Long-term Debt and Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule Of Long-Term Debt

Long-term corporate debt and borrowing arrangements consisted of:

		As of			As of
	Maturity Dates	September 30,			December 31,
		2018			2017
Floating Rate Term Loan	March 2022	$	—		$	1,136
5⅛% Senior Notes	June 2022	400			400
5½% Senior Notes	April 2023	675			675
6⅜% Senior Notes	April 2024	350			350
4⅛% euro-denominated Senior Notes	November 2024	348			360
Floating Rate Term Loan (a)	February 2025	1,126			—
5¼% Senior Notes	March 2025	375			375
4½% euro-denominated Senior Notes	May 2025	290			300
Other (b)		40			49
Deferred financing fees		(43		)	(46		)
Total		3,561			3,599
Less: Short-term debt and current portion of long-term debt		23			26
Long-term debt		$	3,538		$	3,573

__________

^(a)  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, 2018, the floating rate term loan due 2025 bears interest at one-month LIBOR plus 200 basis points, for an aggregate rate of 4.25%. The Company has entered into a swap to hedge $700 million of its interest rate exposure related to the floating rate term loan at an aggregate rate of 3.67%.

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

In February 2018, the Company amended the terms of its Floating Rate Term Loan due 2022 and extended its maturity term to 2025.

Schedule Of Committed Credit Facilities

At September 30, 2018, 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 2023 (a)	$	1,800	$	—	$	1,084	$	716
Other facilities(b)	1		1		—		—

__________

^(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 3.25% as of September 30, 2018.

In February 2018, the Company amended the terms of its Senior revolving credit facility maturing 2021 and extended its maturity to 2023.

At September 30, 2018, the Company had various uncommitted credit facilities available, under which it had drawn approximately $1 million, which bear interest at rates between 0.74% and 6.60%.