Liquidity is supported by $289 million of cash at year end 2020 and Moody's expected free cash flow of about $50 million over the next 12 months. At year 2020, RRD had $576 million of availability under its $800 million ABL facility that matures in September 2022 - no drawings, $56 million of letters of credit and subject to a borrowing base. Since the facility becomes current (September 2021) in Moody's four quarter liquidity horizon, the amount available has not been considered as a source of liquidity. RRD's facility is subject to a fixed interest charge coverage covenant and cushion is expected to exceed 25% through the next four quarters.