XML 66 R43.htm IDEA: XBRL DOCUMENT v3.20.2
Short And Long-Term Debt Schedule of Total Indebtedness (Details) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt $ 3,357  
Total Short-Term & Long-Term Debt 3,357 $ 3,445
Secured Debt | Term Loan B    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt 1,039 [1] 1,045
Secured Debt | Term Loan A    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt 690 [2] 714
Secured Debt | 7.625% Senior Secured Second Lien Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt 540 0
Senior Notes | 5.25% Senior Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt 0 548
Senior Notes | 4.875% Senior Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt 405 405
Senior Notes | 9.375% Senior Notes    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Outstanding borrowings, long-term debt 543 543
Line of Credit | Revolving Credit Facility    
Schedule of Long-term and Short-term Debt Instruments [Line Items]    
Line of credit facility outstanding $ 140 [3],[4] $ 190
[1] 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%).
[2] The Term Loan A provides for quarterly amortization payments, based on a percentage of the original principal amount of the Term Loan A, as follows: 0.625% per quarter from June 30, 2018 to March 31, 2020; 1.25% per quarter from June 30, 2020 to March 31, 2021; 1.875% per quarter from June 30, 2021 to March 31, 2022; and 2.50% per quarter for periods ending on or after June 30, 2022, 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 September 30, 2020.
[3] As of September 30, 2020, the $1,425 million Revolving Credit Facility had outstanding borrowings of $140 million, as well as $40 million of outstanding undrawn 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 November 3, 2020, the Company had no outstanding borrowings under the Revolving Credit Facility and $40 million of outstanding undrawn letters of credit.
[4] Interest rates with respect to revolving loans under the Senior Secured Credit Facility at September 30, 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 September 30, 2020.