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Long-term Corporate Debt and Borrowing Arrangements | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Long-term Corporate 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 |  | September 30, |  | December 31,
|  | 2021 |  | 2020
6.375% Senior Notes | April 2024 |  | $ | — |  |  | $ | 350 |
4.125% euro-denominated Senior Notes | November 2024 |  | 347 |  |  | 366 |
5.250% Senior Notes | March 2025 |  | — |  |  | 375 |
4.500% euro-denominated Senior Notes | May 2025 |  | 289 |  |  | 305 |
10.500% Senior Secured Notes | May 2025 |  | — |  |  | 487 |
4.750% euro-denominated Senior Notes | January 2026 |  | 405 |  |  | 428 |
5.750% Senior Notes | July 2027 |  | 727 |  |  | 724 |
4.750% Senior Notes | April 2028 |  | 500 |  |  | — |
5.375% Senior Notes | March 2029 |  | 600 |  |  | — |
Floating Rate Term Loan (a) | August 2027 |  | 1,190 |  |  | 1,199 |
Other (b) |  |  | 20 |  |  | 24 |
Deferred financing fees |  |  | (51) |  |  | (48) |
Total |  |  | 4,027 |  |  | 4,210 |
Less: Short-term debt and current portion of long-term debt |  |  | 18 |  |  | 19 |
Long-term debt |  |  | $ | 4,009 |  |  | $ | 4,191 |
__________ (a)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 September 30, 2021, the floating rate term loan due 2027 bears interest at one-month LIBOR plus 175 basis points, for an aggregate rate of 1.84%. 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 4.75%. (b)Primarily includes finance leases which are secured by liens on the related assets. In March 2021, the Company issued $600 million of 5.375% Senior Notes due March 2029, at par, with interest paid semiannually. Net proceeds, together with cash on hand, were used to redeem all of the outstanding 10.500% Senior Secured Notes due 2025 for $599 million plus accrued interest. In March 2021, the Company issued $500 million of 4.750% Senior Notes due April 2028, at par, with interest paid semiannually. Net proceeds, together with cash on hand, were used to redeem all of the outstanding 6.375% Senior Notes due 2024 for $356 million plus accrued interest and a portion of its outstanding 5.250% Senior Notes due 2025 for $142 million plus accrued interest. The 5.375% and 4.750% Senior Notes are guaranteed on a senior unsecured basis by the Company and certain of the Company’s subsidiaries. In September 2021, the Company redeemed its 5.250% Senior Notes due March 2025 with an aggregate outstanding balance of $235 million for $239 million plus accrued interest. Committed Credit Facilities and Available Funding Arrangements As of September 30, 2021, 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 2026 (a) | $ | 1,950 |  |  | $ | — |  |  | $ | 1,560 |  |  | $ | 390 |
__________ (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. In July 2021, the Company amended the credit agreement to increase the revolving credit facility to $1.95 billion and extend the maturity of the facility to 2026. 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 facility also contains a maximum leverage ratio requirement (See Note 1 – Basis of Presentation – Liquidity and Management’s Plans). As of September 30, 2021, the Company was in compliance with the financial covenants governing its indebtedness.

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- 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
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