Debt (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

Debt, net of unamortized original issue discounts or premiums, and unamortized debt issuance costs, consists of the following: 

	March 31, 2019			December 31, 2018
Accounts Receivable Securitization Facility expiring 2019 (1) (2)	$	881		$	850
$3.75 billion ABL Facility expiring 2024 (1) (3)	1,516			1,685
Term loan facility expiring 2025 (1)	986			988
4 5/8 percent Senior Secured Notes due 2023	994			994
5 3/4 percent Senior Notes due 2024	842			842
5 1/2 percent Senior Notes due 2025	794			794
4 5/8 percent Senior Notes due 2025	741			741
5 7/8 percent Senior Notes due 2026	999			999
6 1/2 percent Senior Notes due 2026	1,087			1,087
5 1/2 percent Senior Notes due 2027	992			991
4 7/8 percent Senior Notes due 2028 (4)	1,651			1,650
4 7/8 percent Senior Notes due 2028 (4)	4			4
Finance leases (5)	119			—
Capital leases (5)	—			122
Total debt	11,606			11,747
Less short-term portion (6)	(930		)	(903		)
Total long-term debt	$	10,676		$	10,844

 ___________________

(1)The table below presents financial information associated with our variable rate indebtedness as of and for the three months ended March 31, 2019. We have borrowed the full available amount under the term loan facility. The principal obligation under the term loan facility is required to be repaid in quarterly installments in an aggregate amount equal to 1.0 percent per annum, with the balance due at the maturity of the facility. The average amount of debt outstanding under the term loan facility decreases slightly each quarter due to the requirement to repay a portion of the principal obligation.

	ABL facility			Accounts receivable securitization facility			Term loan facility
Borrowing capacity, net of letters of credit	$	2,176		$	23		$	—
Letters of credit	45
Interest rate at March 31, 2019	3.9		%	3.4		%	4.2		%
Average month-end debt outstanding	1,609			860			997
Weighted-average interest rate on average debt outstanding	4.0		%	3.4		%	4.3		%
Maximum month-end debt outstanding	1,691			882			998

(2) Borrowings under the accounts receivable securitization facility are permitted only to the extent that the face amount of the receivables in the collateral pool, net of applicable reserves and other deductions, exceeds the outstanding loans. As of March 31, 2019, there were $922 million of receivables, net of applicable reserves and other deductions, in the collateral pool.

(3) In February 2019, the ABL facility was amended, primarily to increase the facility size to $3.75 billion, extend the maturity date to February 2024 and make a portion of the facility available for borrowing in British Pounds and Euros by certain subsidiaries of URNA in Europe.

(4) URNA separately issued 4 ⁷/₈ percent Senior Notes in August 2017 and in September 2017. Following the issuances, we consummated an exchange offer pursuant to which most of the 4 ⁷/₈ percent Senior Notes issued in September 2017 were exchanged for additional notes fungible with the 4 ⁷/₈ percent Senior Notes issued in August 2017.

(5) As discussed in note 8 to the condensed consolidated financial statements, we adopted an updated lease accounting standard on January 1, 2019. Upon adoption of the new standard, the leases that were previously classified as capital leases through December 31, 2018 were classified as finance leases. There were no significant changes to the accounting upon this change in classification.

(6) As of March 31, 2019, our short-term debt primarily reflects $881 of borrowings under our accounts receivable securitization facility.