DEBT (Tables)
|
9 Months Ended |
Sep. 30, 2017 |
|---|
| Debt |
Ìý
|
| Schedule of outstanding debt |
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
SeptemberÌý30,Ìý
|
Ìý
|
DecemberÌý31,Ìý
|
|
Ìý
|
ÌýÌýÌýÌý
|
2017
|
ÌýÌýÌýÌý
|
2016
|
|
Senior Credit Facilities:
|
ÌýÌýÌýÌý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
ÌýÌýÌýTerm loans
|
Ìý
|
$
|
592
|
Ìý
|
$
|
1,967
|
|
Amounts outstanding under A/R programs
|
Ìý
|
Ìý
|
184
|
Ìý
|
Ìý
|
208
|
|
Senior notes
|
Ìý
|
Ìý
|
1,913
|
Ìý
|
Ìý
|
1,812
|
|
Variable interest entities
|
Ìý
|
Ìý
|
114
|
Ìý
|
Ìý
|
126
|
|
Other
|
Ìý
|
Ìý
|
71
|
Ìý
|
Ìý
|
59
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
2,874
|
Ìý
|
$
|
4,172
|
|
Total current portion of debt
|
Ìý
|
$
|
29
|
Ìý
|
$
|
50
|
|
Long-term portion
|
Ìý
|
Ìý
|
2,845
|
Ìý
|
Ìý
|
4,122
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
2,874
|
Ìý
|
$
|
4,172
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
2,874
|
Ìý
|
$
|
4,172
|
|
Notes payable to affiliates-noncurrent
|
Ìý
|
Ìý
|
Ìýâ€�
|
Ìý
|
Ìý
|
Ìý1
|
|
Total debt
|
Ìý
|
$
|
2,874
|
Ìý
|
$
|
4,173
|
Ìý
|
| ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ International |
Ìý
|
| Debt |
Ìý
|
| Schedule of outstanding debt |
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
SeptemberÌý30,Ìý
|
Ìý
|
DecemberÌý31,Ìý
|
|
Ìý
|
ÌýÌýÌýÌý
|
2017
|
ÌýÌýÌýÌý
|
2016
|
|
Senior Credit Facilities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
ÌýÌýÌýTerm loans
|
Ìý
|
$
|
592
|
Ìý
|
$
|
1,967
|
|
Amounts outstanding under A/R programs
|
Ìý
|
Ìý
|
184
|
Ìý
|
Ìý
|
208
|
|
Senior notes
|
Ìý
|
Ìý
|
1,913
|
Ìý
|
Ìý
|
1,812
|
|
Variable interest entities
|
Ìý
|
Ìý
|
114
|
Ìý
|
Ìý
|
126
|
|
Other
|
Ìý
|
Ìý
|
71
|
Ìý
|
Ìý
|
59
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
2,874
|
Ìý
|
$
|
4,172
|
|
Total current portion of debt
|
Ìý
|
$
|
29
|
Ìý
|
$
|
50
|
|
Long-term portion
|
Ìý
|
Ìý
|
2,845
|
Ìý
|
Ìý
|
4,122
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
2,874
|
Ìý
|
$
|
4,172
|
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
2,874
|
Ìý
|
$
|
4,172
|
|
Notes payable to affiliates-current
|
Ìý
|
Ìý
|
100
|
Ìý
|
Ìý
|
100
|
|
Notes payable to affiliates-noncurrent
|
Ìý
|
Ìý
|
717
|
Ìý
|
Ìý
|
697
|
|
Total debt
|
Ìý
|
$
|
3,691
|
Ìý
|
$
|
4,969
|
Ìý
|
| Schedule of Senior Credit Facilities |
As of September 30, 2017, our Senior Credit Facilities consisted of our revolving facility (“Revolving Facilityâ€�) andÌýour 2023 Term Loan B as follows (dollars in millions):
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Unamortized
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
DiscountsÌýand
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
Ìý
|
Committed
|
Ìý
|
Principal
|
Ìý
|
DebtÌýIssuance
|
Ìý
|
Carrying
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Facility
|
ÌýÌýÌýÌý
|
Amount
|
ÌýÌýÌýÌý
|
Outstanding
|
ÌýÌýÌýÌý
|
Costs
|
ÌýÌýÌýÌý
|
Value
|
ÌýÌýÌýÌý
|
InterestÌýRate(3)
|
ÌýÌýÌýÌý
|
Maturity
|
|
Revolving Facility
|
Ìý
|
$
|
650
|
Ìý
|
$
|
Ìýâ€�
|
(1)
|
$
|
Ìýâ€�
|
(1)
|
$
|
Ìýâ€�
|
(1)
|
USD LIBOR plus 2.50%
|
Ìý
|
2021
|
|
2023 Term Loan B
|
Ìý
|
Ìý
|
N/A
|
Ìý
|
Ìý
|
611
|
Ìý
|
Ìý
|
(19)
|
Ìý
|
Ìý
|
592
|
Ìý
|
USD LIBOR plus 3.00%(2)
|
Ìý
|
2023
|
|
(1)
|
|
We had no borrowings outstanding under our Revolving Facility; we had approximately $8Ìýmillion (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our Revolving Facility.
|
Ìý
|
(2)
|
|
The 2023 Term Loan B is subject to a 0.75%ÌýLIBOR floor.
|
Ìý
|
(3)
|
|
The applicable interest rate of the Revolving Facility is subject to certain secured leverage ratio thresholds. As of September 30, 2017, the weighted average interest rate on our outstanding balances under the Senior Credit Facilities was approximately 4%.
|
|
| Schedule of A/R Programs |
Information regarding our A/R Programs as of September 30, 2017 was as follows (monetary amounts in millions):
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
|
Ìý
|
ÌýÌýÌýÌý
|
Ìý
|
ÌýÌýÌýÌý
|
MaximumÌýFunding
|
ÌýÌýÌýÌý
|
Amount
|
ÌýÌýÌýÌý
|
Ìý
|
|
Facility
|
ÌýÌýÌýÌý
|
Maturity
|
ÌýÌýÌýÌý
|
Availability(1)
|
ÌýÌýÌýÌý
|
Outstanding
|
ÌýÌýÌýÌý
|
InterestÌýRate(2)
|
|
U.S. A/R Program
|
Ìý
|
April 2020
|
Ìý
|
$
|
250
|
Ìý
|
$
|
90
|
(3)ÌýÌý
|
Applicable rate plus 0.95%
|
|
EU A/R Program
|
Ìý
|
April 2020
|
Ìý
|
�
|
150
|
Ìý
|
�
|
80
|
Ìý
|
Applicable rate plus 1.30%
|
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
(approximately $176)
|
Ìý
|
Ìý
|
(approximately $94)
|
Ìý
|
Ìý
|
|
(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.
|
Ìý
|
(2)
|
|
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.
|
Ìý
|
(3)
|
|
As of September 30, 2017, we had approximately $7 million (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program.
|
Ìý
|