XML 48 R34.htm IDEA: XBRL DOCUMENT
v3.5.0.2

DEBT AND CREDIT FACILITIES (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2016
Debt Disclosure [Abstract] |
Schedule Of Long-Term Debt | The following represents a summary of our long-term debt as of September 30, 2016 and December 31, 2015:
($ in Millions) |
September 30, 2016 |
Debt Instrument |  | Annual Effective Interest Rate |  | Total Principal Amount |  | Debt Issuance Costs |  | Undiscounted Interest/(Unamortized Discounts) |  | Total Debt |
$700 Million 4.875% 2021 Senior Notes |  | 4.89% |  | $ | 325.7 |  |  | $ | (1.2 | ) |  | $ | (0.2 | ) |  | $ | 324.3 |  | (1)
$1.3 Billion Senior Notes: |  |  |  |  |  |  |  |  |  |  |
$500 Million 4.80% 2020 Senior Notes |  | 4.83% |  | 244.8 |  |  | (0.7 | ) |  | (0.2 | ) |  | 243.9 |  | (2)
$800 Million 6.25% 2040 Senior Notes |  | 6.34% |  | 298.4 |  |  | (2.5 | ) |  | (3.4 | ) |  | 292.5 |  | (3)
$400 Million 5.90% 2020 Senior Notes |  | 5.98% |  | 225.6 |  |  | (0.7 | ) |  | (0.5 | ) |  | 224.4 |  | (4)
$500 Million 3.95% 2018 Senior Notes |  | 6.15% |  | — |  |  | — |  |  | — |  |  | — |  | (5)
$540 Million 8.25% 2020 First Lien Notes |  | 9.97% |  | 540.0 |  |  | (8.6 | ) |  | (27.4 | ) |  | 504.0 |  |
$218.5 Million 8.00% 2020 1.5 Lien Notes |  | N/A |  | 218.5 |  |  | — |  |  | 70.0 |  |  | 288.5 |  | (6)
$544.2 Million 7.75% 2020 Second Lien Notes |  | 15.55% |  | 430.1 |  |  | (6.2 | ) |  | (90.1 | ) |  | 333.8 |  | (7)
$550 Million ABL Facility: |  |  |  |  |  |  |  |  |  |  |
ABL Facility |  | N/A |  | 550.0 |  |  | N/A |  |  | N/A |  |  | — |  | (8)
Fair Value Adjustment to Interest Rate Hedge |  |  |  |  |  |  |  |  |  | 2.0 |  |
Total debt |  |  |  | $ | 2,833.1 |  |  |  |  |  |  | $ | 2,213.4 |  |
Less: Current portion |  |  |  |  |  |  |  |  |  | 17.5 |  |
Long-term debt |  |  |  |  |  |  |  |  |  | $ | 2,195.9 |  |
($ in Millions) |
December 31, 2015 |
Debt Instrument |  | Annual Effective Interest Rate |  | Total Principal Amount |  | Debt Issuance Costs |  | Unamortized Discounts |  | Total Debt |
$700 Million 4.875% 2021 Senior Notes |  | 4.89% |  | $ | 412.5 |  |  | $ | (1.7 | ) |  | $ | (0.2 | ) |  | $ | 410.6 |  |
$1.3 Billion Senior Notes: |  |  |  |  |  |  |  |  |  |  |
$500 Million 4.80% 2020 Senior Notes |  | 4.83% |  | 306.7 |  |  | (1.1 | ) |  | (0.4 | ) |  | 305.2 |  |
$800 Million 6.25% 2040 Senior Notes |  | 6.34% |  | 492.8 |  |  | (4.3 | ) |  | (5.8 | ) |  | 482.7 |  |
$400 Million 5.90% 2020 Senior Notes |  | 5.98% |  | 290.8 |  |  | (1.1 | ) |  | (0.8 | ) |  | 288.9 |  |
$500 Million 3.95% 2018 Senior Notes |  | 6.30% |  | 311.2 |  |  | (0.9 | ) |  | (1.2 | ) |  | 309.1 |  |
$540 Million 8.25% 2020 First Lien Notes |  | 9.97% |  | 540.0 |  |  | (10.5 | ) |  | (32.1 | ) |  | 497.4 |  |
$544.2 Million 7.75% 2020 Second Lien Notes |  | 15.55% |  | 544.2 |  |  | (9.5 | ) |  | (131.5 | ) |  | 403.2 |  |
$550 Million ABL Facility: |  |  |  |  |  |  |  |  |  |  |
ABL Facility |  | N/A |  | 550.0 |  |  | N/A |  |  | N/A |  |  | — |  | (9)
Fair Value Adjustment to Interest Rate Hedge |  |  |  |  |  |  |  |  |  | 2.3 |  |
Total debt |  |  |  | $ | 3,448.2 |  |  |  |  |  |  | $ | 2,699.4 |  |
(1) | On March 2, 2016, we exchanged as part of an exchange offer $76.3 million of the 4.875 percent senior notes for $30.5 million of the 8.00 percent 1.5 lien notes that were recorded at a carrying value of $41.5 million, including undiscounted interest payments as of the transaction date. Additionally, during the third quarter of 2016 we entered into a debt for equity exchange; see NOTE 15 - CAPITAL STOCK for further discussion of this transaction.
(2) | On March 2, 2016, we exchanged as part of an exchange offer $44.7 million of the 4.80 percent senior notes for $17.9 million of the 8.00 percent 1.5 lien notes that were recorded at a carrying value of $24.4 million, including undiscounted interest payments as of the transaction date. Additionally, during the second and third quarters of 2016 we entered into a debt for equity exchange; see NOTE 15 - CAPITAL STOCK for further discussion of this transaction.
(3) | On March 2, 2016, we exchanged as part of an exchange offer $194.4 million of the 6.25 percent senior notes for $75.8 million of the 8.00 percent 1.5 lien notes that were recorded at a carrying value of $103.0 million, including undiscounted interest payments as of the transaction date.
(4) | On March 2, 2016, we exchanged as part of an exchange offer $65.1 million of the 5.90 percent senior notes for $26.0 million of the 8.00 percent 1.5 lien notes that were recorded at a carrying value of $35.4 million, including undiscounted interest payments as of the transaction date.
(5) | See the section entitled "$500 million 3.95 percent 2018 Senior Notes - Full Redemption" below for further discussion related to this instrument. On March 2, 2016, we exchanged as part of an exchange offer $17.6 million of the 3.95 percent senior notes for $11.4 million of the 8.00 percent 1.5 lien notes that were recorded at a carrying value of $15.5 million, including undiscounted interest payments as of the transaction date. Additionally, during the first quarter of 2016, we entered into a debt for equity exchange; see NOTE 15 - CAPITAL STOCK for further discussion of this transaction.
(6) | See the section entitled "$218.5 million 8.00 percent 2020 Senior Secured 1.5 Lien Notes - 2016 Exchange Offers" below for further discussion related to this instrument. As of September 30, 2016, $17.5 million of the undiscounted interest is recorded as current and classified as Other current liabilities in the Statements of Unaudited Condensed Consolidated Financial Position.
(7) | On March 2, 2016, we exchanged as part of an exchange offer $114.1 million of the 7.75 percent senior notes for $57.0 million of the 8.00 percent 1.5 lien notes that were recorded at a carrying value of $77.5 million, including undiscounted interest payments as of the transaction date.
(8) | As of September 30, 2016, no loans were drawn under the ABL Facility and we had total availability of $355.7 million as a result of borrowing base limitations. As of September 30, 2016, the principal amount of letter of credit obligations totaled $108.8 million, thereby further reducing available borrowing capacity on our ABL Facility to $246.9 million.
(9) | As of December 31, 2015, no loans were drawn under the ABL Facility and we had total availability of $366.0 million as a result of borrowing base limitations. As of December 31, 2015, the principal amount of letter of credit obligations totaled $186.3 million and commodity hedge obligations totaled $0.5 million, thereby further reducing available borrowing capacity on our ABL Facility to $179.2 million.
Schedule of Maturities of Long-term Debt | 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 September 30, 2016:
| (In Millions)
| Maturities of Debt
2016 (October 1 - December 31) | $ | — |
2017 | — |
2018 | — |
2019 | — |
2020 | 1,659.0 |
2021 | 325.7 |
2022 and thereafter | 298.4 |
Total maturities of debt | $ | 2,283.1 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration