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Financing Agreements | 9 Months Ended
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Sep. 30, 2015
Debt Disclosure [Abstract] |
Financing Agreements | Financing Agreements Long-term debt at —
|  | Interest Rate |  | September 30, 2015 |  | December 31, 2014
Senior Notes due February 15, 2019 |  | 6.500% |  | $ | — |  |  | $ | 55 |
Senior Notes due February 15, 2021 |  | 6.750% |  | 350 |  |  | 350 |
Senior Notes due September 15, 2021 |  | 5.375% |  | 450 |  |  | 450 |
Senior Notes due September 15, 2023 |  | 6.000% |  | 300 |  |  | 300 |
Senior Notes due December 15, 2024 |  | 5.500% |  | 425 |  |  | 425 |
Other indebtedness |  |  |  | 67 |  |  | 79 |
Total |  |  |  | 1,592 |  |  | 1,659 |
Less: current maturities |  |  |  | 26 |  |  | 46 |
Total long-term debt |  |  |  | $ | 1,566 |  |  | $ | 1,613 |
Interest on the senior notes is payable semi-annually. Other indebtedness includes borrowings from various financial institutions, capital lease obligations and the unamortized fair value adjustment related to a terminated interest rate swap. See Note 11 for additional information on the terminated interest rate swap. During the third quarter of 2015, we reversed the $6 embedded capital lease obligation associated with our exclusive long-term supply agreement with SIFCO. See Note 2 for additional information. Senior notes — In December 2014, we completed the sale of $425 in senior unsecured notes. Interest on the December 2024 Notes is payable on June 15 and December 15 of each year beginning on June 15, 2015. Net proceeds of the offering totaled $418. Financing costs of $7 were recorded as deferred costs and are being amortized to interest expense over the life of the notes. The net proceeds from the offering were used to redeem our February 2019 Notes. During December 2014, we redeemed $345 of our February 2019 Notes pursuant to a tender offer at a weighted average price equal to 104.116% plus accrued and unpaid interest. The $19 loss on extinguishment of debt recorded in December 2014 includes the redemption premium and transaction costs associated with the tender offer and the write-off of $4 of previously deferred financing costs associated with the February 2019 Notes. On December 9, 2014, we elected to redeem $40 of our February 2019 Notes effective January 8, 2015 at a price equal to 103.000% plus accrued and unpaid interest. The notes redeemed on January 8, 2015 have been included in current portion of long-term debt as of December 31, 2014. On March 16, 2015, we redeemed the remaining $15 of our February 2019 Notes at a price equal to 103.250% plus accrued and unpaid interest. The $2 loss on extinguishment of debt includes the redemption premium and the write-off of previously deferred financing costs associated with the February 2019 Notes. Revolving facility — Advances under our $500 revolving facility bear interest at a floating rate based on, at our option, the base rate or LIBOR (each as described in the revolving credit agreement) plus a margin based on the undrawn amounts available under the agreement as set forth below:
Remaining Borrowing Availability |  | Base Rate |  | LIBOR Rate
Greater than $350 |  | 0.50 | % |  | 1.50 | %
Greater than $150 but less than or equal to $350 |  | 0.75 | % |  | 1.75 | %
$150 or less |  | 1.00 | % |  | 2.00 | %
Commitment fees are applied based on the average daily unused portion of the available amounts under the revolving facility. If the average daily unused portion of the revolving facility is less than 50%, the applicable fee will be 0.25% per annum. If the average daily unused portion of the revolving facility is equal to or greater than 50%, the applicable fee will be 0.375% per annum. Up to $300 of the revolving facility may be applied to letters of credit, which reduces availability. We pay a fee for issued and undrawn letters of credit in an amount per annum equal to the applicable LIBOR margin based on quarterly average availability under the revolving facility and a per annum fronting fee of 0.125%, payable quarterly. There were no borrowings under the revolving facility at September 30, 2015 but we had utilized $40 for letters of credit. Based on our borrowing base collateral of $389, we had potential availability at September 30, 2015 under the revolving facility of $349 after deducting the outstanding letters of credit. Debt covenants — At September 30, 2015, we were in compliance with the covenants of our financing agreements. Under the revolving facility and the senior notes, we are required to comply with certain incurrence-based covenants customary for facilities of these types.

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- Definition The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References No definition available. + Details
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- References No definition available. + Details
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