DEBT (Tables)
|
9 Months Ended |
Sep. 30, 2015 |
|---|
| Debt |
Ìý
|
| Outstanding debt |
ÌýÌýÌýÌýÌýÌýÌýÌýOutstanding debt consisted of the following (dollars in millions):
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
Ìý
|
Ìý
|
SeptemberÌý30,
2015
|
Ìý
|
DecemberÌý31,
2014
|
Ìý
|
|
Senior Credit Facilities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Term loans
|
Ìý
|
$
|
2,507Ìý
|
Ìý
|
$
|
2,528Ìý
|
Ìý
|
|
Amounts outstanding under A/R programs
|
Ìý
|
Ìý
|
217Ìý
|
Ìý
|
Ìý
|
229Ìý
|
Ìý
|
|
Senior notes
|
Ìý
|
Ìý
|
1,883Ìý
|
Ìý
|
Ìý
|
1,596Ìý
|
Ìý
|
|
Senior subordinated notes
|
Ìý
|
Ìý
|
�
|
Ìý
|
Ìý
|
531Ìý
|
Ìý
|
|
Variable interest entities
|
Ìý
|
Ìý
|
158Ìý
|
Ìý
|
Ìý
|
207Ìý
|
Ìý
|
|
Other
|
Ìý
|
Ìý
|
102Ìý
|
Ìý
|
Ìý
|
109Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
4,867Ìý
|
Ìý
|
$
|
5,200Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total current portion of debt
|
Ìý
|
$
|
158Ìý
|
Ìý
|
$
|
267Ìý
|
Ìý
|
|
Long-term portion
|
Ìý
|
Ìý
|
4,709Ìý
|
Ìý
|
Ìý
|
4,933Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
4,867Ìý
|
Ìý
|
$
|
5,200Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
4,867Ìý
|
Ìý
|
$
|
5,200Ìý
|
Ìý
|
|
Notes payable to affiliates-noncurrent
|
Ìý
|
Ìý
|
7Ìý
|
Ìý
|
Ìý
|
6Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total debt
|
Ìý
|
$
|
4,874Ìý
|
Ìý
|
$
|
5,206Ìý
|
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 |
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
Ìý
|
Ìý
|
SeptemberÌý30,
2015
|
Ìý
|
DecemberÌý31,
2014
|
Ìý
|
|
Senior Credit Facilities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Term loans
|
Ìý
|
$
|
2,507Ìý
|
Ìý
|
$
|
2,528Ìý
|
Ìý
|
|
Amounts outstanding under A/R programs
|
Ìý
|
Ìý
|
217Ìý
|
Ìý
|
Ìý
|
229Ìý
|
Ìý
|
|
Senior notes
|
Ìý
|
Ìý
|
1,883Ìý
|
Ìý
|
Ìý
|
1,596Ìý
|
Ìý
|
|
Senior subordinated notes
|
Ìý
|
Ìý
|
�
|
Ìý
|
Ìý
|
531Ìý
|
Ìý
|
|
Variable interest entities
|
Ìý
|
Ìý
|
158Ìý
|
Ìý
|
Ìý
|
207Ìý
|
Ìý
|
|
Other
|
Ìý
|
Ìý
|
102Ìý
|
Ìý
|
Ìý
|
109Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
4,867Ìý
|
Ìý
|
$
|
5,200Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total current portion of debt
|
Ìý
|
$
|
158Ìý
|
Ìý
|
$
|
267Ìý
|
Ìý
|
|
Long-term portion
|
Ìý
|
Ìý
|
4,709Ìý
|
Ìý
|
Ìý
|
4,933Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
4,867Ìý
|
Ìý
|
$
|
5,200Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
4,867Ìý
|
Ìý
|
$
|
5,200Ìý
|
Ìý
|
|
Notes payable to affiliates-current
|
Ìý
|
Ìý
|
100Ìý
|
Ìý
|
Ìý
|
100Ìý
|
Ìý
|
|
Notes payable to affiliates-noncurrent
|
Ìý
|
Ìý
|
802Ìý
|
Ìý
|
Ìý
|
656Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total debt
|
Ìý
|
$
|
5,769Ìý
|
Ìý
|
$
|
5,956Ìý
|
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 SeptemberÌý30, 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 LoanÌýB—SeriesÌý2"), our 2015 extended term loan B facility ("2015 Extended Term Loan B"), our 2014 term loan facility ("2014 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(4)
|
Ìý
|
Maturity
|
|
Revolving Facility(1)
|
Ìý
|
$
|
625Ìý
|
Ìý
|
$
|
�
|
Ìý
|
$
|
�
|
Ìý
|
USD LIBOR plus 2.50%
|
Ìý
|
2017Ìý
|
|
Extended Term Loan B
|
Ìý
|
Ìý
|
NA
|
Ìý
|
Ìý
|
312Ìý
|
Ìý
|
Ìý
|
312Ìý
|
Ìý
|
USD LIBOR plus 2.50%
|
Ìý
|
2017Ìý
|
|
Extended Term Loan B—SeriesÌý2
|
Ìý
|
Ìý
|
NA
|
Ìý
|
Ìý
|
192Ìý
|
Ìý
|
Ìý
|
192Ìý
|
Ìý
|
USD LIBOR plus 3.00%
|
Ìý
|
2017Ìý
|
|
2015 Extended Term Loan B(2)
|
Ìý
|
Ìý
|
NA
|
Ìý
|
Ìý
|
773Ìý
|
Ìý
|
Ìý
|
773Ìý
|
Ìý
|
USD LIBOR plus 3.00%
|
Ìý
|
2019Ìý
|
|
2014 Term Loan(3)
|
Ìý
|
Ìý
|
NA
|
Ìý
|
Ìý
|
1,191Ìý
|
Ìý
|
Ìý
|
1,181Ìý
|
Ìý
|
USD LIBOR plus 3.00%
|
Ìý
|
2021Ìý
|
|
Term Loan C
|
Ìý
|
Ìý
|
NA
|
Ìý
|
Ìý
|
50Ìý
|
Ìý
|
Ìý
|
49Ìý
|
Ìý
|
USD LIBOR plus 2.25%
|
Ìý
|
2016Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
|
(1)ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
We had no borrowings outstanding under our Revolving Facility; we had approximately $16Ìýmillion (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our Revolving Facility.
|
|
(2)ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
On AugustÌý10, 2015, we entered into a fourteenth amendment to the agreement governing the Senior Credit Facilities (the "Credit Agreement"). The Amendment extends the stated maturity date of $773Ìýmillion aggregate principal amount of our Extended Term Loan B and Extended Term Loan B—SeriesÌý2 from AprilÌý19, 2017 to AprilÌý19, 2019 and increases the interest rate margin with respect to the 2015 Extended Term Loan B to LIBOR plus 3.00%.
|
|
(3)ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
The 2014 Term Loan is subject to a 0.75% LIBOR floor.
|
|
(4)ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
The applicable interest rate of the Senior Credit Facilities is subject to certain secured leverage ratio thresholds. As of SeptemberÌý30, 2015, the weighted average interest rate on our outstanding balances under the Senior Credit Facilities was approximately 3%.
|
Ìý
|
| Schedule of A/R Programs |
The receivables collateralize debt incurred by the U.S. SPE and the EU SPE. Information regarding our A/R Programs as of SeptemberÌý30, 2015 was as follows (monetary amounts in millions):
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
Facility
|
Ìý
|
Maturity
|
Ìý
|
Maximum Funding
Availability(1)
|
Ìý
|
Amount
Outstanding
|
Ìý
|
Interest Rate(2)
|
|
U.S. A/R Program
|
Ìý
|
March 2018
|
Ìý
|
$250
|
Ìý
|
$90(3)
|
Ìý
|
Applicable rate plus 0.95%
|
|
EU A/R Program
|
Ìý
|
March 2018
|
Ìý
|
�225
|
Ìý
|
�114
|
Ìý
|
Applicable rate plus 1.10%
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
(approximately $251)
|
Ìý
|
(approximately $127)
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
|
(1)ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
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)ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
Applicable rate for our U.S. A/R Program is defined by the lender as either USD LIBOR or CP rate. Applicable rate for our EU A/R Program is either GBP LIBOR, USD LIBOR or EURIBOR. In addition, the U.S. SPE and the EU SPE are obligated to pay unused commitment fees to the lenders based on the amount of each lender's commitment.
|
|
(3)ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
As of SeptemberÌý30, 2015, we had approximately $7Ìýmillion (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program.
|
Ìý
|
| Summary of outstanding notes |
ÌýÌýÌýÌýÌýÌýÌýÌýAs of SeptemberÌý30, 2015, we had outstanding the following notes (monetary amounts in millions):
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
Notes
|
Ìý
|
Maturity
|
Ìý
|
Interest
Rate
|
Ìý
|
Amount Outstanding
|
|
2020 Senior Notes
|
Ìý
|
November 2020
|
Ìý
|
Ìý
|
4.875Ìý
|
%
|
$650 ($647 carrying value)
|
|
2021 Senior Notes
|
Ìý
|
April 2021
|
Ìý
|
Ìý
|
5.125Ìý
|
%
|
�445 (�449 carrying value ($501))
|
|
2022 Senior Notes
|
Ìý
|
November 2022
|
Ìý
|
Ìý
|
5.125Ìý
|
%
|
$400
|
|
2025 Senior Notes
|
Ìý
|
April 2025
|
Ìý
|
Ìý
|
4.25Ìý
|
%
|
�300 ($335)
|
Ìý
|
| Redemption of Notes and Loss on Early Extinguishment of Debt |
ÌýÌýÌýÌýÌýÌýÌýÌýDuring the nine months ended SeptemberÌý30, 2015, we redeemed or repurchased the following notes (dollars in millions):
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
Date of Redemption
|
Ìý
|
Notes
|
Ìý
|
Principal
Amount of
Notes
Redeemed
|
Ìý
|
Amount Paid
(Excluding
Accrued Interest)
|
Ìý
|
Loss on
Early
Extinguishment
of Debt
|
Ìý
|
|
September 2015
|
Ìý
|
2021 Senior Subordinated Notes
|
Ìý
|
$
|
195Ìý
|
Ìý
|
$
|
204Ìý
|
Ìý
|
$
|
7Ìý
|
Ìý
|
|
April 2015
|
Ìý
|
2021 Senior Subordinated Notes
|
Ìý
|
Ìý
|
289Ìý
|
Ìý
|
Ìý
|
311Ìý
|
Ìý
|
Ìý
|
20Ìý
|
Ìý
|
|
January 2015
|
Ìý
|
2021 Senior Subordinated Notes
|
Ìý
|
Ìý
|
37Ìý
|
Ìý
|
Ìý
|
40Ìý
|
Ìý
|
Ìý
|
3Ìý
|
Ìý
|
Ìý
|