DEBT (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Summary of Long-Term Debt Obligations

The carrying values of our long-term debt obligations are as follows:

	December 31,
	2018			2017
	(In millions)
Current
Current maturities of long-term debt	$	31		$	24
Less: unamortized debt issuance costs		(1	)		-
Current maturities of long-term debt, net of unamortized debt issuance costs	$	30		$	24
Long-term
Term Facility	$	2,243		$	-
10.625% senior notes		1,300			-
8.000% second-lien notes		-			500
North Ocean 105 construction financing		16			25
Vendor equipment financing		-			16
Less: current maturities of long-term debt		(30	)		(24	)
Less: unamortized debt issuance costs		(136	)		(5	)
Long-term debt, net of unamortized debt issuance costs	$	3,393		$	512

Summary of Future Scheduled Maturities of the Term Facility

The future scheduled maturities of the Term Facility are:

	(In millions)
2019	$	23
2020		23
2021		23
2022		23
2023		23
Thereafter		2,128
	$	2,243

Summary of Financial Covenants

The financial covenants as of December 31, 2018 are summarized below:

Ratios		Requirement		Actual
Minimum fixed charge coverage ratio		1.50x		2.29x
Maximum total leverage ratio		4.25x		2.61x
Minimum liquidity	$	200 million	$	1.4 billion

Summary of Redemption Prices Expressed as Percentage

However, at any time or from time to time on or after May 1, 2021, we may redeem the Senior Notes, in whole or in part, at the redemption prices (expressed as percentages of principal amount of the Senior Notes to be redeemed) set forth below, together with accrued and unpaid interest to (but excluding) the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the 12-month period beginning on May 1 of the years indicated:

Year	Optional redemption price
2021		105.313	%
2022		102.656	%
2023 and thereafter		100.000	%

Schedule of Uncommitted Bilateral Credit Facilities and Surety Bond Arrangements

Uncommitted Facilities—We are party to a number of short-term uncommitted bilateral credit facilities and surety bond arrangements (the “Uncommitted Facilities”) across several geographic regions, as follows:

	December 31, 2018				December 31, 2017
	Uncommitted Line Capacity		Utilized		Uncommitted Line Capacity		Utilized
	(In millions)
Bank Guarantee and Bilateral Letter of Credit (1)	$	1,669	$	1,060	$	725	$	572
Surety Bonds (2)	842		475			300		49
Bilateral arrangements to issue cash collateralized letters of credit		-		-		175		18

^{(1) Approximately $175 million of this capacity is available only upon provision of an equivalent amount of cash collateral.}

^{(2) Excludes approximately $402 million of surety bonds maintained on behalf of CB&I’s former Capital Services Operations, which were sold to CSVC Acquisition Corp (“CSVC”) in June 2017. We also continue to maintain guarantees on behalf of CB&I’s former Capital Services Operations business in support of approximately $69 million of RPOs. We are entitled to an indemnity from CSVC for both the surety bonds and guarantees.}