Annual report pursuant to Section 13 and 15(d)

Long-Term Debt and Borrowing Arrangements (Tables)

v3.19.3.a.u2
Long-Term Debt and Borrowing Arrangements (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Company's Indebtedness
The Company’s indebtedness consisted of:
 
As of December 31,
 
2019
 
2018
Long-term debt: (a)
Amount
Weighted Average Rate (b)
 
Amount
Weighted Average Rate (b)
$750 million revolving credit facility (due May 2023)
$
—

 
 
$
—

 
Term loan (due May 2025)
1,568

4.00
%
 
1,582

4.25
%
Senior unsecured notes (due April 2026)
494

5.38
%
 
494

5.38
%
Finance leases
60

4.50
%
 
65

4.50
%
Total long-term debt
2,122

 
 
2,141

 
Less: Current portion of long-term debt
21


 
21


Long-term debt
$
2,101

 
 
$
2,120

 
_____________________
(a)
The carrying amount of the term loan and senior unsecured notes are net of deferred debt issuance costs of $18 million and $21 million as of December 31, 2019 and 2018, 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, 2019 matures as follows:
 
Long-Term Debt
Within 1 year
$
21

Between 1 and 2 years
21

Between 2 and 3 years
21

Between 3 and 4 years
21

Between 4 and 5 years
22

Thereafter
2,016

Total
$
2,122


Schedule of Available Capacity Under Borrowing Arrangements
As of December 31, 2019, the available capacity under the Company’s revolving credit facility was as follows:
 
Revolving Credit Facility
Total capacity
$
750

Less: Letters of credit
15

Available capacity
$
735