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Fair Value Indebtedness Table (Details) - USD ($)
$ in Millions
Dec. 31, 2018
Feb. 28, 2018
Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term Debt, Gross [1] $ 3,806    
Securitization obligations 231   $ 194
Secured Debt | Term Loan B      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term Debt, Gross 1,069 [2] $ 1,080 1,083
Fair value of long-term debt [3] 1,010   1,085
Secured Debt | Term Loan A      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term Debt, Gross 736 [4] $ 750 391
Fair value of long-term debt [3] 707   393
Secured Debt | Term Loan A-1      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term Debt, Gross 0   342
Fair value of long-term debt [3] 0   343
Senior Notes | 4.50% Senior Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term Debt, Gross 450   450
Fair value of long-term debt [3] 447   457
Senior Notes | 5.25% Senior Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term Debt, Gross 550   550
Fair value of long-term debt [3] 524   569
Senior Notes | 4.875% Senior Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term Debt, Gross 500   500
Fair value of long-term debt [3] 434   495
Line of Credit | Revolving Credit Facility      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Line of credit facility outstanding amount 270 [5],[6]   70
Line of credit facility fair value [3] 270   70
Securitization obligations      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Securitization obligations 231   194
Fair value of securitization obligations [3] $ 231   $ 194
[1] Not included in this table is the Company's Unsecured Letter of Credit Facility which had a capacity of $66 million with $63 million utilized at a weighted average rate of 3.33% at December 31, 2018
[2] The Term Loan B provides for quarterly amortization payments totaling 1% per annum of the original principal amount. The interest rate with respect to term loans under the Term Loan B is based on, at the Company’s option, (a) adjusted LIBOR plus 2.25% (with a LIBOR floor of 0.75%) or (b) ABR plus 1.25% (with an ABR floor of 1.75%).
[3] The fair value of the Company's indebtedness is categorized as Level II.
[4] The Term Loan A provides for quarterly amortization payments, which commenced on June 30, 2018, totaling per annum 2.5%, 2.5%, 5.0%, 7.5% and 10.0% of the original principal amount of the Term Loan A, with the balance of the Term Loan A due at maturity on February 8, 2023. The interest rates with respect to the Term Loan A are based on, at the Company's option, (a) adjusted LIBOR plus an additional margin or (b) ABR plus an additional margin, in each case subject to adjustment based on the then current senior secured leverage ratio. Based on the previous quarter senior secured leverage ratio, the LIBOR margin was 2.25% and the ABR margin was 1.25% for the three months ended December 31, 2018.
[5] As of December 31, 2018, the Company had $1,400 million of borrowing capacity under its Revolving Credit Facility, with $1,130 million of available capacity. The Revolving Credit Facility expires in February 2023 but is classified on the balance sheet as current due to the revolving nature and terms and conditions of the facility. On February 15, 2019, the Company redeemed all of its outstanding $450 million 4.50% Senior Notes due in April 2019. The Company utilized borrowings under its Revolving Credit Facility to redeem the 4.50% Senior Notes and plans to refinance on a long-term basis all or a portion of the funds used to redeem the 4.50% Senior Notes, subject to market conditions. On February 22, 2019, the Company had $880 million in outstanding borrowings under the Revolving Credit Facility, leaving $520 million of available capacity.
[6] Interest rates with respect to revolving loans under the Senior Secured Credit Facility at December 31, 2018 were based on, at the Company's option, (a) adjusted London Interbank Offering Rate ("LIBOR") plus an additional margin or (b) JP Morgan Chase Bank, N.A.'s prime rate ("ABR") plus an additional margin, in each case subject to adjustment based on the then current senior secured leverage ratio. Based on the previous quarter senior secured leverage ratio, the LIBOR margin was 2.25% and the ABR margin was 1.25% for the three months ended December 31, 2018.