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Debt
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Debt

Note 11.     Debt

Debt obligations consist of the following:

 

 

 

Maturity Date

 

September 30,

2020

 

 

December 31,

2019

 

Term Loan Facility

 

 

 

 

 

 

 

 

 

 

Term Loan

 

October 1, 2026

 

$

1,191

 

 

$

1,200

 

Revolving Credit Facility

 

October 1, 2024

 

 

 

 

 

 

Other Obligations

 

 

 

 

6

 

 

 

14

 

Total debt obligations

 

 

 

 

1,197

 

 

 

1,214

 

Less: unamortized deferred financing costs

 

 

 

 

(21

)

 

 

(24

)

Total debt, net of deferred financing costs

 

 

 

 

1,176

 

 

 

1,190

 

Less: short-term and current portion of long-term debt

 

 

 

 

(16

)

 

 

(19

)

Long-term debt

 

 

 

$

1,160

 

 

$

1,171

 

 

As of September 30, 2020, there was $1,191 of principal outstanding under the Term Loan bearing interest of 2.65% per annum based on one-month LIBOR plus 250 basis points.

The interest rate applicable to borrowings under the Revolving Credit Facility is, at the Company’s option, either (1) a base rate plus an applicable margin equal to 1.25% or (2) a Eurocurrency rate (adjusted for statutory reserves) plus an applicable margin equal to 2.25%.

At September 30, 2020 and December 31, 2019, the Company had no amounts outstanding under the Revolving Credit Facility, and $232 and $235 was available at September 30, 2020 and December 31, 2019, respectively, after giving effect to $68 and $65 of outstanding letters of credit.

As of September 30, 2020 and December 31, 2019, the Company was in compliance with the applicable debt covenants contained in the Credit Agreement.

One of the Company’s Canadian operations has a $20 unsecured line-of-credit agreement with a variable-interest rate based upon the prime rate. The Company had no amounts outstanding under the line of credit as of September 30, 2020 and December 31, 2019.

As of September 30, 2020 and December 31, 2019, the Company had $6 and $14 in notes outstanding for the acquisition of equipment and vehicles, respectively.