Debt (Tables)

12 Months Ended

Dec. 31, 2019

As of December 31, the applicable terms of the Term Loan Credit Agreement, as amended, were as follows:



(In millions)	2019			2018
Commitment:
Facility	$	1,503		$	1,503
Incremental loans	500			N/A
Interest rate:
Facility
Base rate loans	1.00		%	1.00		%
LIBOR loans	2.00		%	2.00		%
Incremental loans
Base rate loans	1.50		%	N/A
LIBOR loans	2.50		%	N/A
Maturity date	February 23, 2025			February 23, 2025



	December 31, 2019				December 31, 2018

(In millions)	Principal Balance		Carrying Value		Principal Balance		Carrying Value
ABL facility	$	—	$	—	$	—	$	—
Term loan facility	2,003		1,969		1,503		1,474
6.125% Senior Notes due 2023	535		530		535		529
6.50% Senior Notes due 2022	1,200		1,192		1,200		1,190
6.70% Senior Debentures due 2034	300		208		300		205
6.75% Senior notes due 2024	1,000		987		—		—
Trade securitization program	—		—		283		281
Unsecured credit facility	—		—		250		246
Finance leases, asset financing and other	380		380		344		344
Total debt	5,418		5,266		4,415		4,269
Short-term borrowings and current maturities of long-term debt	84		84		371		367
Long-term debt	$	5,334	$	5,182	$	4,044	$	3,902

Schedule of Fair Value of Debt

The fair value hierarchy of cash equivalents was as follows:



	As of December 31, 2019
(In millions)	Carrying Value		Fair Value		Level 1		Level 2
Cash equivalents	$	144	$	144	$	127	$	17

	As of December 31, 2018
(In millions)	Carrying Value		Fair Value		Level 1		Level 2
Cash equivalents	$	237	$	237	$	236	$	1

The fair value of our debt and classification in the fair value hierarchy was as follows:



(In millions)	Fair Value		Level 1		Level 2
December 31, 2019	$	5,580	$	3,190	$	2,390
December 31, 2018	4,305		2,020		2,285

Schedule of Maturities of Long-term Debt

principal payment obligations on debt (excluding finance leases) for the next five years and thereafter was as follows:



(In millions)	2020		2021		2022		2023		2024		Thereafter
Principal payments on debt	$	26	$	3	$	1,201	$	536	$	1,001	$	2,305

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details