Long-Term Debt and Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Company's Indebtedness

The Company’s indebtedness consisted of:

	September 30, 2020			December 31, 2019
Long-term debt: (a)	Amount		Weighted Average Rate (b)	Amount		Weighted Average Rate (b)
$750 million revolving credit facility (due May 2023)	$	234	2.75%	$	—
Term loan (due May 2025)	1,558		3.20%	1,568		4.00%
5.375% senior unsecured notes (due April 2026)	495		5.38%	494		5.38%
4.375% senior unsecured notes (due August 2028)	492		4.38%	—
Finance leases	56		4.50%	60		4.50%
Total long-term debt	2,835			2,122
Less: Current portion of long-term debt	21			21
Long-term debt	$	2,814		$	2,101

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(a)    The carrying amount of the term loan and senior unsecured notes are net of deferred debt issuance costs of $23 million and $18 million as of September 30, 2020 and December 31, 2019, respectively.

(b)    Weighted average interest rates are based on period-end balances, including the effects from hedging.

Schedule of Outstanding Debt Maturities

The Company’s outstanding debt as of September 30, 2020 matures as follows:

	Long-Term Debt
Within 1 year	$	21
Between 1 and 2 years	21
Between 2 and 3 years	255
Between 3 and 4 years	22
Between 4 and 5 years	1,500
Thereafter	1,016
Total	$	2,835

Schedule of Available Capacity Under Borrowing Arrangements

As of September 30, 2020, the available capacity under the Company’s revolving credit facility was as follows:

	Revolving Credit Facility
Total capacity	$	750
Less: Borrowings	234
Less: Letters of credit	15
Available capacity	$	501