DEBT (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Summary of Long-Term Debt Obligations

The carrying values of our debt obligations are as follows:

	March 31, 2019			December 31, 2018
	(In millions)
Current
Revolving credit facility	$	178		$	-
Current maturities of long-term debt		31			31
Less: unamortized debt issuance costs		(1	)		(1	)
Current maturities of long-term debt, net of unamortized debt issuance costs		30			30
Current debt, net of unamortized debt issuance costs	$	208		$	30
Long-term
Term Facility	$	2,237		$	2,243
10.625% senior notes		1,300			1,300
North Ocean 105 construction financing		16			16
Less: current maturities of long-term debt		(30	)		(30	)
Less: unamortized debt issuance costs		(130	)		(136	)
Long-term debt, net of unamortized debt issuance costs	$	3,393		$	3,393

Summary of Future Scheduled Maturities of the Term Facility

The future scheduled maturities of the Term Facility are:

	(In millions)
2019	$	17
2020		23
2021		23
2022		23
2023		23
Thereafter		2,128
	$	2,237

Summary of Financial Covenants

The financial covenants as of March 31, 2019 are summarized below:

Ratios		Requirement		Actual
Minimum fixed charge coverage ratio		1.50x		2.47x
Maximum total leverage ratio		4.25x		2.50x
Minimum liquidity	$	200 million	$	1,140 million

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:

	March 31, 2019				December 31, 2018
	Uncommitted Line Capacity		Utilized		Uncommitted Line Capacity		Utilized
	(In millions)
Bank Guarantee and Bilateral Letter of Credit (1)	$	1,668	$	1,095	$	1,669	$	1,060
Surety Bonds (2)	840		532			842		475

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

^{(2) Excludes approximately $360 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 $45 million of RPOs. We are entitled to an indemnity from CSVC for both the surety bonds and guarantees.}