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Debt (Tables)
 12 Months Ended
Dec. 31, 2018
Debt [Abstract]  
Components of Debt





 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2018

(in millions)

 

Debt Instrument

 

Unamortized Issuance Expense

 

Unamortized Debt Discount

 

Total

Variable rate (3.920% at December 31, 2018) 2018 revolving credit facility, due April 2023

 

$

–  

 

$

–  

(1)

$

–  

 

$

–  

4.05% Senior Notes due January 2020 (2) (3)

 

 

 52 

 

 

–  

 

 

–  

 

 

 52 

4.10% Senior Notes due March 2022 (3)

 

 

 213 

 

 

 (1)

 

 

–  

 

 

 212 

4.95% Senior Notes due January 2025 (2) (3)

 

 

 927 

 

 

 (7)

 

 

 (1)

 

 

 919 

7.50 % Senior Notes due April 2026

 

 

 650 

 

 

 (8)

 

 

–  

 

 

 642 

7.75 % Senior Notes due October 2027

 

 

 500 

 

 

 (7)

 

 

–  

 

 

 493 

Total debt

 

$

 2,342 

 

$

 (23)

 

$

 (1)

 

$

 2,318 







 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2017

(in millions)

 

Debt Instrument

 

Unamortized Issuance Expense

 

Unamortized Debt Discount

 

Total

Variable rate (3.980% at December 31, 2017) 2016 term loan facility, due December 2020 (4)

 

$

 1,191 

 

$

 (8)

 

$

–  

 

$

 1,183 

4.05% Senior Notes due January 2020 (2) (3)

 

 

 92 

 

 

–  

 

 

–  

 

 

 92 

4.10% Senior Notes due March 2022 (3)

 

 

 1,000 

 

 

 (7)

 

 

–  

 

 

 993 

4.95% Senior Notes due January 2025 (2) (3)

 

 

 1,000 

 

 

 (8)

 

 

 (2)

 

 

 990 

7.50% Senior Notes due April 2026

 

 

 650 

 

 

 (10)

 

 

  –  

 

 

 640 

7.75% Senior Notes due October 2027

 

 

 500 

 

 

 (7)

 

 

–  

 

 

 493 

Total debt

 

$

 4,433 

 

$

 (40)

 

$

 (2)

 

$

 4,391 



(1)

Unamortized issuance expense of $11 million associated with the 2018 revolving credit facility is classified as other long-term assets on the consolidated balance sheets and includes approximately $4 million in unamortized issuance expense associated with the Company’s previous 2016 term loan facility.



(2)

In February and June 2016, Moody’s and S&P downgraded certain senior notes, which increased the interest rates by 175 basis points effective July 2016.  As a result of the downgrades, interest rates increased to 5.80% for the 2020 Notes and 6.70% for the 2025 Notes.  In April and May 2018, S&P and Moody’s upgraded certain senior notes.  As a result of these upgrades, interest rates decreased to 5.30% for the 2020 Notes and 6.20% for the 2025 Notes effective July 2018.  The first coupon payment to the bondholders at the lower interest rate was paid in January 2019.



(3)

In December 2018, the Company repurchased $40 million of its 4.05% senior notes due January 2020, $787 million of its 4.10% senior notes due March 2022 and $73 million of its 4.95% senior notes due January 2025.



(4)

In April 2018, the Company repaid the $1,191 million secured term loan balance with cash on hand and borrowings under the 2018 credit facility.
Schedule of Long Term Debt Maturities



 

 



 

(in millions)

2019

$

–  

2020

 

 52 

2021

 

–  

2022

 

 213 

2023

 

–  

Thereafter

 

 2,077 



$

 2,342