Debt (Tables)

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Company's debt

The Company’s debt consisted of the following at September 30,2017 and December 31, 2016:

				September 30,		December 31,
(in millions)				2017		2016
Credit facility			$	368	$	-
5.5% unsecured senior notes due 2022				-		600
5.5% unsecured senior notes due 2023				-		1,550
4.375% unsecured senior notes due 2025				600		600
3.75% unsecured senior notes due 2027				1,000		-
4.875% unsecured senior notes due 2047				800		-
Unamortized original issue premium (discount), net				(6)		22
Senior notes issuance costs, net				(24)		(31)
	Less: current portion			-		-
		Total long-term debt	$	2,738	$	2,741

Loss on extinguishment of debt

As a result of these transactions, the Company recorded a loss on extinguishment of debt for the three and nine months ended September 30,2017as follows:

(in millions)			Tender Offer		Extinguishment		Total
Tender premium		$	36	$	-	$	36
Make-whole premium			-		25		25
Prepaid interest			-		2		2
Unamortized original issue premium			(11)		(8)		(19)
Unamortized deferred loan costs			12		9		21
	Total loss on extinguishment of debt	$	37	$	28	$	65

Principal maturities of debt

Principal maturities of long-term debt outstanding at September 30,2017 were as follows:

(in millions)
Remaining 2017		$	-
2018			-
2019			-
2020			-
2021			-
2022			368
Thereafter			2,400
	Total	$	2,768

Interest expense

The following amounts have been incurred and charged to interest expense for the three and nine months ended September 30,2017 and 2016:

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
(in millions)			2017		2016		2017		2016
Cash payments for interest		$	73	$	109	$	138	$	215
Non-cash interest			1		3		5		7
Net changes in accruals			(35)		(59)		(25)		(60)
	Total interest expense	$	39	$	53	$	118	$	162