XML 80 R39.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Debt (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of debt instruments
Debt, net of unamortized original issue premiums and unamortized debt issuance costs, consists of the following:
 
 
December 31, 
 
2019
 
2018
Accounts receivable securitization facility expiring 2020 (1)
$
929

 
$
850

$3.75 billion ABL facility expiring 2024 (1)
1,638

 
1,685

Term loan facility expiring 2025 (1)
979

 
988

4 5/8 percent Senior Secured Notes due 2023 (2)
—

 
994

5 3/4 percent Senior Notes due 2024 (3)
—

 
842

5 1/2 percent Senior Notes due 2025
795

 
794

4 5/8 percent Senior Notes due 2025
742

 
741

5 7/8 percent Senior Notes due 2026
999

 
999

6 1/2 percent Senior Notes due 2026
1,089

 
1,087

5 1/2 percent Senior Notes due 2027
992

 
991

3 7/8 percent Senior Secured Notes due 2027 (4)
741

 
—

4 7/8 percent Senior Notes due 2028 (5)
1,652

 
1,650

4 7/8 percent Senior Notes due 2028 (5)
4

 
4

5 1/4 percent Senior Notes due 2030 (6)
741

 
—

Finance leases (7)
127

 
—

Capital leases (7)
—

 
122

Total debt
11,428

 
11,747

Less short-term portion
(997
)
 
(903
)
Total long-term debt
$
10,431

 
$
10,844

 
(1)    The table below presents financial information associated with our variable rate indebtedness as of and for the year ended December 31, 2019. We have borrowed the full available amount under the term loan facility. The principal obligation under the term loan facility is required to be repaid in quarterly installments in an aggregate amount equal to 1.0 percent per annum, with the balance due at the maturity of the facility. The average amount of debt outstanding under the term loan facility decreases slightly each quarter due to the requirement to repay a portion of the principal obligation.
 
ABL facility
 
Accounts receivable securitization facility
 
Term loan facility
Borrowing capacity, net of letters of credit
$
2,045

 
$
46

 
$
—

Letters of credit
56

 
 
 
 
Interest rate at December 31, 2019
3.1
%
 
2.6
%
 
3.5
%
Average month-end debt outstanding
1,601

 
915

 
993

Weighted-average interest rate on average debt outstanding
3.7
%
 
3.1
%
 
4.0
%
Maximum month-end debt outstanding
1,727

 
967

 
998

(2)
In November 2019, URNA redeemed all of its 4 5/8 percent Senior Secured Notes. Upon redemption, we recognized a loss of $29 in interest expense, net. The loss represented the difference between the net carrying amount and the total purchase price of the redeemed notes.
(3)
In May 2019, URNA redeemed all of its 5 3/4 percent Senior Notes. Upon redemption, we recognized a loss of $32 in interest expense, net. The loss represented the difference between the net carrying amount and the total purchase price of the redeemed notes.
(4)
In November 2019, URNA issued $750 aggregate principal amount of 3 7/8 percent Senior Secured Notes due 2027. The proceeds were primarily used to partially finance the redemption of 4 5/8 percent Senior Secured Notes discussed above. See below for additional detail on the issued debt.
(5)
URNA separately issued 4 7/8 percent Senior Notes in August 2017 and in September 2017. Following the issuances, we consummated an exchange offer pursuant to which most of the 4 7/8 percent Senior Notes issued in September 2017 were exchanged for additional notes fungible with the 4 7/8 percent Senior Notes issued in August 2017.
(6)
In May 2019, URNA issued $750 aggregate principal amount of 5 1/4 percent Senior Notes due 2030. The proceeds were primarily used to partially finance the redemption of 5 3/4 percent Senior Notes discussed above. See below for additional detail on the issued debt.
(7)
As discussed in note 13 to the consolidated financial statements, we adopted an updated lease accounting standard on January 1, 2019. Upon adoption of the new standard, the leases that were previously classified as capital leases through December 31, 2018 were classified as finance leases. There were no significant changes to the accounting upon this change in classification.
Schedule of the maturities of debt
Debt maturities (exclusive of any unamortized original issue premiums and unamortized debt issuance costs) for each of the next five years and thereafter at December 31, 2019 are as follows:  
2020
$
997

2021
40

2022
32

2023
21

2024
1,661

Thereafter
8,765

Total
$
11,516