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Debt and Commitments | 12 Months Ended
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Dec. 31, 2014
Debt Disclosure [Abstract] |
Debt and Commitments | 15. DEBT AND COMMITMENTS
[a] | The Company’s long-term debt, which is substantially uncollateralized, consists of the following:
|  | 2014 |  |  | 2013 |
Senior Notes at interest rate of 3.625% [note 15[c]] |  | $ | 750 |  |  | $ | — |
Bank term debt at a weighted average interest rate of approximately 8.2% [2013 – 6.3%], denominated primarily in Chinese renminbi and Brazilian real |  |  | 173 |  |  |  | 239 |
Government loans at a weighted average interest rate of approximately 5.5% [2013 – 5.9%], denominated primarily in euros and Brazilian real |  |  | 19 |  |  |  | 26 |
Other |  |  | 53 |  |  |  | 67 |
|  |  | 995 |  |  |  | 332 |
Less due within one year |  |  | 184 |  |  |  | 230 |
|  | $ | 811 |  |  | $ | 102 |
[b] | Future principal repayments on long-term debt are estimated to be as follows:
2015 |  | $ | 184 |
2016 |  |  | 25 |
2017 |  |  | 12 |
2018 |  |  | 16 |
2019 |  |  | 2 |
Thereafter |  |  | 756 |
|  | $ | 995 |
[c] | On June 16, 2014, the Company issued $750 million of 3.625% fixed-rate Senior Notes which mature on June 15, 2024. The Senior Notes are senior unsecured obligations, interest is payable on June 15 and December 15 of each year, and do not include any financial covenants. The Company may redeem the Senior Notes in whole or in part at any time, and from time to time, at specified redemption prices determined in accordance with the terms of the indenture governing the Senior Notes.
[d] | On May 16, 2014, the Company’s $2.25 billion revolving credit facility maturing June 20, 2018 was extended to June 20, 2019. The facility includes a $200 million Asian tranche, a $50 million Mexican tranche and a tranche for Canada, U.S. and Europe, which is fully transferable between jurisdictions and can be drawn in U.S. dollars, Canadian dollars or euros.
[e] | Interest expense, net includes:
|  | 2014 |  |  | 2013 |  |  | 2012 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 26 |  |  | $ | 26 |  |  | $ | 27 |
Long-term |  |  | 21 |  |  |  | 8 |  |  |  | 7 |
|  |  | 47 |  |  |  | 34 |  |  |  | 34 |
Interest income |  |  | (18 | ) |  |  | (18 | ) |  |  | (18 | )
Interest expense, net |  | $ | 29 |  |  | $ | 16 |  |  | $ | 16 |
[f] | Interest paid in cash was $45 million for the year ended December 31, 2014 [2013—$32 million; 2012 - $32 million].
[g] | At December 31, 2014, the Company had commitments under operating leases requiring annual rental payments as follows:
|  | Total |
2015 |  | $ | 306 |
2016 |  |  | 273 |
2017 |  |  | 237 |
2018 |  |  | 188 |
2019 |  |  | 168 |
Thereafter |  |  | 382 |
|  | $ | 1,554 |
For the year ended December 31, 2014, operating lease expense was $344 million [2013—$363 million; 2012—$325 million].
[h] | The Company had agreements with its founder and certain affiliated entities for the provision of business development, consulting and other business services which ended on December 31, 2014. The cost of these agreements was measured at the exchange amount. The aggregate amount expensed under these agreements with respect to the year ended December 31, 2014 was $57 million [2013—$52 million; 2012—$47 million].

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- Definition The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References No definition available. + Details
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- Details
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