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Debt (Table)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Revolving credit facilities

The following table summarizes the revolving credit agreement as of December 31, 2018:

(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 May 10, 2018 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, 2018 and 2017, was as follows:

				December 31, 2018												December 31, 2017
	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			$	14			$	530			$	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		191				1				190				203				2				201
Capital lease obligations				5				—				5				4				—				4
Installment payment agreement				14				1				13				21				1				20
Total long-term debt				$	1,671			$	47			$	1,624			$	1,689			$	49			$	1,640
Long-term debt, current												$	19											$	18
Long-term debt, noncurrent												$	1,605											$	1,622

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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