Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt and Borrowing Arrangements (Tables)

v3.21.2
Long-Term Debt and Borrowing Arrangements (Tables)
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Company's Indebtedness
The Company’s indebtedness consisted of:
September 30, 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) 1,544  3.10% 1,554  3.18%
5.375% senior unsecured notes (due April 2026) —  496  5.38%
4.375% senior unsecured notes (due August 2028) 492  4.38% 492  4.38%
Finance leases 52  4.50% 55  4.50%
Total long-term debt 2,088  2,597 
Less: Current portion of long-term debt 21  21 
Long-term debt $ 2,067  $ 2,576 
______________________
(a)    The carrying amount of the term loan and senior unsecured notes are net of deferred debt issuance costs of $15 million and $22 million as of September 30, 2021 and December 31, 2020, 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, 2021 matures as follows:
Long-Term Debt
Within 1 year $ 21 
Between 1 and 2 years 21 
Between 2 and 3 years 22 
Between 3 and 4 years 1,502 
Between 4 and 5 years 7 
Thereafter 515 
Total $ 2,088 
Schedule of Available Capacity Under Borrowing Arrangements
As of September 30, 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