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Debt (Tables)
 9 Months Ended
Sep. 30, 2016
Debt [Abstract]  
Components Of Debt



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

September 30, 2016



 

Debt Instrument

 

Unamortized Issuance Cost

 

Unamortized Debt Discount

 

Total



 

 

(in millions)

Short-term debt:

 

 

 

 

 

 

 

 

 

 

 

 

7.15% Senior Notes due June 2018

 

$

 1 

 

$

–   

 

$

–  

 

$

 1 

Total short-term debt

 

$

 1 

 

$

–   

 

$

–  

 

$

 1 



 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt:

 

 

 

 

 

 

 

 

 

 

 

 

Variable rate (2.960% at September 30, 2016) term loan facility, due December 2020 (1)

 

$

 327 

 

$

 (2)

 

$

–  

 

$

 325 

Variable rate (2.960% at September 30, 2016) term loan facility, due December 2020 (2)

 

 

 1,191 

 

 

 (11)

 

 

–  

 

 

 1,180 

7.35% Senior Notes due October 2017

 

 

 15 

 

 

–  

 

 

–  

 

 

 15 

7.125% Senior Notes due October 2017

 

 

 25 

 

 

–  

 

 

–  

 

 

 25 

3.30% Senior Notes due January 2018 (3) (4)

 

 

 38 

 

 

–  

 

 

–  

 

 

 38 

7.50% Senior Notes due February 2018  (3)

 

 

 212 

 

 

–  

 

 

–  

 

 

 212 

7.15% Senior Notes due June 2018

 

 

 26 

 

 

–  

 

 

–  

 

 

 26 

4.05% Senior Notes due January 2020  (4)

 

 

 850 

 

 

 (5)

 

 

–  

 

 

 845 

4.10% Senior Notes due March 2022

 

 

 1,000 

 

 

 (5)

 

 

 (1)

 

 

 994 

4.95% Senior Notes due January 2025  (4)

 

 

 1,000 

 

 

 (7)

 

 

 (2)

 

 

 991 

Total long-term debt

 

$

 4,684 

 

$

 (30)

 

$

 (3)

 

$

 4,651 



 

 

 

 

 

 

 

 

 

 

 

 

Total debt

 

$

 4,685 

 

$

 (30)

 

$

 (3)

 

$

 4,652 



 

 

 

 

 

 

 

 

 

 

 

 

(1)

In July 2016, $375 million was repaid on the term loan facility, extending the maturity from November 2018 to December 2020, which will accelerate to October 2019 if, by that date, the Company has not amended, redeemed or refinanced at least $765 million of its 2020 Senior Notes.  In September 2016, an additional $48 million was repaid.



(2)

The maturity date will accelerate to October 2019 if, by that date, the Company has not amended, redeemed or refinanced at least $765 million of its 2020 Senior Notes.



(3)

In July 2016, the Company purchased approximately $312 million of the 3.30% Senior Notes due January 2018 and $388 million of the 7.50% Senior Notes due February 2018. 



(4)

In February and June 2016, Moody’s and S&P downgraded certain senior notes, increasing the interest rates by 175 basis points effective July 2016.  As a result of the downgrades, interest rates increased to 5.05% for the 2018 Notes, 5.80% for the 2020 Notes and 6.70% for the 2025 Notes.



 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2015



 

Debt Instrument

 

Unamortized Issuance Cost

 

Unamortized Debt Discount

 

Total



 

 

(in millions)

Short-term debt:

 

 

 

 

 

 

 

 

 

 

 

 

7.15% Senior Notes due June 2018

 

$

 1 

 

$

–  

 

$

–  

 

$

 1 

Total short-term debt

 

$

 1 

 

$

–  

 

$

–  

 

$

 1 



 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt:

 

 

 

 

 

 

 

 

 

 

 

 

Variable rate (1.886% at December 31, 2015) credit facility, expires December 2018

 

$

 116 

 

$

–   

 

$

–   

 

$

 116 

Variable rate (1.775% at December 31, 2015) term loan facility, due November 2018

 

 

 750 

 

 

 (3)

 

 

–  

 

 

 747 

7.35% Senior Notes due October 2017

 

 

 15 

 

 

–  

 

 

–  

 

 

 15 

7.125% Senior Notes due October 2017

 

 

 25 

 

 

–  

 

 

–  

 

 

 25 

3.30% Senior Notes due January 2018

 

 

 350 

 

 

 (2)

 

 

–  

 

 

 348 

7.50% Senior Notes due February 2018

 

 

 600 

 

 

 (2)

 

 

–  

 

 

 598 

7.15% Senior Notes due June 2018

 

 

 26 

 

 

 –  

 

 

 –  

 

 

 26 

4.05% Senior Notes due January 2020

 

 

 850 

 

 

 (5)

 

 

 (1)

 

 

 844 

4.10% Senior Notes due March 2022

 

 

 1,000 

 

 

 (5)

 

 

 (1)

 

 

 994 

4.95% Senior Notes due January 2025

 

 

 1,000 

 

 

 (7)

 

 

 (2)

 

 

 991 

Total long-term debt

 

$

 4,732 

 

$

 (24)

 

$

 (4)

 

$

 4,704 



 

 

 

 

 

 

 

 

 

 

 

 

Total debt

 

$

 4,733 

 

$

 (24)

 

$

 (4)

 

$

 4,705