Long-term Debt and Borrowing Arrangements (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Schedule Of Long-Term Debt

Long-term and other borrowing arrangements consisted of:

		As of		As of
	Maturity Dates	March 31,		December 31,
		2015		2014
4⅞% Senior Notes	November 2017	$	300	$	300
Floating Rate Senior Notes (a)	December 2017	248		248
Floating Rate Term Loan (b)	March 2019	977		980
9¾% Senior Notes	March 2020	223		223
6% Euro-denominated Senior Notes (c)	March 2021	499		561
5⅛% Senior Notes	June 2022	400		400
5½% Senior Notes	April 2023	674		674
5¼% Senior Notes	March 2025	375		—
Other		29		34
Total		3,725		3,420
Less: Short-term debt and current portion of long-term debt		244		28
Long-term debt		$	3,481	$	3,392

__________

^(a)  The interest rate on these notes is equal to three-month LIBOR plus 275 basis points, for an aggregate rate of 3.01% at March 31, 2015; 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%.

^(b)  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 March 31, 2015, the floating rate term 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%.

^(c)  The reduction in the balance principally reflects currency translation adjustments.

Schedule Of Committed Credit Facilities

At March 31, 2015, 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)	$	1,800	$	—	$	741	$	1,059
Other facilities (b)	11		1		—		10

__________

^(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 2.95% to 5.69% as of March 31, 2015.