Debt

3 Months Ended

Mar. 31, 2020

Revolving Credit Facility

As of March 31, 2020, we had no borrowings against our $3.0 billion Credit Facility, as described below.

The Credit Facility includes a covenant requiring our total debt to total capitalization ratio not to exceed 65% as of the last day of each fiscal quarter. In the event of a default, the lenders holding more than half of the commitments may terminate the commitments under the Credit Facility and require the immediate repayment of all outstanding borrowings and the cash collateralization of all outstanding letters of credit under the Credit Facility. As of March 31, 2020, we were in compliance with this covenant with a ratio of 32%.

Long-term debt

At March 31, 2020, we had $5.5 billion of total debt outstanding, with our next significant debt maturity in the amount of $1.0 billion due November 2022.