables)

v3.24.0.1
Long-Term Debt and Borrowing Arrangements (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Company's Indebtedness
The Company’s indebtedness consisted of:
As of December 31,
2023 2022
Long-term debt: (a)
Amount
Weighted Average Rate (b)
Amount
Weighted Average Rate (b)
$750 million revolving credit facility (due April 2027)
 $ 160  7.30% $ — 
$400 million term loan A (due April 2027)
384  6.82% 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)
 1,123  4.10% — 
$500 million 4.375% senior unsecured notes (due August 2028)
 495  4.38% 494  4.38%
Finance leases 39  4.50% 45  4.50%
Total long-term debt 2,201  4.77% 2,077  3.79%
Less: Current portion of long-term debt 37  20 
Long-term debt $ 2,164  $ 2,057 
_____________________
(a)    The carrying amount of the term loans and senior unsecured notes are net of deferred debt issuance costs of $16 million and $11 million as of December 31, 2023 and 2022, respectively. The carrying amount of the term loan B is net of unamortized discounts of $5 million as of December 31, 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 December 31, 2023 matures as follows:
Long-Term Debt
Within 1 year $ 37 
Between 1 and 2 years 45 
Between 2 and 3 years 48 
Between 3 and 4 years 485 
Between 4 and 5 years 514 
Thereafter 1,072 
Total $ 2,201 
Schedule of Available Capacity Under Borrowing Arrangements
As of December 31, 2023, the available capacity under the Company’s revolving credit facility was as follows:
Revolving Credit Facility
Total capacity $ 750 
Less: Borrowings 160 
Less: Letters of credit 9 
Available capacity $ 581