Long-term Debt and Borrowing Arrangements (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Schedule Of Long-Term Debt

Long-term and other borrowing arrangements consisted of:

		As of			As of
	Maturity Dates	June 30,			December 31,
		2016			2015
4⅞% Senior Notes	November 2017	$	—		$	300
Floating Rate Senior Notes (a)	December 2017	249			249
Floating Rate Term Loan (b)	March 2019	144			970
6% Euro-denominated Senior Notes	March 2021	512			502
Floating Rate Term Loan (c)	March 2022	820			—
5⅛% Senior Notes	June 2022	400			400
5½% Senior Notes	April 2023	674			674
6⅜% Senior Notes	April 2024	350			—
5¼% Senior Notes	March 2025	375			375
Other (d)		59			46
Deferred financing fees		(53		)	(55		)
Total		3,530			3,461
Less: Short-term debt and current portion of long-term debt		28			26
Long-term debt		$	3,502		$	3,435

__________

^(a)  The interest rate on these notes is equal to three-month LIBOR plus 275 basis points, for an aggregate rate of 3.39% at June 30, 2016; 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 June 30, 2016, 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%.

^(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 June 30, 2016, the floating rate term loan due 2022 bears interest at the greater of three-month LIBOR or 0.75%, plus 250 basis points, for an aggregate rate of 3.25%. 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 4.21%.

^(d)  Primarily includes capital leases which are secured by liens on the related assets.

Schedule Of Committed Credit Facilities

At June 30, 2016, 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 2019 (a)	$	1,800	$	—	$	1,177	$	623
Other facilities (b)	3		3		—		—

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^(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 1.50% to 3.13%.