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LONG-TERM DEBT AND CREDIT AGREEMENTS
9 Months Ended
Sep. 30, 2018
Long Term Debt and Credit Agreements [Abstract]  
Long-term Debt

Note 10. Long-term Debt and Credit Agreements

September 30,December 31,
20182017
Two year floating rate Euro notes due 2018$-$1,199
1.40% notes due 2019 1,2501,250
Three year floating rate notes due 2019 250250
Two year floating rate notes due 2019 450450
1.80% notes due 2019 750750
0.65% Euro notes due 2020 1,1581,199
4.25% notes due 2021 800800
1.85% notes due 2021 1,5001,500
1.30% Euro notes due 2023 1,4481,499
3.35% notes due 2023 300300
2.50% notes due 2026 1,5001,500
2.25% Euro notes due 2028 868900
5.70% notes due 2036441441
5.70% notes due 2037462462
5.375% notes due 2041 417417
3.812% notes due 2047445445
Industrial development bond obligations, floating
rate maturing at various dates through 20372222
6.625% debentures due 2028201201
9.065% debentures due 20335151
Other (including capitalized leases and debt issuance costs),
5.0% weighted average maturing at various dates through 2025334288
12,64713,924
Garrett pre-separation funding:
2.50% Euro term loan due 2023 387-
2.75% Euro term loan due 2025 440-
4.881% term loan due 2025 425-
5.125% Euro notes due 2026 410-
Debt issuance costs(35)-
1,627-
Total14,27413,924
Less: current portion(215)(1,351)
$14,059$12,573

On January 29, 2018, the Company completed an exchange offer for any and all of its outstanding 3.812% Notes due 2047, which had not been registered (“Unregistered Notes”) under the Securities Act of 1933, as amended (“Securities Act”) for an equal principal amount of new 3.812% Notes due 2047 which had been registered under the Securities Act (“Registered Notes”). 99.4% of the Unregistered Notes were exchanged for Registered Notes, representing 99.4% of the principal amount of the Company’s outstanding 3.812% Notes due 2047.

On February 22, 2018, the Company paid its Two year floating rate Euro notes.

In connection with the spin-off of the Transportation Systems business, named Garrett Motion Inc. (“Garrett”), wholly owned subsidiaries of Garrett issued notes and entered new credit facilities. On September 27, 2018 the Company received net proceeds of $1,604 million from such borrowings.

On February 16, 2018, the Company entered into a $1.5 billion 364-Day Credit Agreement with a syndicate of banks. This 364-Day Credit Agreement is maintained for general corporate purposes.

On April 27, 2018, the Company entered into a $4 billion Amended and Restated Five Year Credit Agreement (the “5-Year Credit Agreement”), with a syndicate of banks. The 5-Year Credit Agreement is maintained for general corporate purposes. Commitments under the 5-Year Credit Agreement can be increased pursuant to the terms of the 5-Year Credit Agreement to an aggregate amount not to exceed $4.5 billion. The 5-Year Credit Agreement amends and restates the previously reported $4 billion five year credit agreement dated as of July 10, 2015 (the “Prior Agreement”). The 5-Year Credit Agreement has substantially the same material terms and conditions as the Prior Agreement.

On April 27, 2018, the Company entered into an additional $1.5 billion 364-Day Credit Agreement with a syndicate of banks. This 364-Day Credit Agreement is maintained for general corporate purposes.

As of September 30, 2018, there are no outstanding borrowings under any of our credit agreements.