Debt

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Debt

In 2018, we completed a debt refinancing in which we entered into a credit agreement with a commercial bank syndicate (the "Credit Agreement") providing for a $750 million unsecured term loan (the "Term Loan") and a $1,750 million unsecured revolving credit facility, which are due to mature in November 2023. We are required under the Credit Agreement to make scheduled quarterly principal payments on the Term Loan beginning in December 2019. The Credit Agreement contains customary affirmative and negative covenants as well as a financial covenant. We were in compliance with all debt covenants and representations as of March 31, 2019.

Short-term Debt

As of March 31, 2019 and December 31, 2018, we had $19 million and $9 million, respectively, of short-term debt related to current maturities for our Term Loan. As of March 31, 2019, we had no notes outstanding under the revolving credit facility.

Long-term Debt

The following summarizes our long-term debt balances as of:

	March 31, 2019			December 31, 2018
	(in millions)
Term loan	$	750		$	750
Less:
Current maturities	(19		)	(9		)
Deferred financing costs	(4		)	(5		)
Long-term debt, net of current maturities	$	727		$	736