Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt and Borrowing Arrangements (Tables)

v3.21.1
Long-Term Debt and Borrowing Arrangements (Tables)
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Company's Indebtedness
The Company’s indebtedness consisted of:
March 31, 2021 December 31, 2020
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) 1,550  3.16% 1,554  3.18%
5.375% senior unsecured notes (due April 2026) (c)
496  5.38% 496  5.38%
4.375% senior unsecured notes (due August 2028) 492  4.38% 492  4.38%
Finance leases 54  4.50% 55  4.50%
Total long-term debt 2,592  2,597 
Less: Current portion of long-term debt 516  21 
Long-term debt $ 2,076  $ 2,576 
______________________
(a)    The carrying amount of the term loan and senior unsecured notes are net of deferred debt issuance costs of $21 million and $22 million as of March 31, 2021 and December 31, 2020, respectively.
(b)    Weighted average interest rates are based on period-end balances, including the effects from hedging.
(c)    These notes were redeemed by the Company on April 15, 2021 and therefore are classified as current debt as of March 31, 2021. See Note 17 - Subsequent Event for more information.
Schedule of Outstanding Debt Maturities
The Company’s outstanding debt as of March 31, 2021 matures as follows:
Long-Term Debt
Within 1 year (a)
$ 516 
Between 1 and 2 years 21 
Between 2 and 3 years 22 
Between 3 and 4 years 22 
Between 4 and 5 years 1,493 
Thereafter 518 
Total $ 2,592 
______________________
(a)    Includes the 5.375% senior unsecured notes due 2026, which the Company redeemed on April 15, 2021.
Schedule of Available Capacity Under Borrowing Arrangements
As of March 31, 2021, 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