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Debt (Tables) | 3 Months Ended
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Mar. 31, 2017
Debt Disclosure [Abstract] |
Schedule of Debt | Our long-term debt consisted of the following as of March 31, 2017 and December 31, 2016:
|  | March 31, 2017 |  | December 31, 2016
|  | Principal Amount |  | Carrying Amount |  | Principal Amount |  | Carrying Amount
|  | ($ in millions)
Term loan due 2021 |  | $ | 1,500 |  |  | $ | 1,500 |  |  | $ | 1,500 |  |  | $ | 1,500 |
6.25% euro-denominated senior notes due 2017(a) |  | — |  |  | — |  |  | 258 |  |  | 258 |
6.5% senior notes due 2017 |  | — |  |  | — |  |  | 134 |  |  | 134 |
7.25% senior notes due 2018 |  | 46 |  |  | 46 |  |  | 64 |  |  | 64 |
Floating rate senior notes due 2019 |  | 380 |  |  | 380 |  |  | 380 |  |  | 380 |
6.625% senior notes due 2020 |  | 572 |  |  | 572 |  |  | 780 |  |  | 780 |
6.875% senior notes due 2020 |  | 279 |  |  | 279 |  |  | 279 |  |  | 279 |
6.125% senior notes due 2021 |  | 550 |  |  | 550 |  |  | 550 |  |  | 550 |
5.375% senior notes due 2021 |  | 270 |  |  | 270 |  |  | 270 |  |  | 270 |
4.875% senior notes due 2022 |  | 451 |  |  | 451 |  |  | 451 |  |  | 451 |
8.00% senior secured second lien notes due 2022(b) |  | 2,419 |  |  | 3,368 |  |  | 2,419 |  |  | 3,409 |
5.75% senior notes due 2023 |  | 338 |  |  | 338 |  |  | 338 |  |  | 338 |
8.00% senior notes due 2025 |  | 1,000 |  |  | 1,000 |  |  | 1,000 |  |  | 1,000 |
5.5% convertible senior notes due 2026(c)(e) |  | 1,250 |  |  | 818 |  |  | 1,250 |  |  | 811 |
2.75% contingent convertible senior notes due 2035(d) |  | 2 |  |  | 2 |  |  | 2 |  |  | 2 |
2.5% contingent convertible senior notes due 2037(d)(e) |  | 15 |  |  | 15 |  |  | 114 |  |  | 112 |
2.25% contingent convertible senior notes due 2038(d)(e) |  | 9 |  |  | 8 |  |  | 200 |  |  | 180 |
Revolving credit facility |  | — |  |  | — |  |  | — |  |  | — |
Debt issuance costs |  | — |  |  | (60 | ) |  | — |  |  | (64 | )
Discount on senior notes |  | — |  |  | (16 | ) |  | — |  |  | (16 | )
Interest rate derivatives(f) |  | — |  |  | 3 |  |  | — |  |  | 3 |
Total debt, net |  | 9,081 |  |  | 9,524 |  |  | 9,989 |  |  | 10,441 |
Less current maturities of long-term debt, net(g) |  | (15 | ) |  | (15 | ) |  | (506 | ) |  | (503 | )
Total long-term debt, net |  | $ | 9,066 |  |  | $ | 9,509 |  |  | $ | 9,483 |  |  | $ | 9,938 |
___________________________________________
(a) | The principal and carrying amounts shown are based on the exchange rate of $1.0517 to €1.00 as of December 31, 2016. See Foreign Currency Derivatives in Note 8 for information on our related foreign currency derivatives.
(b) | The carrying amounts as of March 31, 2017 and December 31, 2016, include premium amounts of $949 million and $990 million, respectively, associated with a troubled debt restructuring. The premium is being amortized based on the effective yield method.
(c) | The conversion and redemption provisions of our convertible senior notes are as follows:
Optional Conversion by Holders. Prior to maturity under certain circumstances and at the holder’s option, the notes are convertible into cash, our common stock, or a combination of cash and common stock, at our election. One triggering circumstance is when the price of our common stock exceeds a threshold amount during a specified period in a fiscal quarter. Convertibility based on common stock price is measured quarterly. During the first quarter of 2017, the price of our common stock was below the threshold level and, as a result, the holders do not have the option to convert their notes in the second quarter of 2017 under this provision. The notes are also convertible, at the holder’s option, during specified five-day periods if the trading price of the notes is below certain levels determined by reference to the trading price of our common stock. The notes were not convertible under this provision during the Current Quarter. Upon conversion of a convertible senior note, the holder will receive cash, common stock or a combination of cash and common stock, at our election, according to the conversion rate specified in the indenture. The common stock price conversion threshold amount for the convertible senior notes is 130% of the conversion price. Optional Redemption by the Company. We may redeem the convertible senior notes for cash on or after September 15, 2019, if the price of our common stock exceeds 130% of the conversion price during a specified period at a redemption price of 100% of the principal amount of the notes. Holders’ Demand Repurchase Rights. The holders of our convertible senior notes may require us to repurchase, in cash, all or a portion of their notes at 100% of the principal amount of the notes upon certain fundamental changes.
(d) | The repurchase, conversion, contingent interest and redemption provisions of our contingent convertible senior notes are as follows:
Holders’ Demand Repurchase Rights. The holders of our contingent convertible senior notes may require us to repurchase, in cash, all or a portion of their notes at 100% of the principal amount of the notes on any of four dates that are five, ten, fifteen and twenty years before the maturity date and upon certain fundamental changes. Optional Conversion by Holders. At the holder’s option, prior to maturity under certain circumstances, the notes are convertible into cash and, if applicable, our common stock using a net share settlement process. One triggering circumstance is when the price of our common stock exceeds a threshold amount during a specified period within a fiscal quarter. Convertibility based on common stock price is measured quarterly. During the specified period in the Current Quarter, the price of our common stock was below the threshold level for each series of the contingent convertible senior notes and, as a result, the holders do not have the option to convert their notes into cash or common stock in the second quarter of 2017 under this provision. The notes are also convertible, at the holder’s option, during specified five-day periods if the trading price of the notes is below certain levels determined by reference to the trading price of our common stock. The notes were not convertible under this provision during the Current Quarter and the Prior Quarter. In general, upon conversion of a contingent convertible senior note, the holder will receive cash equal to the principal amount of the note and common stock for the note’s conversion value in excess of the principal amount. Contingent Interest. We will pay contingent interest on the contingent convertible senior notes after they have been outstanding at least ten years during certain periods if the average trading price of the notes exceeds the threshold defined in the indenture. The holders’ demand repurchase dates, the common stock price conversion threshold amounts (as adjusted to give effect to cash dividends on our common stock) and the ending date of the first six-month period in which contingent interest may be payable for the contingent convertible senior notes are as follows:
Contingent Convertible Senior Notes |  | Holders' Demand Repurchase Dates |  | Common Stock Price Conversion Thresholds |  | Contingent Interest First Payable (if applicable)
2.75% due 2035 |  | November 15, 2020, 2025, 2030 |  | $ | 45.02 |  |  | May 14, 2016
2.5% due 2037 |  | May 15, 2017, 2022, 2027, 2032 |  | $ | 59.44 |  |  | November 14, 2017
2.25% due 2038 |  | December 15, 2018, 2023, 2028, 2033 |  | $ | 100.20 |  |  | June 14, 2019
Optional Redemption by the Company. We may redeem the contingent convertible senior notes once they have been outstanding for ten years at a redemption price of 100% of the principal amount of the notes, payable in cash. In addition, we may redeem our 2.75% Contingent Convertible Senior Notes due 2035 at any time.
(e) | The carrying amounts as of March 31, 2017 and December 31, 2016, are reflected net of discounts of $433 million and $461 million, respectively, associated with the equity component of our convertible and contingent convertible senior notes. This amount is being amortized based on the effective yield method through the first demand repurchase date as applicable.
(f) | See Interest Rate Derivatives in Note 8 for further discussion related to these instruments.
(g) | As of March 31, 2017, current maturities of long-term debt, net includes our 2.5% Contingent Convertible Senior Notes due 2037 (2037 Notes). As discussed in footnote (d) above, the holders of our 2037 Notes could exercise their individual demand repurchase rights on May 15, 2017, which would require us to repurchase all or a portion of the principal amount of the notes.
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | Fair value is compared to the carrying value, excluding the impact of interest rate derivatives, in the table below.
|  | March 31, 2017 |  | December 31, 2016
|  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
|  |  |  | ($ in millions) |  |
Short-term debt (Level 1) |  | $ | 15 |  |  | $ | 15 |  |  | $ | 503 |  |  | $ | 511 |
Long-term debt (Level 1) |  | $ | 2,877 |  |  | $ | 2,785 |  |  | $ | 3,271 |  |  | $ | 3,216 |
Long-term debt (Level 2) |  | $ | 6,629 |  |  | $ | 6,421 |  |  | $ | 6,664 |  |  | $ | 6,654 |

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