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Short And Long-Term Debt (Tables)
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Total Indebtedness
Total indebtedness is as follows:
 March 31, 2020December 31, 2019
Senior Secured Credit Facility:
Revolving Credit Facility
$755  $190  
Term Loan B
1,043  1,045  
Term Loan A Facility:
Term Loan A
709  714  
5.25% Senior Notes548  548  
4.875% Senior Notes405  405  
9.375% Senior Notes543  543  
Total Short-Term & Long-Term Debt$4,003  $3,445  
Schedule of Debt
As of March 31, 2020, 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$755  $ *  $755  
Term Loan B(3)February 20251,056  13  1,043  
Term Loan A Facility:
Term Loan A(4)February 2023712  3  709  
Senior Notes5.25%December 2021550  2  548  
Senior Notes4.875%June 2023407  2  405  
Senior Notes9.375%April 2027550  7  543  
Total$4,030  $27  $4,003  
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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)In response to the rapidly evolving COVID-19 pandemic, the Company borrowed an additional $400 million under the Revolving Credit Facility in March 2020 as a proactive measure intended to increase liquidity to support our operations and supplement available cash on hand. As of March 31, 2020, the $1,425 million Revolving Credit Facility had outstanding borrowings of $755 million, as well as $56 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 May 5, 2020, the
Company had $815 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 March 31, 2020 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 March 31, 2020.
(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 March 31, 2020.
Schedule of Maturities of Long-term Debt
YearAmount
Remaining 2020 (a)$791  
2021612  
202281  
2023981  
202411  
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(a)Remaining 2020 includes amortization payments totaling $28 million and $8 million for the Term Loan A and Term Loan B facilities, respectively, as well as $755 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. The current portion of long-term debt of $803 million shown on the condensed consolidated balance sheet consists of four quarters of amortization payments totaling $37 million and $11 million for the Term Loan A and Term Loan B facilities, respectively, and $755 million of revolver borrowings under the Revolving Credit 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 1.00
2.00%1.00%
Less than 2.00 to 1.00 1.75%0.75%