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Debt

9 Months Ended

Sep. 30, 2019

Debt

Debt

7. Debt

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As of September 30, 2019 and December 31, 2018, the Company’s total debt consisted of the following:

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​	​	​	​	​	​	​	​
​	​	As of		​	As of		​
(in millions)	​	September 30, 2019		​	December 31, 2018		​
3.2% senior notes due October 1, 2026	​	$	497	​	$	496	​
4.625% senior notes due November 1, 2020	​	​	400	​	​	399	​
6.625% senior notes due April 15, 2037	​	​	253	​	​	254	​
5.62% senior notes due March 25, 2020	​	​	200	​	​	200	​
Term loan credit agreement due April 25, 2019	​	​	—	​	​	165	​
Term loan credit agreement due April 12, 2021	​	​	500	​	​	—	​
Revolving credit facility	​	​	149	​	​	418	​
Fair value adjustment related to hedged fixed rate debt instruments	​	​	2	​	​	(1)	​
Long-term debt	​	​	2,001	​	​	1,931	​
Short-term borrowings	​	​	81	​	​	169	​
Total debt	​	$	2,082	​	$	2,100	​

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On April 12, 2019, the Company amended and restated the Term Loan Credit Agreement that was set to mature on April 25, 2019 (“Term Loan”) of $165 million to establish a 24-month senior unsecured term loan credit facility in an amount up to $500 million that matures on April 12, 2021. The Company has used the $500 million to pay down the revolving credit facility (“Revolving Credit Facility”) and to pay off the Term Loan balance. The Company’s long-term debt as of September 30, 2019 includes the 5.62% senior notes due March 25, 2020, as the Company has the ability and

intent to refinance such senior notes on a long-term basis using the Revolving Credit Facility or other sources prior to the maturity date.

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- References

No definition available.

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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

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