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Short and Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Total Indebtedness
Total indebtedness is as follows:
 December 31,
 20192018
Senior Secured Credit Facility:
Revolving Credit Facility
$190  $270  
Term Loan B
1,045  1,053  
Term Loan A Facility:
Term Loan A
714  732  
4.50% Senior Notes—  449  
5.25% Senior Notes548  547  
4.875% Senior Notes405  497  
9.375% Senior Notes543  —  
Total Short-Term & Long-Term Debt $3,445  $3,548  
Schedule of Debt
As of December 31, 2019, the Company’s borrowing arrangements were as follows:
Interest
Rate		Expiration
Date		Principal AmountUnamortized Discount and Debt Issuance CostsNet Amount
Senior Secured Credit Facility:
Revolving Credit Facility (1)
(2) February 2023$190  $ *  $190  
Term Loan B(3) February 20251,058  13  1,045  
Term Loan A Facility:
Term Loan A(4) February 2023717  3  714  
Senior Notes5.25%  December 2021550  2  548  
Senior Notes4.875%  June 2023407  2  405  
Senior Notes9.375%  April 2027550  7  543  
Total$3,472  $27  $3,445  
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* The debt issuance costs related to our Revolving Credit Facility are classified as a deferred financing asset within other assets.
(1)As of December 31, 2019, the $1,425 million Revolving Credit Facility had outstanding borrowings of $190 million, as well as $57 million of outstanding letters of credit. 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 21, 2020, the Company had $310 million in outstanding borrowings under the Revolving Credit Facility and $57 million of outstanding letters of credit.
(2)Interest rates with respect to revolving loans under the Senior Secured Credit Facility at December 31, 2019 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's senior secured leverage ratio, the LIBOR margin was 2.25% and the ABR margin was 1.25% for the three months ended December 31, 2019.
(3)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%).
(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's senior secured leverage ratio, the LIBOR margin was 2.25% and the ABR margin was 1.25% for the three months ended December 31, 2019.
Schedule of Maturities of Long-term Debt
As of December 31, 2019, the combined aggregate amount of maturities for long-term borrowings for each of the next five years is as follows:
YearAmount  
2020 (a)$234  
2021612  
202281  
2023981  
202411  
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(a)The current portion of long term debt consists of four quarters of 2020 amortization payments totaling $33 million and $11 million for the Term Loan A and Term Loan B facilities, respectively, as well as $190 million of revolver borrowings under the Revolving Credit Facility which 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.
Interest Rate Table for Revolving Credit Facility
Senior Secured Leverage RatioApplicable LIBOR MarginApplicable ABR Margin
Greater than 3.50 to 1.002.50%  1.50%  
Less than or equal to 3.50 to 1.00 but greater than or equal to 2.50 to 1.00
2.25%  1.25%  
Less than 2.50 to 1.00 but greater than or equal to 2.00 to 1.00 2.00%  1.00%  
Less than 2.00 to 1.001.75%  0.75%  
Interest Rate Table for Term Loan A
Senior Secured Leverage RatioApplicable LIBOR MarginApplicable ABR Margin
Greater than 3.50 to 1.002.50%  1.50%  
Less than or equal to 3.50 to 1.00 but greater than or equal to 2.50 to 1.00
2.25%  1.25%  
Less than 2.50 to 1.00 but greater than or equal to 2.00 to 1.002.00%  1.00%  
Less than 2.00 to 1.001.75%  0.75%