Debt

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Debt

Note 5: Debt

Debt balances, including obligations for capital leases, and associated interest rates as of March 31, 2017, were:

			Principal balance as of
	Interest Rate at March 31, 2017	Maturity Date	March 31, 2017			December 31, 2016
			(in millions)
Commercial mortgage-backed securities loan	4.11%	November 2023	$	725		$	725
Commercial mortgage-backed securities loan	4.20%	December 2026		1,275			1,275
Mortgage loans	Average rate of 4.00%	2020 to 2026(1)		207			207
Term loan	L + 1.45%	December 2021		750			750
Revolving credit facility(2)	L + 1.50%	December 2021(1)		—			—
Unsecured notes	7.50%	December 2017		55			55
Capital lease obligations	Average rate of 7.00%	2019 to 2094		14			14
				3,026			3,026
Less: unamortized deferred financing costs and    discount				(14	)		(14	)
			$	3,012		$	3,012

⁽¹⁾ Assumes the exercise of all extensions that are exercisable solely at our option.

⁽²⁾ $1 billion available under revolving credit facility.

Mortgage Loans

We are required to deposit with the lender certain cash reserves for restricted uses. As of March 31, 2017 and December 31, 2016, our condensed combined consolidated balance sheets included $18 million and $13 million, respectively, of restricted cash related to our commercial mortgaged-backed securities (“CMBS”) loans and mortgage loans.  

Debt Maturities

The contractual maturities of our debt as of March 31, 2017 were:

Year	(in millions)
2017	$	55
2018		—
2019		—
2020(1)		12
2021		750
Thereafter		2,209
	$	3,026

⁽¹⁾ Assumes the exercise of all extensions that are exercisable solely at our option.