Long-term Debt and Borrowing Arrangements (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule Of Long-Term Debt

Long-term corporate debt and borrowing arrangements consisted of:

		As of		As of
	Maturity Date	June 30,		December 31,
		2020		2019
5½% Senior Notes	April 2023	$	100	$	200
6⅜% Senior Notes	April 2024	350		350
4⅛% euro-denominated Senior Notes	November 2024	337		336
5¼% Senior Notes	March 2025	375		375
4½% euro-denominated Senior Notes	May 2025	281		280
10½% Senior Secured Notes	May 2025	485		—
4¾% euro-denominated Senior Notes	January 2026	393		393
5¾% Senior Notes	July 2027	400		400
Floating Rate Term Loan (a)	August 2027	1,204		1,112
Other (b)		26		28
Deferred financing fees		(48)		(39)
Total		3,903		3,435
Less: Short-term debt and current portion of long-term debt		19		19
Long-term debt		$	3,884	$	3,416

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^(a)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 June 30, 2020, the floating rate term loan due 2027 bears interest at one-month LIBOR plus 225 basis points, for an aggregate rate of 2.43%. 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 3.92%.

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

In February 2020, the Company amended its Floating Rate Term Loan due 2025 to extend its maturity term to 2027 and reduce its interest to one-month LIBOR plus 1.75%. The Company increased the outstanding borrowing principal amount of the Floating Rate Term Loan to $1.2 billion and on April 1, 2020 used the additional loan amount to redeem $100 million of its outstanding 5½% Senior Notes due 2023

Schedule Of Committed Credit Facilities

Committed Credit Facilities and Available Funding Arrangements

At June 30, 2020, 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	$	—	$	1,581	$	219

__________

^(a)The senior revolving credit facility bears interest at one-month LIBOR plus 250 basis points and is part of the Company’s senior credit facilities, which include the floating rate term loan and the senior revolving credit facility, and which are secured by pledges of capital stock of certain subsidiaries of the Company, liens on substantially all of the Company’s intellectual property and certain other real and personal property.