Borrowings and Credit Arrangements (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Schedule of debt maturities

The debt maturity schedule for the significant components of our debt obligations as of March 31, 2017 is as follows:

(in millions)	2017		2018		2019		2020		2021		Thereafter		Total
Senior Notes	$	—	$	600	$	—	$	1,450	$	—	$	2,350	$	4,400
Term Loans	—		225		150		375		—		—		750
Revolving Credit Facility	—		—		—		125		—		—		125
Accounts Receivable Securitization	—		—		216		—		—		—		216
	$	—	$	825	$	366	$	1,950	$	—	$	2,350	$	5,491

Note: The table above does not include unamortized discounts associated with our senior notes, or amounts related to interest rate contracts used to hedge the fair value of certain of our senior notes or debt issuance costs.

Summary of revolving credit facility agreement compliance with debt covenants

	Covenant Requirement as of March 31, 2017	Actual as of March 31, 2017
Maximum leverage ratio (1)	3.75 times	2.40 times
Minimum interest coverage ratio (2)	3.0 times	9.9 times

(1) Ratio of total debt to consolidated EBITDA, as defined by the credit agreement, for the preceding four consecutive fiscal quarters.

(2) Ratio of consolidated EBITDA, as defined by the credit agreement, to interest expense for the preceding four consecutive fiscal quarters.