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Debt | 3 Months Ended
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Mar. 31, 2020
Debt |
Debt | 7. Debt ​ As of March 31, 2020 and December 31, 2019, the Company’s total debt consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of | ​ | As of | ​
(in millions) | ​ | March 31, 2020 | ​ | December 31, 2019 | ​
3.2% senior notes due October 1, 2026 | ​ | $ | 497 | ​ | $ | 497 | ​
4.625% senior notes due November 1, 2020 | ​ | ​ | 400 | ​ | ​ | 400 | ​
6.625% senior notes due April 15, 2037 | ​ | ​ | 253 | ​ | ​ | 253 | ​
5.62% senior notes due March 25, 2020 | ​ | ​ | — | ​ | ​ | 200 | ​
Term loan credit agreement due April 12, 2021 | ​ | ​ | 405 | ​ | ​ | 405 | ​
Revolving credit facility | ​ | ​ | 312 | ​ | ​ | 10 | ​
Fair value adjustment related to hedged fixed rate debt instruments | ​ | ​ | 4 | ​ | ​ | 1 | ​
Long-term debt | ​ | ​ | 1,871 | ​ | ​ | 1,766 | ​
Short-term borrowings | ​ | ​ | 77 | ​ | ​ | 82 | ​
Total debt | ​ | $ | 1,948 | ​ | $ | 1,848 | ​
​ During the first quarter of 2020, the Company used proceeds from the revolving credit facility (“Revolving Credit Facility”) to refinance $200 million of 5.62% senior notes due March 25, 2020. The Company’s long-term debt as of March 31, 2020 includes the 4.625% senior notes due November 1, 2020, as the Company has the ability and intent to refinance the senior notes on a long-term basis using the Revolving Credit Facility or other sources prior to the maturity date.

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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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