DEBT (Tables)
|
9 Months Ended |
Sep. 30, 2016 |
|---|
| Debt |
Ìý
|
| Outstanding debt |
Ìý
ÌýÌýÌýÌýÌýÌýÌýÌýOutstanding debt, net of debt issuance costs, consisted of the following (dollars in millions):
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
Ìý
|
Ìý
|
SeptemberÌý30,
2016
|
Ìý
|
DecemberÌý31,
2015
|
Ìý
|
|
Senior Credit Facilities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Term loans
|
Ìý
|
$
|
2,234Ìý
|
Ìý
|
$
|
2,454Ìý
|
Ìý
|
|
Amounts outstanding under A/R programs
|
Ìý
|
Ìý
|
218Ìý
|
Ìý
|
Ìý
|
215Ìý
|
Ìý
|
|
Senior notes
|
Ìý
|
Ìý
|
1,873Ìý
|
Ìý
|
Ìý
|
1,850Ìý
|
Ìý
|
|
Variable interest entities
|
Ìý
|
Ìý
|
134Ìý
|
Ìý
|
Ìý
|
151Ìý
|
Ìý
|
|
Other
|
Ìý
|
Ìý
|
97Ìý
|
Ìý
|
Ìý
|
125Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
4,556Ìý
|
Ìý
|
$
|
4,795Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total current portion of debt
|
Ìý
|
$
|
88Ìý
|
Ìý
|
$
|
170Ìý
|
Ìý
|
|
Long-term portion
|
Ìý
|
Ìý
|
4,468Ìý
|
Ìý
|
Ìý
|
4,625Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
4,556Ìý
|
Ìý
|
$
|
4,795Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
4,556Ìý
|
Ìý
|
$
|
4,795Ìý
|
Ìý
|
|
Notes payable to affiliates—noncurrent
|
Ìý
|
Ìý
|
1Ìý
|
Ìý
|
Ìý
|
1Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total debt
|
Ìý
|
$
|
4,557Ìý
|
Ìý
|
$
|
4,796Ìý
|
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 |
ÌýÌýÌýÌýÌýÌýÌýÌýOutstanding debt, net of debt issuance costs, consisted of the following (dollars in millions):
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
Ìý
|
Ìý
|
SeptemberÌý30,
2016
|
Ìý
|
DecemberÌý31,
2015
|
Ìý
|
|
Senior Credit Facilities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Term loans
|
Ìý
|
$
|
2,234Ìý
|
Ìý
|
$
|
2,454Ìý
|
Ìý
|
|
Amounts outstanding under A/R programs
|
Ìý
|
Ìý
|
218Ìý
|
Ìý
|
Ìý
|
215Ìý
|
Ìý
|
|
Senior notes
|
Ìý
|
Ìý
|
1,873Ìý
|
Ìý
|
Ìý
|
1,850Ìý
|
Ìý
|
|
Variable interest entities
|
Ìý
|
Ìý
|
134Ìý
|
Ìý
|
Ìý
|
151Ìý
|
Ìý
|
|
Other
|
Ìý
|
Ìý
|
97Ìý
|
Ìý
|
Ìý
|
125Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
4,556Ìý
|
Ìý
|
$
|
4,795Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total current portion of debt
|
Ìý
|
$
|
88Ìý
|
Ìý
|
$
|
170Ìý
|
Ìý
|
|
Long-term portion
|
Ìý
|
Ìý
|
4,468Ìý
|
Ìý
|
Ìý
|
4,625Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
4,556Ìý
|
Ìý
|
$
|
4,795Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
4,556Ìý
|
Ìý
|
$
|
4,795Ìý
|
Ìý
|
|
Notes payable to affiliates—current
|
Ìý
|
Ìý
|
100Ìý
|
Ìý
|
Ìý
|
100Ìý
|
Ìý
|
|
Notes payable to affiliates—noncurrent
|
Ìý
|
Ìý
|
697Ìý
|
Ìý
|
Ìý
|
698Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
Total debt
|
Ìý
|
$
|
5,353Ìý
|
Ìý
|
$
|
5,593Ìý
|
Ìý
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
Ìý
|
| Schedule of Senior Credit Facilities |
Ìý
ÌýÌýÌýÌýÌýÌýÌýÌýAs of SeptemberÌý30, 2016, our senior credit facilities ("Senior Credit Facilities") consisted of our revolving credit facility ("Revolving Facility"), our 2015 extended term loan B facility due 2019 ("2015 Extended Term Loan B"), our 2014 term loan B facility due 2021 ("2014 Term Loan B"), and our 2016 term loan B facility due 2023 ("2016 Term Loan B") (dollars in millions):
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
Facility
|
Ìý
|
Committed
Amount
|
Ìý
|
Principal
Outstanding
|
Ìý
|
Unamortized
Discounts and
Debt Issuance
Costs
|
Ìý
|
Carrying
Value
|
Ìý
|
Interest Rate(3)
|
Ìý
|
Maturity
|
Ìý
|
|
Revolving Facility(1)
|
Ìý
|
$
|
650
|
Ìý
|
$
|
�
|
Ìý
|
$
|
�
|
Ìý
|
$
|
�
|
Ìý
|
USD LIBOR plus 3.00%
|
Ìý
|
Ìý
|
2021
|
Ìý
|
|
2015 Extended Term Loan B
|
Ìý
|
Ìý
|
N/A
|
Ìý
|
Ìý
|
566
|
Ìý
|
Ìý
|
(3
|
)
|
Ìý
|
563
|
Ìý
|
USD LIBOR plus 3.00%
|
Ìý
|
Ìý
|
2019
|
Ìý
|
|
2014 Term Loan B
|
Ìý
|
Ìý
|
N/A
|
Ìý
|
Ìý
|
1,179
|
Ìý
|
Ìý
|
(48
|
)
|
Ìý
|
1,131
|
Ìý
|
USD LIBOR plus 3.00%(2)
|
Ìý
|
Ìý
|
2021
|
Ìý
|
|
2016 Term Loan B
|
Ìý
|
Ìý
|
N/A
|
Ìý
|
Ìý
|
547
|
Ìý
|
Ìý
|
(7
|
)
|
Ìý
|
540
|
Ìý
|
USD LIBOR plus 3.50%(2)
|
Ìý
|
Ìý
|
2023
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
|
(1)ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
We had no borrowings outstanding under our Revolving Facility; we had approximately $17Ìýmillion (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our Revolving Facility.
|
|
(2)ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
The 2014 Term Loan B and the 2016 Term Loan B are subject to a 0.75% LIBOR floor.
|
|
(3)ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
The applicable interest rate of the Senior Credit Facilities is subject to certain secured leverage ratio thresholds. As of SeptemberÌý30, 2016, the weighted average interest rate on our outstanding balances under the Senior Credit Facilities was approximately 4%.
|
Ìý
|
| Schedule of A/R Programs |
Ìý
ÌýÌýÌýÌýÌýÌýÌýÌýInformation regarding our A/R Programs as of SeptemberÌý30, 2016 was as follows (monetary amounts in millions):
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
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 $253)
|
Ìý
|
(approximately $128)
|
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
|
The applicable rate for our U.S. A/R Program is defined by the lender as either USD LIBOR or CP rate. The 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, 2016, we had approximately $7Ìýmillion (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program.
|
Ìý
|
| Redemption of Notes and Loss on Early Extinguishment of Debt |
Ìý
ÌýÌýÌýÌýÌýÌýÌýÌýDuring the nine months ended SeptemberÌý30, 2015, we redeemed or repurchased the following notes (dollars in millions):
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
|
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
|