XML 26 R13.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Long-term Debt and Borrowing Arrangements | 9 Months Ended
--- | ---
Sep. 30, 2016
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,
|  | 2016 |  | 2015
4⅞% Senior Notes | November 2017 |  | $ | — |  |  | $ | 300 |
Floating Rate Senior Notes (a) | December 2017 |  | 249 |  |  | 249 |
Floating Rate Term Loan (b) | March 2019 |  | 144 |  |  | 970 |
6% Euro-denominated Senior Notes (c) | March 2021 |  | 517 |  |  | 502 |
Floating Rate Term Loan (d) | March 2022 |  | 818 |  |  | — |
5⅛% Senior Notes | June 2022 |  | 400 |  |  | 400 |
5½% Senior Notes | April 2023 |  | 674 |  |  | 674 |
6⅜% Senior Notes | April 2024 |  | 350 |  |  | — |
4⅛% Euro-denominated Senior Notes | November 2024 |  | 337 |  |  | — |
5¼% Senior Notes | March 2025 |  | 375 |  |  | 375 |
Other (e) |  |  | 58 |  |  | 46 |
Deferred financing fees |  |  | (56 | ) |  | (55 | )
Total |  |  | 3,866 |  |  | 3,461 |
Less: Short-term debt and current portion of long-term debt |  |  | 338 |  |  | 26 |
Long-term debt |  |  | $ | 3,528 |  |  | $ | 3,435 |
__________
(a) | The interest rate on these notes is equal to three-month LIBOR plus 275 basis points, for an aggregate rate of 3.39% at September 30, 2016; 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, 2016, 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 3.09%.
(c) | A portion of these notes have been called for redemption.
(d) | 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, 2016, the floating rate term loan due 2022 bears interest at the greater of three-month LIBOR or 0.75%, plus 250 basis points, for an aggregate rate of 3.34%. 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 4.21%.
(e) | Primarily includes capital leases which are secured by liens on the related assets.
In March 2016, the Company issued $350 million of 6⅜% Senior Notes due 2024 at par. In May 2016, the Company used the net proceeds from the offering to redeem $300 million principal amount of its 4⅞% Senior Notes due 2017 for $304 million plus accrued interest and for general corporate purposes. In May 2016, the Company extended the maturity date for $825 million of its $970 million existing corporate floating rate term loan borrowings by three years to March 2022. The extended portion now bears interest at LIBOR plus 2.50%, subject to a LIBOR floor of 0.75%. In September 2016, the Company issued €300 million of 4⅛% Euro-denominated Senior Notes due 2024 at par. In October 2016, the Company used the net proceeds from the offering primarily to redeem €275 million of its outstanding 6% Euro-denominated Senior Notes due 2021 (see Note 16 - Subsequent Events). Committed Credit Facilities and Available Funding Arrangements At September 30, 2016, 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 2019 (a) | $ | 1,800 |  |  | $ | — |  |  | $ | 907 |  |  | $ | 893 |
Other facilities (b) | 5 |  |  | 5 |  |  | — |  |  | — |
__________
(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 3.00%.
At September 30, 2016, the Company had various uncommitted credit facilities available, under which it had drawn approximately $4 million, which bear interest at rates between 0.85% and 4.00%. 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, 2016, the Company is in compliance with the financial covenants governing its indebtedness.

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 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 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration