Debt and Other Financing Arrangements (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Summary of Long-term Debt Obligations

A summary of the Company’s long-term debt obligations is set forth in the following table:

	September 30, 2022				December 31, 2021
	Principal		Carrying Amount (a)		Principal		Carrying Amount (a)
Credit Facilities
Revolver Borrowings
Due 2023	$	39	$	39	$	—	$	—
Term Loans
LIBOR plus 2.00% Term Loan A due 2019 through 2023(b)	1,275		1,271		1,403		1,396
LIBOR plus 3.00% Term Loan B due 2019 through 2025	1,636		1,602		1,649		1,606
Senior Unsecured Notes
$225 million of 5.375% Senior Notes due 2024	225		224		225		223
$500 million of 5.000% Senior Notes due 2026	500		496		500		496
Senior Secured Notes
$500 million of 7.875% Senior Secured Notes due 2029	500		491		500		490
$800 million of 5.125% Senior Secured Notes due 2029	800		789		800		787
Other debt, primarily foreign instruments	25		25		26		26
			4,937				5,024
Less - maturities classified as current			1,334				6
Total long-term debt			$	3,603			$	5,018

(a)Carrying amount is net of unamortized debt issuance costs and debt discounts of $63 million and $79 million at September 30, 2022 and December 31, 2021.

(b)The interest rate on Term Loan A at December 31, 2021 was LIBOR plus 1.75%.

Schedule of Short-term Debt

The Company’s short-term debt consists of the following:

	September 30, 2022		December 31, 2021
Revolver borrowings	$	39	$	—
LIBOR plus 2.00% Term Loan A	1,271		—
LIBOR plus 3.00% Term Loan B	17		—
Other debt	7		6
Maturities classified as current	1,334		6
Short-term borrowings(a)	93		51
Total short-term debt	$	1,427	$	57

(a)Includes borrowings under both committed credit facilities and uncommitted lines of credit and similar arrangements.