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NOTES PAYABLE AND COMMERCIAL BANK FINANCING (Tables)
 12 Months Ended
Dec. 31, 2020
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, 2020 and 2019 (in millions):
 20202019
STG Bank Credit Agreement:
Term Loan B-1, due January 3, 2024 (a)$1,119 $1,329 
Term Loan B-2, due September 30, 2026 1,284 1,297 
DSG Bank Credit Agreement:
Term Loan, due August 24, 2026 3,259 3,291 
STG Notes:
5.625% Unsecured Notes, due August 1, 2024 (a)
— 550 
5.875% Unsecured Notes, due March 15, 2026
348 350 
5.125% Unsecured Notes, due February 15, 2027
400 400 
5.500% Unsecured Notes, due March 1, 2030
500 500 
4.125% Senior Secured Notes, due December 1, 2030 (a)
750 — 
DSG Notes:
12.750% Senior Secured Notes, due December 1, 2026 (b)
31 — 
5.375% Senior Secured Notes, due August 15, 2026
3,050 3,050 
6.625% Unsecured Notes, due August 15, 2027 (b)
1,744 1,825 
DSG Accounts Receivable Securitization Facility (c)177 — 
Debt of variable interest entities17 21 
Debt of non-media subsidiaries17 18 
Finance leases30 27 
Finance leases - affiliate8 11 
Total outstanding principal12,734 12,669 
Less: Deferred financing costs and discounts(183)(231)
Less: Current portion(56)(69)
Less: Finance leases - affiliate, current portion(2)(2)
Net carrying value of long-term debt$12,493 $12,367 
 
(a)On December 4, 2020, we issued $750 million aggregate principal amount of the STG 4.125% Secured Notes, the net proceeds of which were used, plus cash on hand, to redeem $550 million aggregate principal amount of the STG 5.625% Notes, as well as repay $200 million of STG's Term Loan B-1, as more fully described below under STG Notes.
(b)On June 10, 2020, we exchanged a portion of principal of the DSG 6.625% Notes for cash payment and the newly issued 12.750% Secured Notes, as more fully described below under DSG Notes.
(c)We entered into the A/R Facility on September 23, 2020, as more fully described below under Accounts Receivable Securitization Facility.
Schedule of maturity of indebtedness under the notes payable, capital leases and the Bank Credit Agreement
Debt under the STG Bank Credit Agreement, DSG Bank Credit Agreement, notes payable, A/R Facility, and finance leases as of December 31, 2020 matures as follows (in millions):
 
 Notes and 
Bank Credit Agreements		Finance LeasesTotal
2021$53 $8 $61 
202257 8 65 
2023224 7 231 
20241,165 6 1,171 
202562 5 67 
2026 and thereafter11,135 19 11,154 
Total minimum payments12,696 53 12,749 
Less: Deferred financing costs, discounts, and premiums(183)— (183)
Less: Amount representing future interest— (15)(15)
Net carrying value of debt$12,513 $38 $12,551 
Schedule of debt
The stated and weighted average effective interest rates on the above obligations are as follows, for the years ended December 31, 2020 and 2019:
Weighted Average Effective Rate
Stated Rate20202019
STG Bank Credit Agreement:
Term Loan B
LIBOR plus 2.25%
2.94%4.62%
Term Loan B-2
LIBOR plus 2.50%
3.29%4.36%
Revolving Credit Facility (a)
LIBOR plus 2.00%
—%—%
DSG Bank Credit Agreement:
Term Loan
LIBOR plus 3.25%
4.21%5.31%
Revolving Credit Facility (b)
LIBOR plus 3.00%
—%—%
DSG Accounts Receivable Securitization Facility (c)
LIBOR plus 4.97%
4.77%—%
STG Notes:
5.625% Unsecured Notes
5.63%5.83%5.83%
5.875% Unsecured Notes
5.88%6.09%6.09%
5.125% Unsecured Notes
5.13%5.33%5.33%
5.500% Unsecured Notes
5.50%5.66%5.66%
4.125% Secured Notes
4.13%4.31%—%
DSG Notes:
12.750% Secured Notes
12.75%11.95%—%
5.375% Secured Notes
5.38%5.73%5.73%
6.625% Unsecured Notes
6.63%7.00%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. The STG Revolving Credit Facility is priced at LIBOR plus 2.00%, subject to decrease if the specified first lien leverage ratio (as defined in the STG Bank Credit Agreement) is less than or equal to certain levels. As of December 31, 2020 and 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. See STG Bank Credit Agreement below for further information.
(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. The DSG Revolving Credit Facility is priced at LIBOR plus 3.00%, subject to decrease if the specified first lien leverage ratio (as defined in the DSG Bank Credit Agreement) is less than or equal to certain levels. As of December 31, 2020 and December 31, 2019, there were no outstanding borrowings, no letters of credit outstanding, and $650 million available under the DSG Revolving Credit Facility. See DSG Bank Credit Agreement below for further information.
(c)Borrowings under the A/R Facility generally bear interest at a rate per annum equal to LIBOR, which is subject to an interest rate floor of 0.00% per annum, plus 4.97% or, if the aggregate outstanding principal amount of loans is less than $125 million on or after November 1, 2020, 5.47%.