LINES OF CREDIT

12 Months Ended

Dec. 31, 2019

Short Term Debt Other Disclosures [Abstract]

LINES OF CREDIT

NOTE 11: LINE OF CREDIT

OUR LINE OF CREDIT

In March 2017, we entered into a $1.5 billion five-year senior unsecured revolving credit facility that expires in March 2022. Borrowings are at LIBOR plus a spread or at other interest rates mutually agreed upon between the borrower and the lending banks. As of December 31, 2019, we had $230 million of outstanding borrowings on the revolving credit facility and had an additional $1270 million available. As of December 31, 2018, we had $425 million of outstanding borrowings on the revolving credit facility. We were in compliance with the revolving credit facility covenants as of December 31, 2019 and December 31, 2018.

In January 2020, we amended and restated our $1.5 billion five-year senior unsecured revolving credit facility, which now expires in January 2025. Borrowings are at LIBOR plus a spread or at other interest rates mutually agreed upon between the borrower and the lending banks.

LETTERS OF CREDIT AND SURETY BONDS

The amounts of letters of credit and surety bonds we have entered into as of the end of the last two years are included in the following table:

DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2019		DECEMBER 31, 2018
Letters of credit	$	35	$	38
Surety bonds	$	127	$	123

Our compensating balance requirements for our letters of credit were $3 million and $6 million as of December 31, 2019 and December 31, 2018, respectively.