Debt (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule of long-term debt

Our long-term debt consisted of the following as of September 30, 2018 and December 31, 2017:

	September 30, 2018						December 31, 2017
	Principal Amount			Carrying Amount			Principal Amount			Carrying Amount
	($ in millions)
7.25% senior notes due 2018	$	44		$	44		$	44		$	44
Floating rate senior notes due 2019	380			380			380			380
6.625% senior notes due 2020	437			437			437			437
6.875% senior notes due 2020	227			227			227			227
6.125% senior notes due 2021	548			548			548			548
5.375% senior notes due 2021	267			267			267			267
4.875% senior notes due 2022	451			451			451			451
8.00% senior secured second lien notes due 2022(a)	1,416			1,823			1,416			1,895
5.75% senior notes due 2023	338			338			338			338
7.00% senior notes due 2024	850			850			—			—
8.00% senior notes due 2025	1,300			1,290			1,300			1,290
5.5% convertible senior notes due 2026(b)(c)	1,250			859			1,250			837
7.5% senior notes due 2026	400			400			—			—
8.00% senior notes due 2027	1,300			1,298			1,300			1,298
2.25% contingent convertible senior notes due 2038(b)	9			8			9			8
Term loan due 2021	—			—			1,233			1,233
Revolving credit facility	645			645			781			781
Debt issuance costs	—			(54		)	—			(63		)
Interest rate derivatives	—			1			—			2
Total debt, net	9,862			9,812			9,981			9,973
Less current maturities of long-term debt, net(d)	(433		)	(432		)	(53		)	(52		)
Total long-term debt, net	$	9,429		$	9,380		$	9,928		$	9,921

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(a) On October 29, 2018, we delivered a notice of redemption to the trustee with respect to 100% of the aggregate principal amount of the outstanding senior secured second lien notes dues 2022.

(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) Prior to maturity under certain circumstances and at the holder’s option, the notes are convertible. During the Current Quarter, the price of our common stock was below the threshold level for conversion and, as a result, the holders do not have the option to convert their notes in the fourth quarter of 2018.

(d) As of September 30, 2018, net current maturities of long-term debt includes our 7.25% Senior Notes due December 2018, our Floating Rate Senior Notes due April 2019, and due to the holders’ put option, our 2.25% Contingent Convertible Notes due December 2038.    

Schedule of fair value of debt

Fair value is compared to the carrying value, excluding the impact of interest rate derivatives, in the table below:

	September 30, 2018				December 31, 2017
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
			($ in millions)
Short-term debt (Level 1)	$	432	$	433	$	52	$	53
Long-term debt (Level 1)	$	3,495	$	3,546	$	2,633	$	2,629
Long-term debt (Level 2)	$	5,884	$	6,010	$	7,286	$	7,301