XML 55 R38.htm IDEA: XBRL DOCUMENT v3.20.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of debt instruments
Debt, net of unamortized original issue premiums and unamortized debt issuance costs, consists of the following:
 
December 31, 
20202019
Accounts receivable securitization facility expiring 2021 (1)$634 $929 
$3.75 billion ABL facility expiring 2024 (1) (2)
9771,638
Term loan facility expiring 2025 (1)971979
5 1/2 percent Senior Notes due 2025 (3)
—795
4 5/8 percent Senior Notes due 2025 (3)
—742
5 7/8 percent Senior Notes due 2026
999999
6 1/2 percent Senior Notes due 2026 (3)
—1,089
5 1/2 percent Senior Notes due 2027
994992
3 7/8 percent Senior Secured Notes due 2027
742741
4 7/8 percent Senior Notes due 2028 (4)
1,6541,652
4 7/8 percent Senior Notes due 2028 (4)
44
5 1/4 percent Senior Notes due 2030
742741
4 percent Senior Notes due 2030 (5)
742—
3 7/8 percent Senior Notes due 2031 (6)
1,088—
Finance leases135127
Total debt9,68211,428
Less short-term portion(704)(997)
Total long-term debt$8,978 $10,431 
 
(1)    The table below presents financial information associated with our variable rate indebtedness as of and for the year ended December 31, 2020. 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 facilityAccounts receivable securitization facilityTerm loan facility
Borrowing capacity, net of letters of credit
$2,705 $166 $— 
Letters of credit
60 
Interest rate at December 31, 20201.4 %1.5 %1.9 %
Average month-end debt outstanding
794 667 983 
Weighted-average interest rate on average debt outstanding
1.9 %1.8 %2.2 %
Maximum month-end debt outstanding
1,494 811 988 
(2)    The decrease in the outstanding debt under the ABL facility since December 31, 2019 primarily reflects the use of proceeds from operations to reduce borrowings under the ABL facility. As discussed above, disciplined management of capital expenditures and fleet capacity is a component of our COVID-19 response plan, and, in 2020, capital expenditures
decreased significantly year-over-year. The decreased capital expenditures contributed to our ability to use proceeds from operations to reduce borrowings under the ABL facility.
(3)    URNA redeemed all of its 5 1/2 percent Senior Notes due 2025 and 6 1/2 percent Senior Notes due 2026 in August 2020, and redeemed all of its 4 5/8 percent Senior Notes due 2025 in October 2020. During the year ended December 31, 2020, we recognized an aggregate debt redemption loss, in interest expense, net in our consolidated statement of income, of $183 (comprised of $27, $132 and $24 for the 5 1/2 percent Senior Notes due 2025, 6 1/2 percent Senior Notes due 2026 and 4 5/8 percent Senior Notes due 2025, respectively). The loss reflects the difference between the net carrying amount and the total purchase price of the redeemed notes. Prior to redeeming the notes, we considered the impact of COVID-19 on liquidity, and assessed our available sources and anticipated uses of cash, including, with respect to sources, cash generated from operations and from the sale of rental equipment.     
(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)    In February 2020, URNA issued $750 aggregate principal amount of 4 percent Notes due 2030. See below for additional detail on the issued debt.
(6)    In August 2020, URNA issued $1.100 billion aggregate principal amount of 3 7/8 percent Senior Notes due 2031. See below for additional detail on the issued debt.
Schedule of the maturities of debt Debt maturities (exclusive of any unamortized original issue premiums and unamortized debt issuance costs) for each of the next five years and thereafter at December 31, 2020 are as follows: 
2021$704 
202247 
202336 
20241,004 
2025939 
Thereafter7,025 
Total$9,755