CONSOLIDATED DEBT (Tables)

12 Months Ended

Dec. 31, 2019

Consolidated debt is as follows (in millions):



	Average Rate⁽¹⁾		December 31, 2019			December 31, 2018
LONG-TERM DEBT:
Revolving credit facility	4.17	%	$	183		$	212
Term loan, net due 2023	4.26	%	384			394
Credit Facilities Sub-total			$	567		$	606
Senior Notes			1,200			1,200
Less: deferred financing costs related to senior notes			(14		)	(16		)
Senior Notes Sub-total			$	1,186		$	1,184
Tax-exempt bonds			$	544		$	494
Less: deferred financing costs related to tax-exempt bonds			(5		)	(6		)
Tax-Exempt Bonds Sub-total			$	539		$	488
Equipment financing arrangements due 2020 through 2031			85			59
Finance Leases ⁽²⁾			6			5
Total long-term debt			$	2,383		$	2,342
Less: current portion			(17		)	(15		)
Noncurrent long-term debt			$	2,366		$	2,327
PROJECT DEBT:
Project debt related to service fee structures			$	47		$	58
Union County EfW facility finance lease (tip fee structure)			84			89
Project debt related to tip fee structures			—			3
Unamortized debt premium, net			2			3
Less: deferred financing costs			—			(1		)
Total project debt			$	133		$	152
Less: Current portion			(8		)	(19		)
Noncurrent project debt			$	125		$	133
TOTAL CONSOLIDATED DEBT			$	2,516		$	2,494
Less: Current debt			(25		)	(34		)
TOTAL NONCURRENT CONSOLIDATED DEBT			$	2,491		$	2,460


(1)	During the year ended December 31, 2019 we entered into pay-fixed, receive-variable swap agreements on $150 million notional amount of our variable rate debt under the Credit Facilities. See Note 13. Derivative Instruments for further information.

(2)

Excludes Union County EfW facility finance lease which is presented within project debt in our consolidated balance sheets.

Available Credit for Liquidity

As of December 31, 2019, we had unutilized capacity under the Revolving Credit Facility as follows (in millions):



	Total Facility Commitment		Expiring	Direct Borrowings		Outstanding Letters of Credit		Unutilized Capacity
Revolving Credit Facility	$	900	2023	$	183	$	228	$	489

Schedule of Tax Exempt Bonds [Table Text Block]

Our Tax-Exempt Bonds are summarized in the table below:



Series	Maturity	Coupon	December 31, 2019		December 31, 2018
Pennsylvania Series 2019A	2039	3.250%	$	50	$	—
New Hampshire Series 2018A	2027	4.000%	20		20
New Hampshire Series 2018B	2042	4.625%	67		67
New Hampshire Series 2018C	2042	4.875%	82		82
New York Series 2018A	2042	4.750%	130		130
New York Series 2018B	2024	3.500%	35		35
Virginia Series 2018A-1	2038	5.000%	30		30
New Jersey Series 2015A	2045	5.250%	90		90
Pennsylvania Series 2015A	2043	5.000%	40		40
			$	544	$	494

Schedule of Capitalized Costs of Unproved Properties Excluded from Amortization [Table Text Block]

Total interest expense capitalized was as follows (in millions):



	Year Ended December 31,
	2019		2018		2017
Capitalized interest	$	—	$	—	$	17

Contractual Obligation, Fiscal Year Maturity

The outstanding borrowings under the equipment financing arrangements were $85 million as of December 31, 2019, and have mandatory payments remaining as follows (in millions):



	2020		2021		2022		2023		2024		Thereafter
Future minimum payments	$	7	$	7	$	7	$	8	$	7	$	49

The maturities of project debt as of December 31, 2019 are as follows (in millions):



	2020		2021		2022		2023		2024		Thereafter
Project debt ⁽¹⁾	$	2	$	2	$	2	$	2	$	2	$	37

(1) Amounts exclude the Union County EfW facility finance lease discussed above.

Senior Notes [Member]

Debt Instrument [Line Items]

Consolidated Debt

The table below summarizes our aggregate principal amount of senior unsecured notes, our ("Senior Notes"):



Maturity	Rate	December 31, 2019		December 31, 2018
2027	6.000%	$	400	$	400
2025	5.875%	400		400
2024	5.875%	400		400
		$	1,200	$	1,200