XML 78 R17.htm IDEA: XBRL DOCUMENT
v3.20.1

Long-term Debt and Borrowing Arrangements | 3 Months Ended
--- | ---
Mar. 31, 2020
Debt Disclosure [Abstract] |
Long-term Debt and Borrowing Arrangements | Long-term Corporate Debt and Borrowing Arrangements Long-term corporate debt and borrowing arrangements consisted of:
|  |  | As of |  | As of
| Maturity Date |  | March 31, |  | December 31,
|  | 2020 |  | 2019
5½% Senior Notes (a) | April 2023 |  | $ | 200 |  |  | $ | 200 |
6⅜% Senior Notes | April 2024 |  | 350 |  |  | 350 |
4⅛% euro-denominated Senior Notes | November 2024 |  | 331 |  |  | 336 |
5¼% Senior Notes | March 2025 |  | 375 |  |  | 375 |
4½% euro-denominated Senior Notes | May 2025 |  | 276 |  |  | 280 |
4¾% euro-denominated Senior Notes | January 2026 |  | 386 |  |  | 393 |
5¾% Senior Notes | July 2027 |  | 400 |  |  | 400 |
Floating Rate Term Loan (b) | August 2027 |  | 1,207 |  |  | 1,112 |
Other (c) |  |  | 26 |  |  | 28 |
Deferred financing fees |  |  | (37 | ) |  | (39 | )
Total |  |  | 3,514 |  |  | 3,435 |
Less: Short-term debt and current portion of long-term debt |  |  | 118 |  |  | 19 |
Long-term debt |  |  | $ | 3,396 |  |  | $ | 3,416 |
__________
(a) | A portion of these notes have been called for early redemption.
(b) | The floating rate term loan is part of the Company’s senior revolving credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. As of March 31, 2020, the floating rate term loan due 2027 bears interest at one-month LIBOR plus 175 basis points, for an aggregate rate of 2.74%. The Company has entered into a swap to hedge $700 million of its interest rate exposure related to the floating rate term loan at an aggregate rate of 3.42%.
(c) | Primarily includes finance leases which are secured by liens on the related assets.
In February 2020, the Company amended its Floating Rate Term Loan due 2025 to extend its maturity term to 2027 and reduce its interest to one-month LIBOR plus 1.75%. The Company increased the outstanding borrowing principal amount of the Floating Rate Term Loan to $1.2 billion and on April 1, 2020 used the additional loan amount to redeem $100 million of its outstanding 5½% Senior Notes due 2023. Committed Credit Facilities and Available Funding Arrangements At March 31, 2020, the committed corporate credit facilities available to the Company and/or its subsidiaries were as follows:
| Total Capacity |  | Outstanding Borrowings |  | Letters of Credit Issued |  | Available Capacity
Senior revolving credit facility maturing 2023 (a) | $ | 1,800 |  |  | $ | — |  |  | $ | 1,210 |  |  | $ | 590 |
__________
(a) | The senior revolving credit facility bears interest at one-month LIBOR plus 200 basis points and is part of the Company’s senior credit facilities, which include the floating rate term loan and the senior revolving credit facility, and which are secured by pledges
of capital stock of certain subsidiaries of the Company, liens on substantially all of the Company’s intellectual property and certain other real and personal property. Debt Covenants The agreements governing the Company’s indebtedness contain restrictive covenants, including restrictions on dividends paid to the Company by certain of its subsidiaries, the incurrence of additional indebtedness by the Company and certain of its subsidiaries, acquisitions, mergers, liquidations, and sale and leaseback transactions. The Company’s senior credit facilities also contain a consolidated first lien leverage ratio requirement. As of March 31, 2020, the Company was in compliance with the financial covenants governing its indebtedness.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + 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
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration