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Debt (Table)
 12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Revolving credit facilities

The following table summarizes the revolving credit facility as of December 31, 2017:

(Dollars in millions)

 

 

Maximum borrowing capacity

$

300 

Letters of credit outstanding

$

2 

Amount borrowed

$

– 

Amount available for use

$

298 

 
Financial covenants

The revolving credit agreement includes the following financial covenants:

  • Consolidated Interest Coverage Ratio may not be less than 3.00 to 1.00 as of the end of any fiscal quarter.
  • Consolidated Leverage Ratio may not be greater than the ratios indicated as of the end of any fiscal quarter for each period specified below:

 

Period

Ratios

 

 

 

 

 

 

From the agreement date of June 15, 2016 through June 30, 2019

3.25 to 1.00

 

 

 

 

 

 

From July 1, 2019 and thereafter

3.00 to 1.00

 

 
Long-term debt

Long-term debt as of December 31, 2017 and 2016, was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

 

December 31, 2016

 

Issuance

date

 

Maturity

date

 

Call

date (any

time on

or after)

 

 

Principal

Amount

 

 

Less

Unamortized

discount

and debt

issuance

costs

 

 

Total

 

 

Principal

Amount

 

 

Less

Unamortized

discount

and debt

issuance

costs

 

Total

(Dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Senior Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.700%

Dec 2003

and

June 2004

 

Dec

2033

 

Dec 2003

and

June 2004

 

$ 

544 

 

$ 

15 

 

$ 

529 

 

$ 

544 

 

$ 

15 

 

$ 

529 

 

 

 

6.950%

May

2011

 

May

2060

 

May

2016

 

 

342 

 

 

11 

 

 

331 

 

 

342 

 

 

11 

 

 

331 

 

 

 

7.250%

Dec

2014

 

Dec

2063

 

Dec

2019

 

 

275 

 

 

10 

 

 

265 

 

 

275 

 

 

10 

 

 

265 

 

 

 

7.250%

Nov

2015

 

Dec

2064

 

Dec

2020

 

 

300 

 

 

10 

 

 

290 

 

 

300 

 

 

10 

 

 

290 

 

 

Term Loan

Jul

2015

 

Jan

2022

 

 

 

 

203 

 

 

2 

 

 

201 

 

 

214 

 

 

2 

 

 

212 

 

Capital lease obligations

 

 

 

 

4 

 

 

– 

 

 

4 

 

 

2 

 

 

– 

 

 

2 

 

Installment payment agreement

 

 

21 

 

 

1 

 

 

20 

 

 

– 

 

 

– 

 

 

– 

Total long-term debt

 

 

 

 

 

$ 

1,689 

 

$ 

49 

 

$ 

1,640 

 

$ 

1,677 

 

$ 

48 

 

$ 

1,629 

 

Long-term debt, current

 

 

 

 

 

 

 

 

 

$ 

18 

 

 

 

 

 

 

 

$ 

11 

 

Long-term debt, noncurrent

 

 

 

 

 

 

 

 

 

$ 

1,622 

 

 

 

 

 

 

 

$ 

1,618