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DEBT (Tables)
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9 Months Ended |
12 Months Ended |
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Sep. 30, 2012
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Dec. 31, 2011
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| DEBT |
Ìý
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Ìý
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| Outstanding debt |
Ìý
| | | | | | | |
Ìý
| Ìý |
SeptemberÌý30,
2012 | Ìý |
DecemberÌý31,
2011 | Ìý | | Senior Credit Facilities: | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | | Term loans | Ìý | $ | 1,613 | Ìý | $ | 1,696 | Ìý | | Amounts outstanding under A/R programs | Ìý | Ìý | 237 | Ìý | Ìý | 237 | Ìý | | Senior notes | Ìý | Ìý | 490 | Ìý | Ìý | 472 | Ìý | | Senior subordinated notes | Ìý | Ìý | 892 | Ìý | Ìý | 976 | Ìý | | HPS (China) debt | Ìý | Ìý | 109 | Ìý | Ìý | 167 | Ìý | | Variable interest entities | Ìý | Ìý | 266 | Ìý | Ìý | 281 | Ìý | | Other | Ìý | Ìý | 73 | Ìý | Ìý | 113 | Ìý | | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | | Total debt-excluding debt to affiliates | Ìý | $ | 3,680 | Ìý | $ | 3,942 | Ìý | | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | | Total current portion of debt | Ìý | $ | 130 | Ìý | $ | 212 | Ìý | | Long-term portion | Ìý | Ìý | 3,550 | Ìý | Ìý | 3,730 | Ìý | | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | | Total debt-excluding debt to affiliates | Ìý | $ | 3,680 | Ìý | $ | 3,942 | Ìý | | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | | Total debt-excluding debt to affiliates | Ìý | $ | 3,680 | Ìý | $ | 3,942 | Ìý | | Notes payable to affiliates-current | Ìý | Ìý | 100 | Ìý | Ìý | 100 | Ìý | | Notes payable to affiliates-noncurrent | Ìý | Ìý | 610 | Ìý | Ìý | 439 | Ìý | | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | | Total debt | Ìý | $ | 4,390 | Ìý | $ | 4,481 | Ìý | | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý |
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Ìý
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Ìý
| Ìý |
DecemberÌý31, | Ìý | Ìý
| Ìý |
2011 | Ìý |
2010 | Ìý | | Senior Credit Facilities: | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | | Term loans | Ìý | $ | 1,696 | Ìý | $ | 1,688 | Ìý | | Amounts outstanding under A/R programs | Ìý | Ìý | 237 | Ìý | Ìý | 238 | Ìý | | Senior notes | Ìý | Ìý | 472 | Ìý | Ìý | 452 | Ìý | | Subordinated notes | Ìý | Ìý | 976 | Ìý | Ìý | 1,279 | Ìý | | HPS (China) debt | Ìý | Ìý | 167 | Ìý | Ìý | 188 | Ìý | | Variable interest entities | Ìý | Ìý | 281 | Ìý | Ìý | 200 | Ìý | | Other | Ìý | Ìý | 113 | Ìý | Ìý | 101 | Ìý | | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | | Total debt-excluding debt to affiliates | Ìý | $ | 3,942 | Ìý | $ | 4,146 | Ìý | | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | | Total current portion of debt | Ìý | $ | 212 | Ìý | $ | 519 | Ìý | | Long-term portion | Ìý | Ìý | 3,730 | Ìý | Ìý | 3,627 | Ìý | | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | | Total debt-excluding debt to affiliates | Ìý | $ | 3,942 | Ìý | $ | 4,146 | Ìý | | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | | Total debt-excluding debt to affiliates | Ìý | $ | 3,942 | Ìý | $ | 4,146 | Ìý | | Notes payable to affiliates-current | Ìý | Ìý | 100 | Ìý | Ìý | 100 | Ìý | | Notes payable to affiliates-noncurrent | Ìý | Ìý | 439 | Ìý | Ìý | 439 | Ìý | | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý | | Total debt | Ìý | $ | 4,481 | Ìý | $ | 4,685 | Ìý | | Ìý | Ìý | Ìý | Ìý | Ìý | Ìý |
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| Schedule of Senior Credit Facilities |
| Ìý Ìý
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| Facility
| Ìý |
Committed
Amount | Ìý |
Principal
Outstanding | Ìý |
Carrying
Value | Ìý |
Interest Rate(2) | Ìý |
Maturity | Ìý | | Revolving Facility | Ìý | $ | 400 | Ìý | $ | - | (1) | $ | - | (1) | Ìý | USD LIBOR plus 2.50 | % | Ìý | 2017 | (3) | | Term Loan B | Ìý | Ìý | NA | Ìý | Ìý | 243 | Ìý | Ìý | 243 | Ìý | Ìý | USD LIBOR plus 1.50 | % | Ìý | 2014 | Ìý | | Extended Term Loan B | Ìý | Ìý | NA | Ìý | Ìý | 637 | Ìý | Ìý | 637 | Ìý | Ìý | USD LIBOR plus 2.50 | % | Ìý | 2017 | (3) | | Extended Term Loan B-SeriesÌý2 | Ìý | Ìý | NA | Ìý | Ìý | 342 | Ìý | Ìý | 342 | Ìý | Ìý | USD LIBOR plus 2.75 | % | Ìý | 2017 | (3) | | Term Loan C | Ìý | Ìý | NA | Ìý | Ìý | 419 | Ìý | Ìý | 391 | Ìý | Ìý | USD LIBOR plus 2.25 | % | Ìý | 2016 | Ìý |
- (1)
- We had no borrowings outstanding under our Revolving Facility; we had approximately $19Ìýmillion (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our Revolving Facility.
- (2)
- The applicable interest rate of the Senior Credit Facilities is subject to certain secured leverage ratio thresholds. As of SeptemberÌý30, 2012, the weighted average interest rate on our outstanding balances under the Senior Credit Facilities was approximately 3%.
- (3)
- The maturity of the Revolving Facility commitments will accelerate if we do not repay, refinance or have a minimum level of liquidity available to enable us to repay our 5.50% senior notes due 2016, Term Loan B due AprilÌý19, 2014 and Term Loan C due JuneÌý30, 2016. The maturity of Extended Term Loan B and Extended Term Loan B-SeriesÌý2 will accelerate if we do not repay, refinance or have a minimum level of liquidity available to enable us to refinance or repay our 5.50% senior notes due 2016 that remain outstanding during the three months prior to the maturity date of such notes.
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Facility
|
Ìý |
Committed
Amount |
Ìý |
Principal
Outstanding |
Ìý |
Carrying
Value |
Ìý |
Interest Rate(2) |
Ìý |
Maturity |
Ìý |
|
Revolving Facility
|
Ìý |
$ |
300 |
Ìý |
$ |
- |
Ìý |
$ |
- |
(1) |
USD LIBOR plus 3.00% |
Ìý |
Ìý |
2014 |
(3) |
|
Term Loan B
|
Ìý |
Ìý |
NA |
Ìý |
$ |
652 |
Ìý |
$ |
652 |
Ìý |
USD LIBOR plus 1.50% |
Ìý |
Ìý |
2014 |
(3) |
|
Term Loan C
|
Ìý |
Ìý |
NA |
Ìý |
$ |
427 |
Ìý |
$ |
394 |
Ìý |
USD LIBOR plus 2.25% |
Ìý |
Ìý |
2016 |
(3) |
|
Extended Term Loan B
|
Ìý |
Ìý |
NA |
Ìý |
$ |
650 |
Ìý |
$ |
650 |
Ìý |
USD LIBOR plus 2.50% |
Ìý |
Ìý |
2017 |
(3) |
- (1)
- We had no borrowings outstanding under our Revolving Facility; we had approximately $20Ìýmillion (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our Revolving Facility.
- (2)
- The applicable interest rate of the Senior Credit Facilities is subject to certain secured leverage ratio thresholds. As of DecemberÌý31, 2011, the weighted average interest rate on our outstanding balances under the Senior Credit Facilities was approximately 2%.
- (3)
- The maturity of the Extended Term Loan B will accelerate if we do not repay, refinance or have a minimum level of liquidity available to enable us to refinance or repay our outstanding 5.50% senior notes due 2016 at least three months prior to the maturity date of such notes.
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| Redemption of Notes and Loss on Early Extinguishment of Debt |
| Ìý Ìý
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| 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 | | MarchÌý26, 2012 | Ìý | 7.50% Senior
Subordinated Notes
due 2015 | Ìý | €ÌýÌý64
(approximately $86) | Ìý | €ÌýÌý65
(approximately $87) | Ìý | $ | 1 | Ìý | | Three months ended SeptemberÌý30, 2011 | Ìý | 6.875% Senior
Subordinated Notes
due 2013 | Ìý | €ÌýÌý14
(approximately $19) | Ìý | €ÌýÌý14
(approximately $19) | Ìý | $ | - | Ìý | | Three months ended SeptemberÌý30, 2011 | Ìý | 7.50% Senior
Subordinated Notes
due 2013 | Ìý | €ÌýÌý12
(approximately $17) | Ìý | €ÌýÌý12
(approximately $17) | Ìý | $ | - | Ìý | | JulyÌý25, 2011 | Ìý | 7.375% Senior
Subordinated Notes
due 2013 | Ìý | $ÌýÌý75 | Ìý | $ÌýÌý77 | Ìý | $ | 2 | Ìý | | JanuaryÌý18, 2011 | Ìý | 7.375% Senior
Subordinated Notes
due 2015 | Ìý | $100 | Ìý | $102 | Ìý | $ | 3 | Ìý |
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Ìý
Ìý
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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 |
|
Three months ended DecemberÌý31, 2011
|
Ìý |
6.875% Senior
Subordinated Notes
due 2013 |
Ìý |
�70
(approximately $94) |
Ìý |
�71
(approximately $96) |
Ìý |
$ |
2 |
Ìý |
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Three months ended SeptemberÌý30, 2011
|
Ìý |
6.875% Senior
Subordinated Notes
due 2013 |
Ìý |
�14
(approximately $19) |
Ìý |
�14
(approximately $19) |
Ìý |
$ |
- |
Ìý |
|
Three months ended SeptemberÌý30, 2011
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Ìý |
7.5% Senior
Subordinated Notes
due 2015 |
Ìý |
�12
(approximately $17) |
Ìý |
�12
(approximately $17) |
Ìý |
$ |
- |
Ìý |
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JulyÌý25, 2011
|
Ìý |
7.375% Senior
Subordinated Notes
due 2015 |
Ìý |
$75 |
Ìý |
$77 |
Ìý |
$ |
2 |
Ìý |
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JanuaryÌý18, 2011
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Ìý |
7.375% Senior
Subordinated Notes
due 2015 |
Ìý |
$100 |
Ìý |
$102 |
Ìý |
$ |
3 |
Ìý |
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NovemberÌý29, 2010
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Ìý |
7.875% Senior
Subordinated Notes
due 2014 |
Ìý |
$88 |
Ìý |
$92 |
Ìý |
$ |
3 |
Ìý |
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NovemberÌý26, 2010
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Ìý |
7.875% Senior
Subordinated Notes
due 2014 |
Ìý |
$100 |
Ìý |
$104 |
Ìý |
$ |
4 |
Ìý |
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OctoberÌý12, 2010
|
Ìý |
7.875% Senior
Subordinated Notes
due 2014 |
Ìý |
$159 |
Ìý |
$165 |
Ìý |
$ |
7 |
Ìý |
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SeptemberÌý27, 2010
|
Ìý |
6.875% Senior
Subordinated Notes
due 2013 |
Ìý |
�132
(approximately $177) |
Ìý |
�137
(approximately $183) |
Ìý |
$ |
7 |
Ìý |
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MarchÌý17, 2010
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Ìý |
6.875% Senior
Subordinated Notes
due 2013 |
Ìý |
�184
(approximately $253) |
Ìý |
�189
(approximately $259) |
Ìý |
$ |
7 |
Ìý |
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MarchÌý17, 2010
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Ìý |
7.50% Senior
Subordinated Notes
due 2015 |
Ìý |
�59
(approximately $81) |
Ìý |
�59
(approximately $81) |
Ìý |
$ |
2 |
Ìý |
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