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Debt (Tables)
 12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Schedule of Debt
Our long-term debt consisted of the following as of December 31, 2017 and 2016:
 
December 31, 2017
 
December 31, 2016
 
Principal
Amount
 
Carrying
Amount
 
Principal
Amount
 
Carrying
Amount
 
($ in millions)
6.25% euro-denominated senior notes
due 2017
$
—

 
$
—

 
$
258

 
$
258

6.5% senior notes due 2017
—

 
—

 
134

 
134

7.25% senior notes due 2018
44

 
44

 
64

 
64

Floating rate senior notes due 2019
380

 
380

 
380

 
380

6.625% senior notes due 2020
437

 
437

 
780

 
780

6.875% senior notes due 2020
227

 
227

 
279

 
278

6.125% senior notes due 2021
548

 
548

 
550

 
550

5.375% senior notes due 2021
267

 
267

 
270

 
270

4.875% senior notes due 2022
451

 
451

 
451

 
451

8.00% senior secured second lien notes due 2022(a)
1,416

 
1,895

 
2,419

 
3,409

5.75% senior notes due 2023
338

 
338

 
338

 
338

8.00% senior notes due 2025
1,300

 
1,290

 
1,000

 
985

5.5% convertible senior notes due 2026(b)(c)(d)
1,250

 
837

 
1,250

 
811

8.00% senior notes due 2027
1,300

 
1,298

 
—

 
—

2.75% contingent convertible senior notes due 2035(d)
—

 
—

 
2

 
2

2.5% contingent convertible senior notes due 2037(d)
—

 
—

 
114

 
112

2.25% contingent convertible senior notes due 2038(b)(d)
9

 
8

 
200

 
180

Term loan due 2021
1,233

 
1,233

 
1,500

 
1,500

Revolving credit facility
781

 
781

 
—

 
—

Debt issuance costs
—

 
(63
)
 
—

 
(64
)
Interest rate derivatives
—

 
2

 
—

 
3

Total debt, net
9,981

 
9,973

 
9,989

 
10,441

Less current maturities of long-term debt, net(e)
(53
)
 
(52
)
 
(506
)
 
(503
)
Total long-term debt, net
$
9,928

 
$
9,921

 
$
9,483

 
$
9,938

___________________________________________
(a)
The carrying amounts as of December 31, 2017 and 2016, include premium amounts of $479 million and $990 million, respectively, associated with a troubled debt restructuring. The premium is being amortized based on the effective yield method.
(b)
We are required to account for the liability and equity components of our convertible debt instruments separately and to reflect interest expense through the first demand repurchase date, as applicable, at the interest rate of similar nonconvertible debt at the time of issuance. The applicable rates for our 2.25% Contingent Convertible Senior Notes due 2038 and our 5.5% Convertible Senior Notes due 2026 are 8.0% and 11.5%, respectively.
(c)
The conversion and redemption provisions of our convertible senior notes are as follows:
Optional Conversion by Holders. Prior to maturity under certain circumstances and at the holder’s option, the notes are convertible. The notes may be converted into cash, our common stock, or a combination of cash and common stock, at our election. One triggering circumstance is when the price of our common stock exceeds a threshold amount during a specified period in a fiscal quarter. Convertibility based on common stock price is measured quarterly. During the fourth quarter of 2017, the price of our common stock was below the threshold level and, as a result, the holders do not have the option to convert their notes in the first quarter of 2018 under this provision. The notes are also convertible, at the holder’s option, during specified five-day periods if the trading price of the notes is below certain levels determined by reference to the trading price of our common stock. The notes were not convertible under this provision during the year ended December 31, 2017. Upon conversion of a convertible senior note, the holder will receive cash, common stock or a combination of cash and common stock, at our election, according to the conversion rate specified in the indenture.
The common stock price conversion threshold amount for the convertible senior notes is 130% of the conversion price of $8.568.
Optional Redemption by the Company. We may redeem the convertible senior notes for cash on or after September 15, 2019, if the price of our common stock exceeds 130% of the conversion price during a specified period at a redemption price of 100% of the principal amount of the notes.
Holders’ Demand Repurchase Rights. The holders of our convertible senior notes may require us to repurchase, in cash, all or a portion of their notes at 100% of the principal amount of the notes upon certain fundamental changes.
(d)
The carrying amounts as of December 31, 2017 and 2016, are reflected net of discounts of $414 million and $461 million, respectively, associated with the equity component of our convertible and contingent convertible senior notes. This amount is being amortized based on the effective yield method through the first demand repurchase date as applicable.
(e)
As of December 31, 2017, current maturities of long-term debt, net includes our 7.25% Senior Notes due December 2018 and our 2.25% Contingent Convertible Notes due 2038 Notes.
Deb
Schedule of Maturities of Long-term Debt
maturities for the next five years and thereafter are as follows:
 
 
Principal Amount
of Debt Securities
 
 
($ in millions)
2018
 
$
53

2019
 
1,161

2020
 
664

2021
 
2,048

2022
 
1,867

Thereafter
 
4,188

Total
 
$
9,981

De
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
value is compared to the carrying value, excluding the impact of interest rate derivatives, in the table below:
 
 
December 31, 2017
 
December 31, 2016
 
 
Carrying
Amount
 
Estimated
Fair Value
 
Carrying
Amount
 
Estimated
Fair Value
 
 
 
 
($ in millions)
 
 
Short-term debt (Level 1)
 
$
52

 
$
53

 
$
503

 
$
511

Long-term debt (Level 1)
 
$
2,633

 
$
2,629

 
$
3,271

 
$
3,216

Long-term debt (Level 2)
 
$
7,286

 
$
7,301

 
$
6,664

 
$
6,654