Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt and Borrowing Arrangements (Tables)

v3.20.2
Long-Term Debt and Borrowing Arrangements (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Company's Indebtedness
The Company’s indebtedness consisted of:
September 30, 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) $ 234  2.75% $ — 
Term loan (due May 2025) 1,558  3.20% 1,568  4.00%
5.375% senior unsecured notes (due April 2026) 495  5.38% 494  5.38%
4.375% senior unsecured notes (due August 2028) 492  4.38% — 
Finance leases 56  4.50% 60  4.50%
Total long-term debt 2,835  2,122 
Less: Current portion of long-term debt 21  21 
Long-term debt $ 2,814  $ 2,101 
______________________
(a)    The carrying amount of the term loan and senior unsecured notes are net of deferred debt issuance costs of $23 million and $18 million as of September 30, 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 September 30, 2020 matures as follows:
Long-Term Debt
Within 1 year $ 21 
Between 1 and 2 years 21 
Between 2 and 3 years 255 
Between 3 and 4 years 22 
Between 4 and 5 years 1,500 
Thereafter 1,016 
Total $ 2,835 
Schedule of Available Capacity Under Borrowing Arrangements
As of September 30, 2020, the available capacity under the Company’s revolving credit facility was as follows:
Revolving Credit Facility
Total capacity $ 750 
Less: Borrowings 234 
Less: Letters of credit 15 
Available capacity $ 501