Long-term Debt and Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule Of Long-Term Debt

Long-term corporate debt and borrowing arrangements consisted of:

		As of			As of
	Maturity Dates	September 30,			December 31,
		2019			2018
5½% Senior Notes (a)	April 2023	$	275		$	675
6⅜% Senior Notes	April 2024	350			350
4⅛% euro-denominated Senior Notes	November 2024	327			344
Floating Rate Term Loan (b)	February 2025	1,115			1,123
5¼% Senior Notes	March 2025	375			375
4½% euro-denominated Senior Notes	May 2025	272			287
4¾% euro-denominated Senior Notes	January 2026	381			401
5¾% Senior Notes	July 2027	400			—
Other (c)		30			41
Deferred financing fees		(42		)	(45		)
Total		3,483			3,551
Less: Short-term debt and current portion of long-term debt		95			23
Long-term debt		$	3,388		$	3,528

__________

^(a)  A portion of these notes have been called for redemption.

^(b)  The floating rate term loan is part of the Company’s senior revolving credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. As of September 30, 2019, the floating rate term loan due 2025 bears interest at one-month LIBOR plus 200 basis points, for an aggregate rate of 4.05%. The Company has entered into a swap to hedge $700 million of its interest rate exposure related to the floating rate term loan at an aggregate rate of 3.67%.

^(c)  Primarily includes finance leases which are secured by liens on the related assets.

Schedule Of Committed Credit Facilities

At September 30, 2019, the committed corporate credit facilities available to the Company and/or its subsidiaries were as follows: 

	Total Capacity		Outstanding Borrowings		Letters of Credit Issued		Available Capacity
Senior revolving credit facility maturing 2023 (a)	$	1,800	$	—	$	947	$	853

__________

^(a)  The senior revolving credit facility bears interest at one-month LIBOR plus 200 basis points and is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property.

At September 30, 2019, the Company had various uncommitted credit facilities available, under which it had drawn approximately $1 million, which bear interest at rates between 0.79% and 1.53%.