v3.20.4

Debt | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Debt | Debt Long-term debt The following table summarizes the outstanding long-term debt as of December 31, 2020 and 2019:
| 2020 |  | 2019
| Maturities |  | Amount |  | Effective rate |  | Amount |  | Effective rate
Fixed-rate 4.125% senior unsecured notes | Jun, 2021 |  | — |  |  | 4.125 |  |  | 1,350 |  |  | 4.125 |
Fixed-rate 4.625% senior unsecured notes | Jun, 2022 |  | — |  |  | 4.625 |  |  | 400 |  |  | 4.625 |
Fixed-rate 3.875% senior unsecured notes | Sep, 2022 |  | 1,000 |  |  | 3.875 |  |  | 1,000 |  |  | 3.875 |
Fixed-rate 4.625% senior unsecured notes | Jun, 2023 |  | 900 |  |  | 4.625 |  |  | 900 |  |  | 4.625 |
Fixed-rate 4.875% senior unsecured notes | Mar, 2024 |  | 1,000 |  |  | 4.875 |  |  | 1,000 |  |  | 4.875 |
Fixed-rate 2.7% senior unsecured notes | May, 2025 |  | 500 |  |  | 2.700 |  |  | — |  |  | — |
Fixed-rate 5.35% senior unsecured notes | Mar, 2026 |  | 500 |  |  | 5.350 |  |  | 500 |  |  | 5.350 |
Fixed-rate 3.875% senior unsecured notes | Jun, 2026 |  | 750 |  |  | 3.875 |  |  | 750 |  |  | 3.875 |
Fixed-rate 3.15% senior unsecured notes | May, 2027 |  | 500 |  |  | 3.150 |  |  | — |  |  | — |
Fixed-rate 5.55% senior unsecured notes | Dec, 2028 |  | 500 |  |  | 5.550 |  |  | 500 |  |  | 5.550 |
Fixed-rate 4.3% senior unsecured notes | Jun, 2029 |  | 1,000 |  |  | 4.300 |  |  | 1,000 |  |  | 4.300 |
Fixed-rate 3.4% senior unsecured notes | May, 2030 |  | 1,000 |  |  | 3.400 |  |  | — |  |  | — |
Floating-rate revolving credit facility (RCF) | Jun, 2024 |  | — |  |  | — |  |  | — |  |  | — |
Total principal |  |  | 7,650 |  |  |  |  | 7,400 |  |  |
Unamortized discounts, premiums and debt issuance costs |  |  | (41) |  |  |  |  | (35) |  |  |
Total debt, including unamortized discounts, premiums, debt issuance costs and fair value adjustments |  |  | 7,609 |  |  |  |  | 7,365 |  |  |
Current portion of long-term debt |  |  | — |  |  |  |  | — |  |  |
Long-term debt |  |  | 7,609 |  |  |  |  | 7,365 |  |  |
| Range of interest rates |  | Average rate of interest |  | Principal amount outstanding 2020 |  | Due in 2021 |  | Due after 2021 |  | Due after 2025 |  | Average remaining term (in years) |  | Principal amount outstanding 2019
USD notes | 2.7%-5.6% |  | 4.2 | % |  | 7,650 |  |  | — |  |  | 7,650 |  |  | 4,250 |  |  | 5.3 |  | 7,400 |
Revolving Credit Facility (1) | — | % |  | — | % |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Bank borrowings | — | % |  | — | % |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  |  | 4.2 | % |  | 7,650 |  |  | — |  |  | 7,650 |  |  | 4,250 |  |  | 5.3 |  | 7,400 |
(1)We do not have any borrowings under the $1,500 million Revolving Credit Facility as of December 31, 2020 and 2019. As of December 31, 2020, the following principal amounts of long-term debt are due in the next 5 years:
2021 | — |
2022 | 1,000 |
2023 | 900 |
2024 | 1,000 |
2025 | 500 |
Due after 5 years | 4,250 |
| 7,650 |
As of December 31, 2020, the book value of our outstanding long-term debt was $7,650 million, less debt issuance costs of $33 million and original issuance/debt discount of $8 million. As of December 31, 2020, we had no aggregate principal amount of variable interest rate indebtedness under our loan agreements. The remaining tenor of unsecured debt is on average 5.3 years. Accrued interest as of December 31, 2020 is $57 million (December 31, 2019: $52 million). 2020 Financing Activities 2025, 2027 and 2030 Senior Unsecured Notes On May 1, 2020, NXP B.V., together with NXP USA Inc. and NXP Funding LLC, issued $500 million of 2.7% Senior Unsecured Notes due 2025, $500 million of 3.15% Senior Unsecured Notes due 2027 and $1 billion of 3.4% Senior Unsecured Notes due 2030. NXP used the net proceeds of the offering of these notes to repay in full on September 28, 2020, the $1,350 million aggregate principal amount of outstanding 4.125% Senior Notes due 2021 and the $400 million aggregate principal amount of outstanding 4.625% Senior Notes due 2022. Certain terms and Covenants of the notes The Company is not required to make mandatory redemption payments or sinking fund payments with respect to the notes. The indentures governing the notes contain covenants that, among other things, limit the Company’s ability and that of restricted subsidiaries to incur additional indebtedness, create liens, pay dividends, redeem capital stock or make certain other restricted payments or investments; enter into agreements that restrict dividends from restricted subsidiaries; sell assets, including capital stock of restricted subsidiaries; engage in transactions with affiliates; and effect a consolidation or merger. The Company has been in compliance with any such indentures and financing covenants. No portion of long-term and short-term debt as of December 31, 2020 and December 31, 2019 has been secured by collateral on substantially all of the Company’s assets and of certain of its subsidiaries. We are in compliance with all covenants under our debt agreements as of December 31, 2020. 2019 Cash Convertible Senior Notes In November 2014, NXP issued $1,150 million principal amount of its 2019 Cash Convertible Senior Notes (the “Notes”). The Cash Convertible Notes matured on December 1, 2019. All of the holders elected to convert their Cash Convertible Notes for settlement on December 2, 2019, and none of the Cash Convertible Notes were repurchased or converted into cash prior to such date. On December 2, 2019, we repaid the $1,150 million aggregate principal amount of the Cash Convertible Notes using available cash. In separate transactions, NXP also sold warrants to various parties for the purchase of up to 11.18 million shares of NXP’s common stock at an initial strike price of $133.32 per share in a private placement pursuant to Section 4(2) of the Securities Act of 1933, as amended, or the Securities Act. The warrants expired on various dates ranging from March 2, 2020 to May 26, 2020. During the full period the NXP share price was below the conversion price of the warrants, and as such, none of the warrants have been converted. The Warrants are included in diluted earnings per share to the extent the impact is dilutive. As of December 31, 2020, the Warrants were not dilutive.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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