Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt and Borrowing Arrangements (Tables)

v3.24.3
Long-Term Debt and Borrowing Arrangements (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Company's Indebtedness
The Company’s indebtedness consisted of:
September 30, 2024 December 31, 2023
Long-term debt: (a)
Amount
Weighted Average Rate (b)
Amount
Weighted Average Rate (b)
$750 million revolving credit facility (due April 2027)
 $ 69  7.17% $ 160  7.30%
$400 million term loan A (due April 2027)
 369  7.17% 384  6.82%
$1.5 billion term loan B (due May 2030)
1,518  4.42% 1,123  4.10%
$500 million 4.375% senior unsecured notes (due August 2028)
 496  4.38% 495  4.38%
Finance leases 35  4.50% 39  4.50%
Total long-term debt 2,487  5.02% 2,201  4.77%
Less: Current portion of long-term debt 47  37 
Long-term debt $ 2,440  $ 2,164 
______________________
(a)    The carrying amount of the term loans and senior unsecured notes are net of deferred debt issuance costs of $13 million and $16 million as of September 30, 2024 and December 31, 2023, respectively. The carrying amount of the term loan B is net of unamortized discounts of $6 million and $5 million as of September 30, 2024 and December 31, 2023, respectively.
(b)    Weighted average interest rates are based on the stated interest rate for the year-to-date periods and include the effects of hedging.
Schedule of Outstanding Debt Maturities
The Company’s outstanding debt as of September 30, 2024 matures as follows:
Long-Term Debt
Within 1 year $ 47 
Between 1 and 2 years 52 
Between 2 and 3 years 406 
Between 3 and 4 years 519 
Between 4 and 5 years 23 
Thereafter 1,440 
Total $ 2,487 
Schedule of Available Capacity Under Borrowing Arrangements
As of September 30, 2024, the available capacity under the Company’s revolving credit facility was as follows:
Revolving Credit Facility
Total capacity $ 750 
Less: Borrowings 69 
Available capacity $ 681