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Long-term Debt and Borrowing Arrangements | 9 Months Ended
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Sep. 30, 2015
Debt Disclosure [Abstract] |
Long-term Debt and Borrowing Arrangements | Long-term Debt and Borrowing Arrangements Long-term and other borrowing arrangements consisted of:
|  |  | As of |  | As of
| Maturity Dates |  | September 30, |  | December 31,
|  | 2015 |  | 2014
4⅞% Senior Notes | November 2017 |  | $ | 300 |  |  | $ | 300 |
Floating Rate Senior Notes (a) | December 2017 |  | 248 |  |  | 248 |
Floating Rate Term Loan (b) | March 2019 |  | 973 |  |  | 980 |
9¾% Senior Notes | March 2020 |  | — |  |  | 223 |
6% Euro-denominated Senior Notes (c) | March 2021 |  | 517 |  |  | 561 |
5⅛% Senior Notes | June 2022 |  | 400 |  |  | 400 |
5½% Senior Notes | April 2023 |  | 674 |  |  | 674 |
5¼% Senior Notes | March 2025 |  | 375 |  |  | — |
Other |  |  | 45 |  |  | 34 |
Total |  |  | 3,532 |  |  | 3,420 |
Less: Short-term debt and current portion of long-term debt |  |  | 27 |  |  | 28 |
Long-term debt |  |  | $ | 3,505 |  |  | $ | 3,392 |
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(a) | The interest rate on these notes is equal to three-month LIBOR plus 275 basis points, for an aggregate rate of 3.07% at September 30, 2015; the Company has entered into an interest rate swap to hedge its interest rate exposure related to these notes at an aggregate rate of 3.58%.
(b) | The floating rate term loan is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property. As of September 30, 2015, the floating rate term loan due 2019 bears interest at the greater of three-month LIBOR or 0.75%, plus 225 basis points, for an aggregate rate of 3.00%. The Company has entered into a swap to hedge $600 million of its interest rate exposure related to the floating rate term loan at an aggregate rate of 3.96%.
(c) | The reduction in the balance principally reflects currency translation adjustments.
In March 2015, the Company issued $375 million of 5¼% Senior Notes due 2025 at par. In April 2015, the Company used net proceeds from the offering to redeem the remaining $223 million principal amount of its 9¾% Senior Notes due 2020 for $243 million plus accrued interest and to finance a portion of its acquisition of Maggiore. COMMITTED CREDIT FACILITIES AND AVAILABLE FUNDING ARRANGEMENTS At September 30, 2015, the committed corporate credit facilities available to the Company and/or its subsidiaries were as follows:
| Total Capacity |  | Outstanding Borrowings |  | Letters of Credit Issued |  | Available Capacity
Senior revolving credit facility maturing 2018 (a) | $ | 1,800 |  |  | $ | — |  |  | $ | 725 |  |  | $ | 1,075 |
Other facilities (b) | 9 |  |  | 3 |  |  | — |  |  | 6 |
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(a) | The senior revolving credit facility bears interest at one-month LIBOR plus 200 basis points and is part of the Company’s senior credit facility, which is secured by pledges of capital stock of certain subsidiaries of the Company, and liens on substantially all of the Company’s intellectual property and certain other real and personal property.
(b) | These facilities encompass bank overdraft lines of credit, bearing interest of 1.50% to 4.50%.
At September 30, 2015, the Company had various uncommitted credit facilities available, under which it had drawn approximately $1 million, which bear interest at rates between 0.23% and 2.84%. DEBT COVENANTS The agreements governing the Company’s indebtedness contain restrictive covenants, including restrictions on dividends paid to the Company by certain of its subsidiaries, the incurrence of additional indebtedness by the Company and certain of its subsidiaries, acquisitions, mergers, liquidations, and sale and leaseback transactions. The Company’s senior credit facility also contains a maximum leverage ratio requirement. As of September 30, 2015, the Company is in compliance with the financial covenants governing its indebtedness.

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- Definition The entire disclosure for long-term debt. + 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 SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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