NOTES PAYABLE AND COMMERCIAL BANK FINANCING (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of notes payable, capital leases and the Bank Credit Agreement

Notes payable, finance leases, and commercial bank financing (including finance leases to affiliates) consisted of the following as of December 31, 2019 and 2018 (in millions):

	2019			2018
STG Bank Credit Agreement:
Term Loan A, due July 31, 2021 (a)	$	—		$	96
Term Loan B, due January 3, 2024	1,329			1,343
Term Loan B-2, due September 30, 2026 (b)	1,297			—
DSG Bank Credit Agreement:
Term Loan, due August 24, 2026 (b)	3,291			—
STG Senior Unsecured Notes:
5.375% Notes, due April 1, 2021 (c)	—			600
6.125% Notes, due October 1, 2022 (c)	—			500
5.625% Notes, due August 1, 2024	550			550
5.875% Notes, due March 15, 2026	350			350
5.125% Notes, due February 15, 2027	400			400
5.500% Notes due March 1, 2030 (b)	500			—
DSG Senior Notes:
5.375% Secured Notes, due August 15, 2026 (b)	3,050			—
6.625% Unsecured Notes, due August 15, 2027 (b)	1,825			—
Debt of variable interest entities	21			25
Debt of non-media subsidiaries	18			20
Finance leases	27			29
Finance leases - affiliate	11			13
Total outstanding principal	12,669			3,926
Less: Deferred financing costs and discounts	(231		)	(33		)
Less: Current portion	(69		)	(41		)
Less: Finance leases - affiliate, current portion	(2		)	(2		)
Net carrying value of long-term debt	$	12,367		$	3,850

(a) On April 30, 2019, we paid in full the remaining principal balance of $92 million of Term Loan A debt under the STG Bank Credit Agreement, due July 31, 2021.

(b) The STG Term Loan B-2, DSG Term Loan, and DSG Senior Notes were issued in August 2019 and the STG 5.500% Notes were issued in November 2019, as more fully described below.

(c)

The STG 5.375% Notes and STG 6.125% Notes were redeemed, in full, in August 2019 and November 2019, respectively, as more fully described below.

Schedule of maturity of indebtedness under the notes payable, capital leases and the Bank Credit Agreement

Indebtedness under the STG Bank Credit Agreement, DSG Bank Credit Agreement, notes payable, and finance leases as of December 31, 2019 matures as follows (in millions):

	Notes and  Bank Credit Agreements			Finance Leases			Total
2020	$	66		$	8		$	74
2021	67			8			75
2022	68			7			75
2023	61			7			68
2024	1,871			6			1,877
2025 and thereafter	10,498			16			10,514
Total minimum payments	12,631			52			12,683
Less: Deferred financing costs and discounts	(231		)	—			(231		)
Less: Amount representing future interest	—			(14		)	(14		)
Net carrying value of debt	$	12,400		$	38		$	12,438

Schedule of debt

The stated and weighted average effective interest rates on the above obligations are as follows, for the periods stated:

		Weighted Average Effective Rate
	Stated Rate	2019	2018
STG Bank Credit Agreement:
Term Loan B	LIBOR plus 2.25%	4.62%	4.34%
Term Loan B-2	LIBOR plus 2.50%	4.36%	—%
Revolving Credit Facility (a)	LIBOR plus 2.00%	—%	—%
DSG Bank Credit Agreement:
Term Loan	LIBOR plus 3.25%	5.31%	—%
Revolving Credit Facility (b)	LIBOR plus 3.00%	—%	—%
STG Senior Unsecured Notes:
5.625% Notes	5.63%	5.83%	5.83%
5.875% Notes	5.88%	6.09%	6.09%
5.125% Notes	5.13%	5.33%	5.33%
5.500% Notes	5.50%	5.66%	—%
DSG Senior Notes:
5.375% Secured Notes	5.38%	5.73%	—%
6.625% Unsecured Notes	6.63%	7.00%	—%

(a) We incur a commitment fee on undrawn capacity of 0.25%, 0.375%, or 0.50% if our first lien indebtedness ratio is less than or equal to 2.75x, less than or equal to 3.0x but greater than 2.75x, or greater than 3.0x, respectively. As of December 31, 2019, there were no outstanding borrowings, $1 million in letters of credit outstanding, and $649 million available under the STG Revolving Credit Facility. As of December 31, 2018, there were no outstanding borrowings, $1 million in letters of credit outstanding, and $485 million available under the STG Revolving Credit Facility.

(b)

We incur a commitment fee on undrawn capacity of 0.25%, 0.375%, or 0.50% if our first lien indebtedness ratio is less than or equal to 3.25x, less than or equal to 3.75x but greater than 3.25x, or greater than 3.75x, respectively. As of December 31, 2019, there were no outstanding borrowings, no letters of credit outstanding, and $650 million available under the DSG Revolving Credit Facility.