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DEBT | 12 Months Ended
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Dec. 31, 2019
Debt Instruments [Abstract] |
DEBT | DEBT Long-term debt (including finance lease obligations) as of December 31, 2019 and 2018 consisted of the following:
| 2019 |  | 2018
Secured Receivables Credit Facility (3.39% at December 31, 2018) | $ | — |  |  | $ | 160 |
2.70% Senior Notes due April 2019 | — |  |  | 300 |
4.75% Senior Notes due January 2020 | 500 |  |  | 507 |
2.50% Senior Notes due March 2020 | 300 |  |  | 300 |
4.70% Senior Notes due April 2021 | 554 |  |  | 557 |
4.25% Senior Notes due April 2024 | 308 |  |  | 299 |
3.50% Senior Notes due March 2025 | 593 |  |  | 562 |
3.45% Senior Notes due June 2026 | 490 |  |  | 469 |
4.20% Senior Notes due June 2029 | 499 |  |  | — |
2.95% Senior Notes due June 2030 | 798 |  |  | — |
6.95% Senior Notes due July 2037 | 175 |  |  | 175 |
5.75% Senior Notes due January 2040 | 245 |  |  | 244 |
4.70% Senior Notes due March 2045 | 300 |  |  | 300 |
Other | 34 |  |  | 37 |
Debt issuance costs | (26 | ) |  | (17 | )
Total long-term debt | 4,770 |  |  | 3,893 |
Less: Current portion of long-term debt | 804 |  |  | 464 |
Total long-term debt, net of current portion | $ | 3,966 |  |  | $ | 3,429 |
Secured Receivables Credit Facility On October 25, 2019, the Company amended the agreement for its $600 million secured receivables credit facility (the “Secured Receivables Credit Facility”) previously amended in October 2018, 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 2020, and a $250 million loan commitment maturing October 2021, and can issue up to $100 million of letters of credit (see Note 18) through October 2021. Borrowings under the Secured Receivables Credit Facility are collateralized by certain domestic receivables. As of December 31, 2019, 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, 2019 and 2018, there was $0 million and $160 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, 2019 and 2018, 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, 2019 and 2018, there were no outstanding borrowings under the Credit Facility. March 2019 Senior Notes Offering In March 2019, the Company completed a senior notes offering, consisting of $500 million aggregate principal amount of 4.20% senior notes due June 2029 (the "2029 Senior Notes"), which were issued at an original issue discount of $1 million. The Company incurred $5 million of debt issuance costs associated with the 2029 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 2029 Senior Notes were used to repay in full the outstanding indebtedness under the Company's Senior Notes due April 2019, to repay outstanding indebtedness under the Secured Receivables Credit Facility and for general corporate purposes. December 2019 Senior Notes Offering In December 2019, the Company completed a senior notes offering, consisting of $800 million aggregate principal amount of 2.95% senior notes due June 2030 (the "2030 Senior Notes"), which were issued at an original issue discount of $2 million. The Company incurred $7 million of debt issuance costs associated with the 2030 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. During January 2020, the net proceeds from the 2030 Senior Notes, along with cash on hand, were used to redeem in full the outstanding indebtedness under the Company's Senior Notes due January 2020 and Senior Notes due March 2020. 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. The Company may redeem its outstanding senior notes prior to scheduled maturity, as a whole or in part, at a redemption price equal to the present value of the remaining scheduled payments of principal and interest, except for certain notes for which the Company also has an option to redeem such instruments at par value on or after dates specified in the indentures governing the notes. For notes with the par value redemption option, if such notes are redeemed prior to the specified dates, the redemption price calculations exclude any interest that would have been due after such dates. Maturities of Long-Term Debt As of December 31, 2019, long-term debt matures as follows:
Year Ending December 31, |
2020 | $ | 803 |
2021 | 553 |
2022 | 3 |
2023 | 1 |
2024 | 302 |
Thereafter | 3,147 |
Total maturities of long-term debt | 4,809 |
Unamortized discount | (10 | )
Debt issuance costs | (26 | )
Fair value basis adjustments attributable to hedged debt | (3 | )
Total long-term debt | 4,770 |
Less: Current portion of long-term debt | 804 |
Total long-term debt, net of current portion | $ | 3,966 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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