ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾

Annual report pursuant to Section 13 and 15(d)

DEBT (Tables)

v2.4.1.9
DEBT (Tables)
12 Months Ended
Dec. 31, 2014
Debt Ìý
Outstanding debt

ÌýÌýÌýÌýÌýÌýÌýÌýOutstanding debt of consolidated entities consisted of the following (dollars in millions):

Ìý

ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý

Ìý

Ìý

DecemberÌý31,
2014

Ìý

DecemberÌý31,
2013

Ìý

Senior Credit Facilities:

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Term loans

Ìý

$

2,528Ìý

Ìý

$

1,351Ìý

Ìý

Amounts outstanding under A/R programs

Ìý

Ìý

229Ìý

Ìý

Ìý

248Ìý

Ìý

Senior notes

Ìý

Ìý

1,596Ìý

Ìý

Ìý

1,061Ìý

Ìý

Senior subordinated notes

Ìý

Ìý

531Ìý

Ìý

Ìý

891Ìý

Ìý

Variable interest entities

Ìý

Ìý

207Ìý

Ìý

Ìý

247Ìý

Ìý

Other

Ìý

Ìý

109Ìý

Ìý

Ìý

112Ìý

Ìý

�

�

â€� Ìý

â€� Ìý

�

â€� Ìý

â€� Ìý

�

Total debt—excluding debt to affiliates

Ìý

$

5,200Ìý

Ìý

$

3,910Ìý

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

$

267Ìý

Ìý

$

277Ìý

Ìý

Long-term portion

Ìý

Ìý

4,933Ìý

Ìý

Ìý

3,633Ìý

Ìý

�

�

â€� Ìý

â€� Ìý

�

â€� Ìý

â€� Ìý

�

Total debt—excluding debt to affiliates

Ìý

$

5,200Ìý

Ìý

$

3,910Ìý

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

$

5,200Ìý

Ìý

$

3,910Ìý

Ìý

Notes payable to affiliates-noncurrent

Ìý

Ìý

6Ìý

Ìý

Ìý

6Ìý

Ìý

�

�

â€� Ìý

â€� Ìý

�

â€� Ìý

â€� Ìý

�

Total debt

Ìý

$

5,206Ìý

Ìý

$

3,916Ìý

Ìý

�

�

â€� Ìý

â€� Ìý

�

â€� Ìý

â€� Ìý

�

�

�

â€� Ìý

â€� Ìý

�

â€� Ìý

â€� Ìý

â€� Ìý

Ìý

Scheduled maturities of our debt (excluding debt to affiliates)

ÌýÌýÌýÌýÌýÌýÌýÌýThe scheduled maturities of our debt (excluding debt to affiliates) by year as of DecemberÌý31, 2014 are as follows (dollars in millions):

ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý

Year ending DecemberÌý31

Ìý

Ìý

Ìý

2015

Ìý

$

267Ìý

Ìý

2016

Ìý

Ìý

322Ìý

Ìý

2017

Ìý

Ìý

1,293Ìý

Ìý

2018

Ìý

Ìý

25Ìý

Ìý

2019

Ìý

Ìý

14Ìý

Ìý

Thereafter

Ìý

Ìý

3,279Ìý

Ìý

�

�

â€� Ìý

â€� Ìý

�

Ìý

Ìý

$

5,200Ìý

Ìý

�

�

â€� Ìý

â€� Ìý

�

�

�

â€� Ìý

â€� Ìý

â€� Ìý

Ìý

ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ International Ìý
Debt Ìý
Outstanding debt

ÌýÌýÌýÌýÌýÌýÌýOutstanding debt of consolidated entities consisted of the following (dollars in millions):

ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý

Ìý

Ìý

DecemberÌý31,
2014

Ìý

DecemberÌý31,
2013

Ìý

Senior Credit Facilities:

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Term loans

Ìý

$

2,528Ìý

Ìý

$

1,351Ìý

Ìý

Amounts outstanding under A/R programs

Ìý

Ìý

229Ìý

Ìý

Ìý

248Ìý

Ìý

Senior notes

Ìý

Ìý

1,596Ìý

Ìý

Ìý

1,061Ìý

Ìý

Senior subordinated notes

Ìý

Ìý

531Ìý

Ìý

Ìý

891Ìý

Ìý

Variable interest entities

Ìý

Ìý

207Ìý

Ìý

Ìý

247Ìý

Ìý

Other

Ìý

Ìý

109Ìý

Ìý

Ìý

112Ìý

Ìý

�

�

â€� Ìý

â€� Ìý

�

â€� Ìý

â€� Ìý

�

Total debt—excluding debt to affiliates

Ìý

$

5,200Ìý

Ìý

$

3,910Ìý

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

$

267Ìý

Ìý

$

277Ìý

Ìý

Long-term portion

Ìý

Ìý

4,933Ìý

Ìý

Ìý

3,633Ìý

Ìý

�

�

â€� Ìý

â€� Ìý

�

â€� Ìý

â€� Ìý

�

Total debt—excluding debt to affiliates

Ìý

$

5,200Ìý

Ìý

$

3,910Ìý

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

$

5,200Ìý

Ìý

$

3,910Ìý

Ìý

Notes payable to affiliates-current

Ìý

Ìý

100Ìý

Ìý

Ìý

100Ìý

Ìý

Notes payable to affiliates-noncurrent

Ìý

Ìý

656Ìý

Ìý

Ìý

779Ìý

Ìý

�

�

â€� Ìý

â€� Ìý

�

â€� Ìý

â€� Ìý

�

Total debt

Ìý

$

5,956Ìý

Ìý

$

4,789Ìý

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 DecemberÌý31, 2014, our Senior Credit Facilities consisted of our Revolving Facility, our Extended Term Loan B, our Extended Term Loan B—SeriesÌý2, our 2014 New Term Loan, and 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

Revolving Facility

Ìý

$

625Ìý

Ìý

$

�

(1)

$

�

(1)

USD LIBOR plus 2.50%

Ìý

2017

Extended Term Loan B

Ìý

Ìý

NA

Ìý

Ìý

952Ìý

Ìý

Ìý

952Ìý

Ìý

USD LIBOR plus 2.50%

Ìý

2017

Extended Term Loan B—SeriesÌý2

Ìý

Ìý

NA

Ìý

Ìý

339Ìý

Ìý

Ìý

339Ìý

Ìý

USD LIBOR plus 2.75%

Ìý

2017

2014 New Term Loan

Ìý

Ìý

NA

Ìý

Ìý

1,200Ìý

Ìý

Ìý

1,188Ìý

Ìý

USD LIBOR plus 3.00%(2)

Ìý

2021

Term Loan C

Ìý

Ìý

NA

Ìý

Ìý

50Ìý

Ìý

Ìý

49Ìý

Ìý

USD LIBOR plus 2.25%

Ìý

2016


(1)

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)

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 DecemberÌý31, 2014, the weighted average interest rate on our outstanding balances under the Senior Credit Facilities was approximately 3%.

Ìý

Schedule of A/R Programs

Information regarding our A/R Programs as of DecemberÌý31, 2014 was as follows (monetary amounts in millions):

ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý

Facility

Ìý

Maturity

Ìý

Maximum Funding
Availability(1)

Ìý

Amount
Outstanding

Ìý

Interest Rate(2)(3)

U.S. A/R Program

Ìý

April 2016

Ìý

$250

Ìý

$90(4)

Ìý

Applicable rate plus 1.10%

EU A/R Program

Ìý

April 2016

Ìý

�225 (approximately $275)

Ìý

�114 (approximately $139)

Ìý

Applicable rate plus 1.35%


(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 EU SPE 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 USD LIBOR. Applicable rate for our EU A/R Program is either GBP LIBOR, USD LIBOR or EURIBOR.

(4)

As of DecemberÌý31, 2014, 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 DecemberÌý31, 2014, 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 ($549))

2022 Senior Notes

Ìý

November 2022

Ìý

Ìý

5.125Ìý

%

$400

2021 Senior Subordinated Notes

Ìý

March 2021

Ìý

Ìý

8.625Ìý

%

$522 ($531 carrying value)

Ìý

Redemption of Notes and Loss on Early Extinguishment of Debt

ÌýÌýÌýÌýÌýÌýÌýÌýDuring the years ended DecemberÌý31, 2014 and 2013, 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

December 2014

Ìý

2021 Senior Subordinated Notes

Ìý

$

8Ìý

Ìý

$

9Ìý

Ìý

$

�

Ìý

NovemberÌý28, 2014

Ìý

2020 Senior Subordinated Notes

Ìý

Ìý

350Ìý

Ìý

Ìý

374Ìý

Ìý

Ìý

28Ìý

Ìý

MarchÌý4, 2013

Ìý

2016 Senior Notes

Ìý

Ìý

200Ìý

Ìý

Ìý

200Ìý

Ìý

Ìý

34Ìý

Ìý

Ìý