Debt

3 Months Ended

Mar. 31, 2020

Credit Facilities

As of March 31, 2020 and December 31, 2019, we had $1.5 billion available under a revolving credit facility (the “Revolver”) pursuant to a credit agreement entered into on October 11, 2013 (as amended thereafter and from time to time, the “Credit Agreement”). To date, we have not drawn on the Revolver, and we were in compliance with the terms of the Credit Agreement as of March 31, 2020.

Refer to Note 13 contained in our Annual Report on Form 10-K for the year ended December 31, 2019 for further details regarding the Credit Agreement, its key terms, and previous amendments made to it.

Unsecured Senior Notes

At March 31, 2020 and December 31, 2019, we had the following unsecured senior notes outstanding:


•	$650 million of 2.3% unsecured senior notes due September 2021 (the “2021 Notes”);


•	$400 million of 2.6% unsecured senior notes due June 2022 (the “2022 Notes”);


•	$850 million of 3.4% unsecured senior notes due September 2026 (the “2026 Notes”);


•	$400 million of 3.4% unsecured senior notes due June 2027 (the “2027 Notes”); and


•	$400 million of 4.5% unsecured senior notes due June 2047 (the “2047 Notes”, and together with the 2021 Notes, the 2022 Notes, the 2026 Notes, and the 2027 Notes, the “Notes”).

The Notes are general senior obligations of the Company and rank pari passu in right of payment to all of the Company’s existing and future senior indebtedness, including the Revolver described above. The Notes are not secured and are effectively junior to any of the Company’s existing and future indebtedness that is secured to the extent of the value of the collateral securing such indebtedness. We were in compliance with the terms of the Notes as of March 31, 2020.

Interest is payable semi-annually in arrears on March 15 and September 15 of each year for the 2021 Notes and the 2026 Notes, and payable semi-annually in arrears on June 15 and December 15 of each year for the 2022 Notes, the 2027 Notes, and the 2047 Notes. Accrued interest payable is recorded within “Accrued expenses and other liabilities” in our condensed consolidated balance sheets. As of March 31, 2020 and December 31, 2019, we had accrued interest payable of $14 million and $15 million, respectively, related to the Notes.

Refer to Note 13 contained in our Annual Report on Form 10-K for the year ended December 31, 2019 for further details regarding key terms under our indentures that govern the Notes.

A summary of our outstanding debt is as follows (amounts in millions):



	At March 31, 2020
	Gross Carrying Amount		Unamortized Discount and Deferred Financing Costs			Net Carrying Amount
2021 Notes	$	650	$	(2	)	$	648
2022 Notes	400		(2		)	398
2026 Notes	850		(7		)	843
2027 Notes	400		(5		)	395
2047 Notes	400		(9		)	391
Total long-term debt	$	2,700	$	(25	)	$	2,675



	At December 31, 2019
	Gross Carrying Amount		Unamortized Discount and Deferred Financing Costs			Net Carrying Amount
2021 Notes	$	650	$	(2	)	$	648
2022 Notes	400		(2		)	398
2026 Notes	850		(7		)	843
2027 Notes	400		(5		)	395
2047 Notes	400		(9		)	391
Total long-term debt	$	2,700	$	(25	)	$	2,675

As of March 31, 2020, the scheduled maturities and contractual principal repayments of our debt for each of the five succeeding years and thereafter are as follows (amounts in millions):



For the years ending December 31,
2020 (remaining nine months)	$	—
2021	650
2022	400
2023	—
2024	—
Thereafter	1,650
Total	$	2,700

With the exception of the 2026 and the 2047 Notes, using Level 2 inputs (i.e., observable market prices in less-than-active markets) at March 31, 2020 and December 31, 2019, the carrying values of the Notes approximated their fair values, as the interest rates were similar to the current rates at which we could borrow funds over the selected interest periods. At March 31, 2020, based on Level 2 inputs, the fair values of the 2026 and 2047 Notes were $907 million and $501 million, respectively. At December 31, 2019, based on Level 2 inputs, the fair values of the 2026 Notes and the 2047 Notes were $893 million and $456 million, respectively.