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DEBT AND CREDIT FACILITIES (Tables) | 6 Months Ended
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Jun. 30, 2015
Debt Disclosure [Abstract] |
Schedule Of Long-Term Debt | The following represents a summary of our long-term debt as of June 30, 2015 and December 31, 2014:
($ in Millions) |
June 30, 2015 |
Debt Instrument |  | Type |  | Annual Effective Interest Rate |  | Final Maturity |  | Total Face Amount |  | Total Debt |
$700 Million 4.875% 2021 Senior Notes |  | Fixed |  | 4.89% |  | 2021 |  | $ | 423.2 |  |  | $ | 422.9 |  | (1)
$1.3 Billion Senior Notes: |  |  |  |  |  |  |  |  |  |  |
$500 Million 4.80% 2020 Senior Notes |  | Fixed |  | 4.83% |  | 2020 |  | 308.5 |  |  | 308.1 |  | (2)
$800 Million 6.25% 2040 Senior Notes |  | Fixed |  | 6.34% |  | 2040 |  | 492.8 |  |  | 487.0 |  | (3)
$400 Million 5.90% 2020 Senior Notes |  | Fixed |  | 5.98% |  | 2020 |  | 326.8 |  |  | 325.8 |  | (4)
$500 Million 3.95% 2018 Senior Notes |  | Fixed |  | 6.22% |  | 2018 |  | 436.0 |  |  | 434.0 |  | (5)
$540 Million 8.25% 2020 First Lien Notes |  | Fixed |  | 9.97% |  | 2020 |  | 540.0 |  |  | 504.9 |  | (6)
$544.2 Million 7.75% 2020 Second Lien Notes |  | Fixed |  | 15.55% |  | 2020 |  | 544.2 |  |  | 402.2 |  | (7)
$550 Million ABL Facility: |  |  |  |  |  |  |  |  |  |  |
ABL Facility |  | Variable |  | 2.25% |  | 2020 |  | 550.0 |  |  | — |  | (8)
Fair Value Adjustment to Interest Rate Hedge |  |  |  |  |  |  |  |  |  | 2.5 |  |
Total debt |  |  |  |  |  |  |  | $ | 3,621.5 |  |  | $ | 2,887.4 |  |
Less: Short-term and current portion of long-term debt |  |  |  |  |  |  |  |  |  | — |  |
Long-term debt |  |  |  |  |  |  |  |  |  | $ | 2,887.4 |  |
($ in Millions) |
December 31, 2014 |
Debt Instrument |  | Type |  | Annual Effective Interest Rate |  | Final Maturity |  | Total Face Amount |  | Total Debt |
$700 Million 4.875% 2021 Senior Notes |  | Fixed |  | 4.88% |  | 2021 |  | $ | 690.0 |  |  | $ | 689.5 |  | (1)
$1.3 Billion Senior Notes: |  |  |  |  |  |  |  |  |  |  |
$500 Million 4.80% 2020 Senior Notes |  | Fixed |  | 4.83% |  | 2020 |  | 490.0 |  |  | 489.4 |  | (2)
$800 Million 6.25% 2040 Senior Notes |  | Fixed |  | 6.34% |  | 2040 |  | 800.0 |  |  | 790.5 |  | (3)
$400 Million 5.90% 2020 Senior Notes |  | Fixed |  | 5.98% |  | 2020 |  | 395.0 |  |  | 393.7 |  | (4)
$500 Million 3.95% 2018 Senior Notes |  | Fixed |  | 5.17% |  | 2018 |  | 480.0 |  |  | 477.4 |  | (5)
$1.125 Billion Credit Facility: |  |  |  |  |  |  |  |  |  |  |
Revolving Credit Agreement |  | Variable |  | 2.94% |  | 2017 |  | 1,125.0 |  |  | — |  | (9)
Fair Value Adjustment to Interest Rate Hedge |  |  |  |  |  |  |  |  |  | 2.8 |  |
Total debt |  |  |  |  |  |  |  | $ | 3,980.0 |  |  | $ | 2,843.3 |  |
Less: Short-term and current portion of long-term debt |  |  |  |  |  |  |  |  |  | — |  |
Long-term debt |  |  |  |  |  |  |  |  |  | $ | 2,843.3 |  |
(1) | During the first quarter of 2015, we purchased $58.3 million of outstanding 4.875 percent senior notes that were trading at a discount of 52.0 percent which resulted in a gain on extinguishment of $20.0 million. In addition, on March 27, 2015, we exchanged as part of a tender offer $208.5 million of the 4.875 percent senior notes for $170.3 million of the 7.75 percent second lien notes at a discount of $46.0 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $83.1 million, net of amounts expensed for unamortized original issue discount and deferred origination fees. As of June 30, 2015, the $700.0 million 4.875 percent senior notes were recorded at a par value of $423.2 million less unamortized discounts of $0.3 million, based on an imputed interest rate of 4.89 percent. As of December 31, 2014, the $700.0 million 4.875 percent senior notes were recorded at a par value of $690.0 million less unamortized discounts of $0.5 million based on an imputed interest rate of 4.88 percent.
(2) | During the first quarter of 2015, we purchased $43.8 million of outstanding 4.80 percent senior notes that were trading at a discount of 54.3 percent, which resulted in a gain on extinguishment of $15.6 million. In addition, on March 27, 2015, we exchanged as part of a tender offer $137.8 million of the 4.80 percent senior notes for $112.9 million of the 7.75 percent second lien notes at a discount of $30.5 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $54.6 million, net of amounts expensed for unamortized original issue discount and deferred origination fees. As of June 30, 2015, the $500.0 million 4.80 percent senior notes were recorded at a par value of $308.5 million less unamortized discounts of $0.4 million, based on an imputed interest rate of 4.83 percent. As of December 31, 2014, the $500.0 million 4.80 percent senior notes were recorded at a par value of $490.0 million less unamortized discounts of $0.6 million based on an imputed interest rate of 4.83 percent.
(3) | During the first quarter of 2015, we purchased $45.9 million of outstanding 6.25 percent senior notes that were trading at a discount of 52.5 percent, which resulted in a gain on extinguishment of $15.0 million. In addition, on March 27, 2015, we exchanged as part of a tender offer $261.3 million of the 6.25 percent senior notes for $203.5 million of the 7.75 percent second lien notes at a discount of $55.0 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $107.3 million, net of amounts expensed for unamortized original issue discount and deferred origination fees. As of June 30, 2015, the $800 million 6.25 percent senior notes were recorded at a par value of $492.8 million less unamortized discounts of $5.8 million, based on an imputed interest rate of 6.34 percent. As of December 31, 2014, the $800 million 6.25 percent senior notes were recorded at a par value of $800.0 million less unamortized discounts of $9.5 million based on an imputed interest rate of 6.34 percent.
(4) | During the first quarter of 2015, we purchased $1.3 million of outstanding 5.90 percent senior notes that were trading at a discount of 58.0 percent, which resulted in a gain on extinguishment of $0.3 million. In addition, on March 27, 2015, we exchanged as part of a tender offer $67.0 million of the 5.90 percent senior notes for $57.5 million of the 7.75 percent second lien notes at a discount of $15.5 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $24.5 million, net of amounts expensed for unamortized original issue discount and deferred origination fees. As of June 30, 2015, the $400.0 million 5.90 percent senior notes were recorded at a par value of $326.8 million less unamortized discounts of $1.0 million, based on an imputed interest rate of 5.98 percent. As of December 31, 2014, the $400.0 million 5.90 percent senior notes were recorded at a par value of $395.0 million less unamortized discounts of $1.3 million based on an imputed interest rate of 5.98 percent.
(5) | During the first quarter of 2015, we purchased $44.0 million of outstanding 3.95 percent senior notes that were trading at a discount of 77.5 percent, which resulted in a gain on the extinguishment of debt of $7.1 million. As of June 30, 2015, the $500.0 million 3.95 percent senior notes were recorded at a par value of $436.0 million less unamortized discounts of $2.0 million, based on an imputed interest rate of 6.22 percent. As of December 31, 2014, the $500.0 million 3.95 percent senior notes were recorded at a par value of $480.0 million less unamortized discounts of $2.6 million based on an imputed interest rate of 5.17 percent.
(6) | As of June 30, 2015, the $540.0 million 8.25 percent first lien notes were recorded at a par value of $540.0 million less unamortized discounts of $35.1 million, based on an imputed interest rate of 9.97 percent.
(7) | As of June 30, 2015, the $544.2 million 7.75 percent second lien notes were recorded at a par value of $544.2 million less unamortized discounts of $142.0 million, based on an imputed interest rate of 15.55 percent. See NOTE 6 - FAIR VALUE MEASUREMENTS for further discussion of unamortized discount as a result of the exchange offers.
(8) | As of June 30, 2015, no loans were drawn under the ABL Facility and we had total availability of $532.7 million as a result of borrowing base limitations. As of June 30, 2015, the principal amount of letter of credit obligations totaled $198.0 million and foreign exchange hedge obligations totaled $2.1 million, thereby further reducing available borrowing capacity on our ABL Facility to $332.6 million.
(9) | As of December 31, 2014, we had no revolving loans drawn under the revolving credit agreement which had $1.125 billion availability. As of December 31, 2014, the principal amount of letter of credit obligations totaled $149.5 million, thereby further reducing available borrowing capacity on the revolving credit agreement to $975.5 million.
Schedule of Maturities of Long-term Debt [Table Text Block] | Debt Maturities The following represents a summary of our maturities of debt instruments, excluding borrowings on the ABL Facility, based on the principal amounts outstanding at June 30, 2015:
| (In Millions)
| Maturities of Debt
2015 (July 1 - December 31) | $ | — |
2016 | — |
2017 | — |
2018 | 436.0 |
2019 | — |
2020 | 1,719.5 |
2021 and thereafter | 916.0 |
Total maturities of debt | $ | 3,071.5 |

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