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DEBT | 12 Months Ended
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Dec. 31, 2018
Debt Instruments [Abstract] |
DEBT | DEBT Long-term debt (including capital lease obligations) as of December 31, 2018 and 2017 consisted of the following:
| 2018 |  | 2017
Secured Receivables Credit Facility (3.39% and 2.27% at December 31, 2018 and 2017, respectively) | $ | 160 |  |  | $ | 30 |
2.70% Senior Notes due April 2019 | 300 |  |  | 300 |
4.75% Senior Notes due January 2020 | 507 |  |  | 514 |
2.50% Senior Notes due March 2020 | 300 |  |  | 300 |
4.70% Senior Notes due April 2021 | 557 |  |  | 559 |
4.25% Senior Notes due April 2024 | 299 |  |  | 303 |
3.50% Senior Notes due March 2025 | 562 |  |  | 566 |
3.45% Senior Notes due June 2026 | 469 |  |  | 470 |
6.95% Senior Notes due July 2037 | 175 |  |  | 174 |
5.75% Senior Notes due January 2040 | 244 |  |  | 244 |
4.70% Senior Notes due March 2045 | 300 |  |  | 300 |
Other | 37 |  |  | 44 |
Debt issuance costs | (17 | ) |  | (20 | )
Total long-term debt | 3,893 |  |  | 3,784 |
Less: Current portion of long-term debt | 464 |  |  | 36 |
Total long-term debt, net of current portion | $ | 3,429 |  |  | $ | 3,748 |
Secured Receivables Credit Facility On October 26, 2018, the Company amended the agreement for the $600 million secured receivables credit facility (the “Secured Receivables Credit Facility”) previously amended in October 2017, maintaining the borrowing capacity under the facility at $600 million. Under the Secured Receivables Credit Facility, the Company can borrow against a $250 million loan commitment maturing October 2019, and a $250 million loan commitment maturing October 2020, and can issue up to $100 million of letters of credit (see Note 18) through October 2020. Borrowings under the Secured Receivables Credit Facility are collateralized by certain domestic receivables. As of December 31, 2018, interest on the borrowings under the Secured Receivables Credit Facility is based on either commercial paper rates for highly-rated issuers or LIBOR plus a spread of 0.70% to 0.725%. The Secured Receivables Credit Facility contains various covenants which could impact the Company's ability to, among other things, incur additional indebtedness. As of December 31, 2018 and 2017, there was $160 million and $30 million, respectively, of outstanding borrowings under the Secured Receivables Credit Facility. Senior Unsecured Revolving Credit Facility In March 2018, the Company amended and restated the agreement for its $750 million senior unsecured revolving credit facility (the “Credit Facility” or "Senior Unsecured Revolving Credit Facility"). As a result, the Credit Facility will mature in March 2023. Under the Credit Facility, the Company can issue letters of credit totaling $150 million (see Note 18). Issued letters of credit reduce the available borrowing capacity under the facility. Interest on the Credit Facility is based on certain published rates plus an applicable margin based on changes in the Company's public debt ratings. At the option of the Company, it may elect to lock into LIBOR-based interest rates for periods up to six months. Interest on any outstanding amounts not covered under LIBOR-based interest rate contracts is based on an alternate base rate, which is calculated by reference to the prime rate, the federal funds rate or an adjusted LIBOR rate. As of both December 31, 2018 and 2017, the Company's borrowing rate for LIBOR-based loans under the Credit Facility was LIBOR plus 1.125%. The Credit Facility contains various covenants, including the maintenance of a financial leverage ratio, which could impact the Company's ability to, among other things, incur additional indebtedness. As of both December 31, 2018 and 2017, there were no outstanding borrowings under the Credit Facility. Senior Notes Offerings In May 2016, the Company completed a $500 million senior notes offering (the "2016 Senior Notes"). The offering consisted of $500 million in aggregate principal of 3.45% senior notes due June 2026, issued at a discount of $1 million. The Company incurred $4 million of costs associated with the 2016 Senior Notes, which is included as a reduction to the carrying amount of long-term debt and is being amortized over the term of the related debt. The net proceeds from the 2016 Senior Notes were used to repay outstanding indebtedness under the Senior Unsecured Revolving Credit Facility and the Secured Receivables Credit Facility and for general corporate purposes. All of the senior notes are unsecured obligations of the Company and rank equally with the Company's other senior unsecured obligations. None of the Company's senior notes have a sinking fund requirement. Retirement of Debt In March 2016, the Company completed a cash tender offer to purchase up to $200 million aggregate principal amount of its 6.95% Senior Notes due July 2037 ("Senior Notes due 2037") and 5.75% Senior Notes due January 2040 ("Senior Notes due 2040"). The Company purchased $73 million of its Senior Notes due 2037 and $127 million of its Senior Notes due 2040. For the year ended December 31, 2016, the Company recorded a loss on retirement of debt, principally comprised of premiums paid of $48 million in other (expense) income, net. Maturities of Long-Term Debt As of December 31, 2018, long-term debt matures as follows:
Year Ending December 31, |
2019 | $ | 464 |
2020 | 803 |
2021 | 553 |
2022 | 3 |
2023 | 1 |
Thereafter | 2,148 |
Total maturities of long-term debt | 3,972 |
Unamortized discount | (9 | )
Debt issuance costs | (17 | )
Fair value basis adjustments attributable to hedged debt | (53 | )
Total long-term debt | 3,893 |
Less: Current portion of long-term debt | 464 |
Total long-term debt, net of current portion | $ | 3,429 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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