Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt and Borrowing Arrangements (Tables)

v3.20.1
Long-Term Debt and Borrowing Arrangements (Tables)
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Company's Indebtedness
The Company’s indebtedness consisted of:
 
March 31, 2020
 
December 31, 2019
Long-term debt: (a)
Amount
 
Weighted Average Rate (b)
 
Amount
 
Weighted Average Rate (b)
$750 million revolving credit facility (due May 2023)
$
734

 
2.47
%
 
$
—

 
 
Term loan (due May 2025)
1,564

 
3.50
%
 
1,568

 
4.00
%
5.375% senior unsecured notes (due April 2026)
495

 
5.38
%
 
494

 
5.38
%
Finance leases
59

 
4.50
%
 
60

 
4.50
%
Total long-term debt
2,852

 
 
 
2,122

 
 
Less: Current portion of long-term debt
21

 
 
 
21

 
 
Long-term debt
$
2,831

 
 
 
$
2,101

 
 
______________________
(a)
The carrying amount of the term loan and senior unsecured notes are net of deferred debt issuance costs of $17 million and $18 million as of March 31, 2020 and December 31, 2019, respectively.
(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, 2020 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
756

Between 4 and 5 years
10

Thereafter
2,023

Total
$
2,852


Schedule of Available Capacity Under Borrowing Arrangements
As of March 31, 2020, the available capacity under the Company’s revolving credit facility was as follows:
 
Revolving Credit Facility
Total capacity
$
750

Less: Borrowings
734

Less: Letters of credit
15

Available capacity
$
1