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DEBT | 3 Months Ended
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Mar. 31, 2020
Debt Instruments [Abstract] |
DEBT | DEBT Long-term debt (including finance lease obligations) as of March 31, 2020 and December 31, 2019 consisted of the following:
| March 31, 2020 |  | December 31, 2019
4.75% Senior Notes due January 2020 | $ | — |  |  | $ | 500 |
2.50% Senior Notes due March 2020 | — |  |  | 300 |
4.70% Senior Notes due April 2021 | 553 |  |  | 554 |
4.25% Senior Notes due April 2024 | 319 |  |  | 308 |
3.50% Senior Notes due March 2025 | 627 |  |  | 593 |
3.45% Senior Notes due June 2026 | 513 |  |  | 490 |
4.20% Senior Notes due June 2029 | 499 |  |  | 499 |
2.95% Senior Notes due June 2030 | 798 |  |  | 798 |
6.95% Senior Notes due July 2037 | 175 |  |  | 175 |
5.75% Senior Notes due January 2040 | 245 |  |  | 245 |
4.70% Senior Notes due March 2045 | 300 |  |  | 300 |
Other | 32 |  |  | 34 |
Debt issuance costs | (25 | ) |  | (26 | )
Total long-term debt | 4,036 |  |  | 4,770 |
Less: Current portion of long-term debt | 3 |  |  | 804 |
Total long-term debt, net of current portion | $ | 4,033 |  |  | $ | 3,966 |
Retirement of Debt During January 2020, the Company redeemed in full the outstanding indebtedness under the Company's senior notes due January 2020 and senior notes due March 2020 using proceeds from the issuance, in December 2019, of the 2.95% senior notes due June 2030, along with cash on hand. For the three months ended March 31, 2020, the Company recorded a loss on retirement of debt, principally comprised of premiums paid, of $1 million in other (expense) income, net. Credit Facilities As of March 31, 2020, the Company had cash and cash equivalents on hand of $342 million and had $1.3 billion of borrowing capacity available under its existing credit facilities, including $529 million available under its secured receivables credit facility and $750 million available under its senior unsecured revolving credit facility. There were no outstanding borrowings under the Company's existing credit facilities as of March 31, 2020. See Note 17 to the interim unaudited consolidated financial statements for further details on borrowings under the Company's credit facilities in April 2020. The secured receivables credit facility includes a $250 million loan commitment, which matures in October 2020, and a $250 million loan commitment and a $100 million letter of credit facility, which mature in October 2021. The senior unsecured revolving credit facility matures in March 2023. For further details regarding the credit facilities, see Note 13 to the audited consolidated financial statements in the Company's 2019 Annual Report on Form 10-K. The secured receivables credit facility is subject to customary affirmative and negative covenants, and certain financial covenants with respect to the receivables that comprise the borrowing base and secure the borrowings under the facility. The Company's senior unsecured revolving credit facility is also subject to certain financial covenants and limitations on indebtedness. As of March 31, 2020, the senior unsecured revolving credit facility agreement required the Company to maintain a leverage ratio (as of the last day of each fiscal quarter) of no more than 3.5 times EBITDA, as defined in the agreement. As of March 31, 2020, the Company was in compliance with all such applicable financial covenants. On April 30, 2020, the Company entered into an amendment to its senior unsecured revolving credit facility in order to provide for increased flexibility under the leverage ratio covenant. See Note 17 to the interim unaudited consolidated financial statements for further details on the amendment. Maturities of Long-Term Debt As of March 31, 2020, long-term debt matures as follows:
Year Ending December 31, |
Remainder of 2020 | $ | 2 |
2021 | 553 |
2022 | 3 |
2023 | 1 |
2024 | 302 |
Thereafter | 3,147 |
Total maturities of long-term debt | 4,008 |
Unamortized discount | (10 | )
Debt issuance costs | (25 | )
Fair value basis adjustments attributable to hedged debt | 63 |
Total long-term debt | 4,036 |
Current portion of long-term debt | 3 |
Total long-term debt, net of current portion | $ | 4,033 |

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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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- References No definition available. + Details
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