CONSOLIDATED DEBT (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Consolidated Debt

Consolidated debt is as follows (in millions):

	Average  Rate (1)	June 30, 2020			December 31, 2019
LONG-TERM DEBT:
Revolving credit facility	2.95%	$	202		$	183
Term loan, net	3.38%	379			384
Credit Facilities subtotal		581			567
Senior Notes, net of deferred financing costs		1,187			1,186
Tax-Exempt Bonds, net of deferred financing costs		540			539
China venture loan		9			—
Equipment financing arrangements		81			85
Finance Leases (2)		7			6
Total long-term debt		2,405			2,383
Less: Current portion		(18		)	(17		)
Noncurrent long-term debt		$	2,387		$	2,366
PROJECT DEBT:
Total project debt, net of deferred financing costs and unamortized debt premium		$	128		$	133
Less: Current portion		(9		)	(8		)
Noncurrent project debt		$	119		$	125
TOTAL CONSOLIDATED DEBT		$	2,533		$	2,516
Less: Current debt		(27		)	(25		)
TOTAL NONCURRENT CONSOLIDATED DEBT		$	2,506		$	2,491

(1)

As of June 30, 2020 and December 31, 2019, we entered into interest rate swap agreements to swap the LIBOR portion of our floating interest rate to a fixed rate for our variable rate debt under the Credit Facilities. See Note 12. Derivative Instruments for further information.

Revolving Credit Facility

As of June 30, 2020, we had unutilized capacity under the Revolving Credit Facility as follows (in millions):

	Total Facility Commitment		Expiring	Direct Borrowings		Outstanding Letters of Credit		Unutilized Capacity
Revolving Credit Facility	$	900	2023	$	202	$	236	$	462