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Debt

9 Months Ended

Sep. 30, 2020

Debt

Debt

7. Debt

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As of September 30, 2020 and December 31, 2019, the Company’s total debt consisted of the following:

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​	​	​	​	​	​	​	​
​	​	As of		​	As of		​
(in millions)	​	September 30, 2020		​	December 31, 2019		​
2.900% senior notes due June 1, 2030	​	$	594	​	$	—	​
3.200% senior notes due October 1, 2026	​	​	497	​	​	497	​
3.900% senior notes due June 1, 2050	​	​	390	​	​	—	​
6.625% senior notes due April 15, 2037	​	​	253	​	​	253	​
4.625% senior notes due November 1, 2020	​	​	—	​	​	400	​
5.62% senior notes due March 25, 2020	​	​	—	​	​	200	​
Term loan credit agreement due April 12, 2021	​	​	380	​	​	405	​
Revolving credit facility	​	​	—	​	​	10	​
Other long-term borrowings	​	​	1	​	​	—	​
Fair value adjustment related to hedged fixed rate debt instruments	​	​	—	​	​	1	​
Long-term debt	​	​	2,115	​	​	1,766	​
Short-term borrowings	​	​	62	​	​	82	​
Total debt	​	$	2,177	​	$	1,848	​

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During the three months ended March 31, 2020, the Company used proceeds from the revolving credit facility (“Revolving Credit Facility”) to refinance $200 million of its 5.62% senior notes due March 25, 2020.

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During the three months ended June 30, 2020, the Company sold its (i) 2.900% senior notes due 2030 in the principal amount of $600 million (the “2030 Notes”) and (ii) 3.900% senior notes due 2050 in the principal amount of $400 million (the “2050 Notes” and, together with the “2030 Notes,” the “Notes”).  The Company recorded the aggregate discount of approximately $7 million at which the Notes were issued and capitalized debt issuance costs of approximately $9 million associated with the Notes.

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During the three months ended June 30, 2020, the Company applied the net proceeds from the sale of the Notes to pay in full the outstanding balance of $394 million under the Revolving Credit Facility and set aside funds to repay its 4.625% senior notes due November 1, 2020 (the “November 2020 Notes”).  On June 8, 2020, the Company issued a notice for the redemption in full of all $400 million principal amount of the November 2020 Notes.  The November 2020 Notes

were redeemed on July 9, 2020 for a total redemption price of $409 million, including $4 million of accrued interest and a  $5 million “make-whole” premium as set forth in the indenture.

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The Company’s long-term debt as of September 30, 2020 includes the term loan credit agreement due April 12, 2021, as the Company has the ability and intent to refinance it on a long-term basis using the Revolving Credit Facility or other means 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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