Long-term Debt and Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Schedule Of Long-Term Debt

Long-term and other borrowing arrangements consisted of:

		As of		As of
	Maturity Dates	September 30,		December 31,
		2014		2013
3½% Convertible Notes (a)	October 2014	$	65	$	66
4⅞% Senior Notes	November 2017	300		300
Floating Rate Senior Notes (b)	December 2017	248		247
8¼% Senior Notes	January 2019	—		691
Floating Rate Term Loan (c)	March 2019	982		989
9¾% Senior Notes	March 2020	223		223
6% Euro-denominated Senior Notes	March 2021	586		344
5⅛% Senior Notes	June 2022	400		—
5½% Senior Notes	April 2023	500		500
		3,304		3,360
Other		31		34
Total		3,335		3,394
Less: Short-term debt and current portion of long-term debt		88		89
Long-term debt		$	3,247	$	3,305

__________

^(a)  As of September 30, 2014, the 3½% convertible notes are convertible by the holders into approximately 4.0 million shares of the Company’s common stock.

^(b)  The interest rate on these notes is equal to three-month LIBOR plus 275 basis points, for an aggregate rate of 2.98% at September 30, 2014; the Company has entered into an interest rate swap to hedge its interest rate exposure related to these notes at an aggregate rate of 3.58%.

^(c)  The floating rate term loan is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. As of September 30, 2014, the floating term rate loan due 2019 bears interest at the greater of three-month LIBOR or 0.75%, plus 225 basis points, for an aggregate rate of 3.00%. The Company has entered into a swap to hedge $600 million of its interest rate exposure related to the floating rate term loan at an aggregate rate of 3.96%.

Schedule Of Committed Credit Facilities

At September 30, 2014, the committed corporate credit facilities available to the Company and/or its subsidiaries were as follows:

	Total Capacity		Outstanding Borrowings		Letters of Credit Issued		Available Capacity
Senior revolving credit facility maturing 2018 (a)	$	1,650	$	—	$	784	$	866
Other facilities (b)	12		1		—		11

__________

^(a)  The senior revolving credit facility bears interest at one-month LIBOR plus 200 basis points and is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property.

^(b)  These facilities encompass bank overdraft lines of credit, bearing interest of 4.50% to 5.77% as of September 30, 2014.