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Long-Term Debt
 9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Long-Term Debt
Long-Term Debt
Long-term debt consists of the following:
 
 
September 30, 2018
 
December 31, 2017
 
 
Principal
Amount
 
Unamortized
Discount
and Debt
Issuance
Costs
 
Net
Long-term
Debt
 
Principal
Amount
 
Unamortized
Premium,
Discount
and Debt
Issuance
Costs
 
Net
Long-term
Debt
3.60% senior notes due 2022 (the "3.60% 2022 Senior Notes")
 
$
250

 
$
(1
)
 
$
249

 
$
250

 
$
(1
)
 
$
249

3.60% senior notes due 2026 (the "3.60% 2026 Senior Notes")
 
750

 
(9
)
 
741

 
750

 
(10
)
 
740

Loan related to tax-exempt waste disposal revenue bonds due 2027
 
11

 
—

 
11

 
11

 
—

 
11

6 ½% senior notes due 2029 (the "6 ½% 2029 GO Zone Senior Notes")
 
100

 
(1
)
 
99

 
100

 
(1
)
 
99

6 ½% senior notes due 2035 (the "6 ½% 2035 GO Zone Senior Notes")
 
89

 
(1
)
 
88

 
89

 
(1
)
 
88

6 ½% senior notes due 2035 (the "6 ½% 2035 IKE Zone Senior Notes")
 
65

 
—

 
65

 
65

 
—

 
65

5.0% senior notes due 2046 (the "5.0% 2046 Senior Notes")
 
700

 
(25
)
 
675

 
700

 
(25
)
 
675

4.375% senior notes due 2047 (the "4.375% 2047 Senior Notes")
 
500

 
(9
)
 
491

 
500

 
(9
)
 
491

3.50% senior notes due 2032 (the "3.50% 2032 GO Zone Refunding Senior Notes")
 
250

 
(2
)
 
248

 
250

 
(2
)
 
248

4.625% senior notes due 2021 (the "4.625% Westlake 2021 Senior Notes")
 
—

 
—

 
—

 
625

 
20

 
645

4.625% senior notes due 2021 (the "4.625% Subsidiary 2021 Senior Notes")
 
—

 
—

 
—

 
63

 
2

 
65

4.875% senior notes due 2023 (the "4.875% Westlake 2023 Senior Notes")
 
—

 
—

 
—

 
434

 
11

 
445

4.875% senior notes due 2023 (the "4.875% Subsidiary 2023 Senior Notes")
 
—

 
—

 
—

 
16

 
—

 
16

Total Long-term debt
 
2,715

 
(48
)
 
2,667

 
3,853

 
(16
)
 
3,837

Less:
 
 
 
 
 
 
 
 
 
 
 
 
Current portion - 4.625% Westlake 2021 Senior Notes and 4.625% Subsidiary 2021 Senior Notes
 
—

 
—

 
—

 
688

 
22

 
710

Long-term debt, net of current portion
 
$
2,715

 
$
(48
)
 
$
2,667

 
$
3,165

 
$
(38
)
 
$
3,127

New Credit Agreement
On July 24, 2018, the Company entered into a new $1,000 revolving credit facility that is scheduled to mature on July 24, 2023 (the "New Credit Agreement") and, in connection therewith, terminated the existing $1,000 revolving credit facility that was scheduled to mature on August 23, 2021. The New Credit Agreement bears interest at either (a) LIBOR plus a spread ranging from 1.00% to 1.75% or (b) Alternate Base Rate plus a spread ranging from 0.00% to 0.75% in each case depending on the credit rating of the Company. At September 30, 2018, the Company had no borrowings outstanding under the New Credit Agreement. As of September 30, 2018, the Company had outstanding letters of credit totaling $4 and borrowing availability of $996 under the New Credit Agreement. The New Credit Agreement contains certain affirmative and negative covenants, including a quarterly total leverage ratio financial maintenance covenant. As of September 30, 2018, the Company was in compliance with the total leverage ratio financial maintenance covenant. The New Credit Agreement also contains certain events of default and if and for so long as certain events of default have occurred and are continuing, any overdue amounts outstanding under the New Credit Agreement will accrue interest at an increased rate, the lenders can terminate their commitments thereunder and payments of any outstanding amounts could be accelerated by the lenders. None of the Company's subsidiaries are required to guarantee the obligations of the Company under the New Credit Agreement.
The New Credit Agreement includes a $150 sub-limit for letters of credit, and any outstanding letters of credit will be deducted from availability under the facility. The New Credit Agreement also provides for a discretionary $50 commitment for swingline loans to be provided on a same-day basis. The Company may also increase the size of the facility, in increments of at least $25, up to a maximum of $500, subject to certain conditions and if certain lenders agree to commit to such an increase.
In connection with the Company's entry into the New Credit Agreement and termination of the prior credit agreement on July 24, 2018, all guarantees by the Guarantor Subsidiaries of the Company's payment obligations under the 4.375% 2047 Senior Notes, the 3.60% 2022 Senior Notes, the 3.60% 2026 Senior Notes and the 5.0% 2046 Senior Notes were released. As a result, beginning with this quarterly report on Form 10-Q, the Company no longer discloses condensed consolidating financial information of its guarantor and non-guarantor subsidiaries.
4.625% Senior Notes due 2021
In December 2017, the Company delivered irrevocable notices for the optional redemption of all of the outstanding 4.625% Westlake 2021 Senior Notes and 4.625% Subsidiary 2021 Senior Notes (collectively, the "2021 Notes"). The 2021 Notes were redeemed on February 15, 2018 at a redemption price equal to 102.313% of the principal amount of the 2021 Notes plus accrued and unpaid interest on the 2021 Notes to the redemption date. The Company recognized a $6 gain in other income upon redemption of the 2021 Notes.
4.875% Senior Notes due 2023
In March 2018, the Company delivered irrevocable notices for the optional redemption of all of the outstanding 4.875% Westlake 2023 Senior Notes and 4.875% Subsidiary 2023 Senior Notes (collectively, the "2023 Notes"). The 2023 Notes were redeemed on May 15, 2018 at a redemption price equal to 102.438% of the principal amount of the 2023 Notes plus accrued and unpaid interest on the 2023 Notes to the redemption date.
As of September 30, 2018, the Company was in compliance with all of its long-term debt covenants.
Unamortized debt issuance costs on long-term debt were $26 and $26 at September 30, 2018 and December 31, 2017, respectively.