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Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Short Term Borrowings

The Company’s short-term borrowings consist of the following:

		2017				2016
Bank indebtedness [i]		$	9			$	8
Commercial paper [ii]			250				615
		$	259			$	623

[i] The Company has an agreement for a credit facility that is drawn in euros. The Company is required to secure any amounts drawn on the facility with a USD cash deposit of 105% of the outstanding euro balance. As at December 31, 2017, the gross amount outstanding under the credit facility was $108 million [€90 million]. The credit agreement includes a netting arrangement with the bank that provides for the legal right of setoff. Accordingly, as at December 31, 2017, this liability balance was offset against the related restricted cash equivalent deposit of $113 million. The remaining net deposit of $5 million was included in the prepaid expenses and other balance, and is restricted under the terms of the loan. As at December 31, 2016, the gross amount outstanding under the credit facility was $185 million [€175 million], and the net deposit included in the prepaid expenses and other balance was $9 million.

[ii] During 2016, the Company established a U.S. commercial paper program [the “U.S. Program”] and a euro-commercial paper program [the “euro-Program”]. Under the U.S. Program, the Company may issue U.S. commercial paper notes [the “U.S. notes”] up to a maximum aggregate amount of U.S. $500 million. The U.S. Program is supported by the Company’s existing global credit facility. The proceeds from the issuance of the U.S. notes are being used for general corporate purposes. As at December 31, 2017, $70 million [2016 - $295 million] of U.S. notes were outstanding, with a weighted-average interest rate of 1.84% [2016 – 1.04%], and maturities less than three months.

Under the euro-Program, the Company may issue euro-commercial paper notes [the “euro notes”] up to a maximum aggregate amount of €500 million or its equivalent in alternative currencies. The euro notes issued are guaranteed by the Company’s existing global credit facility. The proceeds from the issuance of the euro notes are being used for general corporate purposes. As of December 31, 2017, $180 million or €150 million [2016 – $320 million or €304 million] of euro notes were outstanding, with a negative weighted-average interest rate of 0.22% [2016 – 0.07%], and maturities less than three months.

Schedule of Company's Long-Term Debt

[a] The Company’s long-term debt, which is substantially uncollateralized, consists of the following:

		2017				2016
Senior Notes [note 16 [d]]
$750 million Senior Notes due 2024 at 3.625%		$	746			$	746
$650 million Senior Notes due 2025 at 4.150%			643				643
€550 million Senior Notes due 2023 at 1.900%			657				576
€600 million Senior Notes due 2027 at 1.500% [c]			717				—
Cdn$425 million Senior Notes due 2022 at 3.100%			338				315
Bank term debt at a weighted average interest rate of approximately 5.68% [2016 – 7.3%], denominated primarily in Chinese renminbi, Indian rupee, euro and Brazilian real			99				117
Government loans at a weighted average interest rate of approximately 1.73% [2016 – 2.53%], denominated primarily in euro, Canadian dollar and Brazilian real			84				92
Other			19				44
		3,303				2,533
Less due within one year			108				139
		$	3,195			$	2,394

Schedule of Future Principal Repayments on Long-Term Debt

[b] Future principal repayments on long-term debt are estimated to be as follows:

2018		$	108
2019			32
2020			28
2021			25
2022			342
Thereafter			2,768
		$3,303

Interest Expense, Net

[f] Interest expense, net includes:

		2017				2016
Interest expense
Current		$	10			$	22
Long-term			80				78
		90				100
Interest income			(20	)			(12	)
Interest expense, net		$	70			$	88

Company's Commitments under Operating Leases and Requiring Annual Rental Payments

[h] At December 31, 2017, the Company had commitments under operating leases requiring annual rental payments as follows:

		Total
2018		$	316
2019			272
2020			239
2021			212
2022			189
Thereafter			769
		$	1,997

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