|
DEBT (Tables)
|
3 Months Ended |
|
Mar. 31, 2015
|
| Debt |
Ìý
|
| Outstanding debt |
ÌýÌýÌýÌýÌýÌýÌýOutstanding debt consisted of the following (dollars in millions):
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
Ìý
|
Ìý
|
MarchÌý31,
2015
|
Ìý
|
DecemberÌý31,
2014
|
Ìý
|
|
Senior Credit Facilities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Term loans
|
Ìý
|
$
|
2,512Ìý
|
Ìý
|
$
|
2,528Ìý
|
Ìý
|
|
Amounts outstanding under A/R programs
|
Ìý
|
Ìý
|
214Ìý
|
Ìý
|
Ìý
|
229Ìý
|
Ìý
|
|
Senior notes
|
Ìý
|
Ìý
|
1,862Ìý
|
Ìý
|
Ìý
|
1,596Ìý
|
Ìý
|
|
Senior subordinated notes
|
Ìý
|
Ìý
|
493Ìý
|
Ìý
|
Ìý
|
531Ìý
|
Ìý
|
|
Variable interest entities
|
Ìý
|
Ìý
|
198Ìý
|
Ìý
|
Ìý
|
207Ìý
|
Ìý
|
|
Other
|
Ìý
|
Ìý
|
79Ìý
|
Ìý
|
Ìý
|
109Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
5,358Ìý
|
Ìý
|
$
|
5,200Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
â€� Ìý
|
|
Total current portion of debt
|
Ìý
|
$
|
529Ìý
|
Ìý
|
$
|
267Ìý
|
Ìý
|
|
Long-term portion
|
Ìý
|
Ìý
|
4,829Ìý
|
Ìý
|
Ìý
|
4,933Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
5,358Ìý
|
Ìý
|
$
|
5,200Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
â€� Ìý
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
5,358Ìý
|
Ìý
|
$
|
5,200Ìý
|
Ìý
|
|
Notes payable to affiliates—noncurrent
|
Ìý
|
Ìý
|
6Ìý
|
Ìý
|
Ìý
|
6Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total debt
|
Ìý
|
$
|
5,364Ìý
|
Ìý
|
$
|
5,206Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
â€� Ìý
|
Ìý
|
| ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ International |
Ìý
|
| Debt |
Ìý
|
| Outstanding debt |
ÌýÌýÌýÌýÌýÌýÌýOutstanding debt consisted of the following (dollars in millions):
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
Ìý
|
Ìý
|
MarchÌý31,
2015
|
Ìý
|
DecemberÌý31,
2014
|
Ìý
|
|
Senior Credit Facilities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Term loans
|
Ìý
|
$
|
2,512Ìý
|
Ìý
|
$
|
2,528Ìý
|
Ìý
|
|
Amounts outstanding under A/R programs
|
Ìý
|
Ìý
|
214Ìý
|
Ìý
|
Ìý
|
229Ìý
|
Ìý
|
|
Senior notes
|
Ìý
|
Ìý
|
1,862Ìý
|
Ìý
|
Ìý
|
1,596Ìý
|
Ìý
|
|
Senior subordinated notes
|
Ìý
|
Ìý
|
493Ìý
|
Ìý
|
Ìý
|
531Ìý
|
Ìý
|
|
Variable interest entities
|
Ìý
|
Ìý
|
198Ìý
|
Ìý
|
Ìý
|
207Ìý
|
Ìý
|
|
Other
|
Ìý
|
Ìý
|
79Ìý
|
Ìý
|
Ìý
|
109Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
5,358Ìý
|
Ìý
|
$
|
5,200Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
â€� Ìý
|
|
Total current portion of debt
|
Ìý
|
$
|
529Ìý
|
Ìý
|
$
|
267Ìý
|
Ìý
|
|
Long-term portion
|
Ìý
|
Ìý
|
4,829Ìý
|
Ìý
|
Ìý
|
4,933Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
5,358Ìý
|
Ìý
|
$
|
5,200Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
â€� Ìý
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
5,358Ìý
|
Ìý
|
$
|
5,200Ìý
|
Ìý
|
|
Notes payable to affiliates—current
|
Ìý
|
Ìý
|
100Ìý
|
Ìý
|
Ìý
|
100Ìý
|
Ìý
|
|
Notes payable to affiliates—noncurrent
|
Ìý
|
Ìý
|
606Ìý
|
Ìý
|
Ìý
|
656Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total debt
|
Ìý
|
$
|
6,064Ìý
|
Ìý
|
$
|
5,956Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
â€� Ìý
|
Ìý
|
| Schedule of Senior Credit Facilities |
ÌýÌýÌýÌýÌýÌýÌýÌýAs of MarchÌý31, 2015, our senior credit facilities ("Senior Credit Facilities") consisted of our revolving credit facility ("Revolving Facility"), our extended term loan B facility ("Extended Term LoanÌýB"), our extended term loan B facility—seriesÌý2 ("Extended Term Loan B—SeriesÌý2"), our 2014 new term loan facility ("2014 New Term Loan") and our term loan C facility ("Term Loan C") as follows (dollars in millions):
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
Facility
|
Ìý
|
Committed
Amount
|
Ìý
|
Principal
Outstanding
|
Ìý
|
Carrying
Value
|
Ìý
|
Interest Rate(3)
|
Ìý
|
Maturity
|
Ìý
|
|
Revolving Facility
|
Ìý
|
$
|
625Ìý
|
Ìý
|
$
|
�
|
(1)
|
$
|
�
|
(1)
|
USD LIBOR plus 2.50%
|
Ìý
|
Ìý
|
2017Ìý
|
Ìý
|
|
Extended Term Loan B
|
Ìý
|
Ìý
|
NA
|
Ìý
|
Ìý
|
943Ìý
|
Ìý
|
Ìý
|
942Ìý
|
Ìý
|
USD LIBOR plus 2.50%
|
Ìý
|
Ìý
|
2017Ìý
|
Ìý
|
|
Extended Term Loan B—SeriesÌý2
|
Ìý
|
Ìý
|
NA
|
Ìý
|
Ìý
|
335Ìý
|
Ìý
|
Ìý
|
335Ìý
|
Ìý
|
USD LIBOR plus 3.00%
|
Ìý
|
Ìý
|
2017Ìý
|
Ìý
|
|
2014 New Term Loan
|
Ìý
|
Ìý
|
NA
|
Ìý
|
Ìý
|
1,197Ìý
|
Ìý
|
Ìý
|
1,186Ìý
|
Ìý
|
USD LIBOR plus 3.00%(2)
|
Ìý
|
Ìý
|
2021Ìý
|
Ìý
|
|
Term Loan C
|
Ìý
|
Ìý
|
NA
|
Ìý
|
Ìý
|
50Ìý
|
Ìý
|
Ìý
|
49Ìý
|
Ìý
|
USD LIBOR plus 2.25%
|
Ìý
|
Ìý
|
2016Ìý
|
Ìý
|
|
(1)
|
We had no borrowings outstanding under our Revolving Facility; we had approximately $15Ìýmillion (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our Revolving Facility.
|
|
(2)
|
The 2014 New Term Loan is subject to a 0.75% LIBOR floor.
|
|
(3)
|
The applicable interest rate of the Senior Credit Facilities is subject to certain secured leverage ratio thresholds. As of MarchÌý31, 2015, the weighted average interest rate on our outstanding balances under the Senior Credit Facilities was approximately 3.0%.
|
Ìý
|
| Schedule of A/R Programs |
The receivables collateralize debt incurred by the U.S.ÌýSPE and the EUÌýSPE. Information regarding our A/R Programs as of MarchÌý31, 2015 was as follows (monetary amounts in millions):
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
Facility(5)
|
Ìý
|
Maturity
|
Ìý
|
Maximum Funding
Availability(1)
|
Ìý
|
Amount
Outstanding
|
Ìý
|
Interest Rate(2)(3)
|
|
U.S. A/R Program
|
Ìý
|
March 2018
|
Ìý
|
$250
|
Ìý
|
$90(4)
|
Ìý
|
Applicable rate plus 0.95%
|
|
EU A/R Program
|
Ìý
|
March 2018
|
Ìý
|
�225
(approximately
$245)
|
Ìý
|
�114
(approximately
$124)
|
Ìý
|
Applicable rate plus 1.10%
|
|
(1)
|
The amount of actual availability under our A/R Programs may be lower based on the level of eligible receivables sold, changes in the credit ratings of our customers, customer concentration levels and certain characteristics of the accounts receivable being transferred, as defined in the applicable agreements.
|
|
(2)
|
Each interest rate is defined in the applicable agreements. In addition, the U.S. SPE and the EUÌýSPE are obligated to pay unused commitment fees to the lenders based on the amount of each lender's commitment.
|
|
(3)
|
Applicable rate for our U.S. A/R Program is defined by the lender as either USD LIBOR or CPÌýrate. Applicable rate for our EU A/R Program is either GBP LIBOR, USD LIBOR or EURIBOR.
|
|
(4)
|
As of MarchÌý31, 2015, we had approximately $7Ìýmillion (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program.
|
|
(5)
|
During the three months ended MarchÌý31, 2015, we entered into amendments to our A/RÌýPrograms that, among other things, extend the scheduled commitment termination dates and reduce the applicable borrowing margins.
|
Ìý
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| Summary of outstanding notes |
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ÌýÌýÌýÌýÌýÌýÌýÌýAs of MarchÌý31, 2015, we had outstanding the following notes (monetary amounts in millions):
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
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Notes
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Maturity
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Interest Rate
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Amount Outstanding
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2020 Senior Notes
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Ìý
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November 2020
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Ìý
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Ìý
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4.875Ìý
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%
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$650 ($647 carrying value)
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2021 Senior Notes
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Ìý
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April 2021
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Ìý
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Ìý
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5.125Ìý
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%
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�445 (�449 carrying value ($489))
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2022 Senior Notes
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Ìý
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November 2022
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Ìý
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Ìý
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5.125Ìý
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%
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$400
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2025 Senior Notes
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Ìý
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April 2025
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Ìý
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Ìý
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4.25Ìý
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%
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�300 ($326)
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2021 Senior Subordinated Notes
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Ìý
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March 2021
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Ìý
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Ìý
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8.625Ìý
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%
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$484 ($493 carrying value)
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| Redemption of Notes and Loss on Early Extinguishment of Debt |
ÌýÌýÌýÌýÌýÌýÌýÌýDuring the three months ended MarchÌý31, 2015, we redeemed or repurchased the following notes (monetary amounts in millions):
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
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Date of Redemption
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Notes
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Principal
Amount of
Notes
Redeemed
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Amount Paid
(Excluding
Accrued Interest)
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Loss on
Early
Extinguishment
of Debt
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January 2015
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Ìý
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2021 Senior Subordinated Notes
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Ìý
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$
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37Ìý
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Ìý
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$
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40Ìý
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Ìý
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$
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3Ìý
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Ìý
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Ìý
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