CONSOLIDATED DEBT (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Consolidated Debt

Consolidated debt is as follows (in millions):

	Average  Rate (1)	September 30, 2020		December 31, 2019
LONG-TERM DEBT:
Revolving credit facility	2.66%	$	240	$	183
Term loan, net	3.23%	377		384
Credit Facilities subtotal		617		567
Senior Notes, net of deferred financing costs		1,183		1,186
Tax-Exempt Bonds, net of deferred financing costs		539		539
China venture loan		9		—
Equipment financing arrangements		80		85
Finance Leases (2)		7		6
Total long-term debt		2,435		2,383
Less: Current portion		(18)		(17)
Noncurrent long-term debt		$	2,417	$	2,366
PROJECT DEBT:
Total project debt, net of deferred financing costs and unamortized debt premium		$	127	$	133
Less: Current portion		(9)		(8)
Noncurrent project debt		$	118	$	125
TOTAL CONSOLIDATED DEBT		$	2,562	$	2,516
Less: Current debt		(27)		(25)
TOTAL NONCURRENT CONSOLIDATED DEBT		$	2,535	$	2,491

(1)As of September 30, 2020 and December 31, 2019, we entered into interest rate swap agreements to swap to a fixed rate the variable portion of our interest rate expense on $200 million of notional amount of debt under the Credit Facilities. See Note 12. Derivative Instruments for further information.

Revolving Credit Facility

As of September 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	$	240	$	216	$	444