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Debt (Tables)
 9 Months Ended
Sep. 30, 2017
Debt [Abstract]  
Components Of Debt



 

 

 

 

 

 

 

 

 

 

 

 



 

September 30, 2017



 

Debt Instrument

 

Unamortized Issuance Expense

 

Unamortized Debt Discount

 

Total



 

 

(in millions)

Short-term debt:

 

 

 

 

 

 

 

 

 

 

 

 

7.35% Senior Notes due October 2017 (1)

 

$

 15 

 

$

–  

 

$

–  

 

$

 15 

7.125% Senior Notes due October 2017 (1)

 

 

 25 

 

 

–  

 

 

–  

 

 

 25 

Total short-term debt

 

$

 40 

 

$

–  

 

$

–  

 

$

 40 



 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt:

 

 

 

 

 

 

 

 

 

 

 

 

Variable rate (3.700% at September 30, 2017) 2016 term loan, due December 2020 (2)

 

 

 1,191 

 

 

 (8)

 

 

–  

 

 

 1,183 

4.05% Senior Notes due January 2020 (3) (4)

 

 

 92 

 

 

–  

 

 

–  

 

 

 92 

4.10% Senior Notes due March 2022

 

 

 1,000 

 

 

 (4)

 

 

 –  

 

 

 996 

4.95% Senior Notes due January 2025 (3)

 

 

 1,000 

 

 

 (6)

 

 

 (2)

 

 

 992 

7.50% Senior Notes due April 2026

 

 

 650 

 

 

 (10)

 

 

–  

 

 

 640 

7.75% Senior Notes due October 2027

 

 

 500 

 

 

 (7)

 

 

–  

 

 

 493 

Total long-term debt

 

$

 4,433 

 

$

 (35)

 

$

 (2)

 

$

 4,396 



 

 

 

 

 

 

 

 

 

 

 

 

Total debt

 

$

 4,473 

 

$

 (35)

 

$

 (2)

 

$

 4,436 









 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2016



 

Debt Instrument

 

Unamortized Issuance Expense

 

Unamortized Debt Discount

 

Total



 

 

(in millions)

Short-term debt:

 

 

 

 

 

 

 

 

 

 

 

 

7.35% Senior Notes due October 2017 (1)

 

$

 15 

 

$

–  

 

$

–  

 

$

 15 

7.125% Senior Notes due October 2017 (1)

 

 

 25 

 

 

–  

 

 

–  

 

 

 25 

7.15% Senior Notes due June 2018 (4)

 

 

 1 

 

 

–  

 

 

–  

 

 

 1 

Total short-term debt

 

$

 41 

 

$

–  

 

$

–  

 

$

 41 



 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt:

 

 

 

 

 

 

 

 

 

 

 

 

Variable rate (3.220% at December 31, 2016) 2015 term loan, due December 2020 (4)

 

 

 327 

 

 

 (2)

 

 

–  

 

 

 325 

Variable rate (3.220% at December 31, 2016) 2016 term loan, due December 2020 (2)

 

 

 1,191 

 

 

 (10)

 

 

–  

 

 

 1,181 

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

 

 

 38 

 

 

–  

 

 

–  

 

 

 38 

7.50% Senior Notes due February 2018 (4)

 

 

 212 

 

 

–  

 

 

–  

 

 

 212 

7.15% Senior Notes due June 2018 (4)

 

 

 25 

 

 

–  

 

 

–  

 

 

 25 

4.05% Senior Notes due January 2020 (3) (4)

 

 

 850 

 

 

 (5)

 

 

–  

 

 

 845 

4.10% Senior Notes due March 2022

 

 

 1,000 

 

 

 (4)

 

 

 (1)

 

 

 995 

4.95% Senior Notes due January 2025 (3)

 

 

 1,000 

 

 

 (7)

 

 

 (2)

 

 

 991 

Total long-term debt

 

$

 4,643 

 

$

 (28)

 

$

 (3)

 

$

 4,612 



 

 

 

 

 

 

 

 

 

 

 

 

Total debt

 

$

 4,684 

 

$

 (28)

 

$

 (3)

 

$

 4,653 

(1)

Subsequent to September 30, 2017, the Company repaid $15 million and $25 million of its outstanding 7.35% and 7.125% Senior Notes, respectively, due October 2017.

(2)

The maturity date will accelerate to October 2019 if, by that date, the Company has not amended, redeemed or refinanced $765 million of its outstanding senior notes due in January 2020.  As of September 30, 2017, the Company has redeemed $758 million principal amount of the 2020 senior notes.

(3)

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.

(4)

In the first nine months of 2017, the Company repurchased $38 million principal amount of its outstanding 3.30% Senior Notes due January 2018, $212 million principal amount of its outstanding 7.50% Senior Notes due February 2018, $26 million principal amount of its outstanding 7.15% Senior Notes due June 2018,  $327 million principal amount of its outstanding 2015 Term Loan due December 2020 and $758 million principal amount of its outstanding 4.05% Senior Notes due January 2020.  The Company recognized a $70 million loss on the extinguishment of debt.