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Debt | 9 Months Ended
--- | ---
Sep. 30, 2014
Debt |
Debt | 8. Debt The following table summarizes the long-term debt of the Company:
|  | September 30, |  | December 31, |  | September 30, |
|  | 2014 |  | 2013 |  | 2013 |
Secured Credit Agreement: |  |  |  |  |  |  |
Revolving Credit Facility: |  |  |  |  |  |  |
Revolving Loans |  | $ | 60 |  | $ | — |  | $ | — |
Term Loans: |  |  |  |  |  |  |
Term Loan B |  | 405 |  | 405 |  | 450 |
Term Loan C (81 million CAD at September 30, 2014) |  | 73 |  | 76 |  | 79 |
Term Loan D (€85 million at September 30, 2014) |  | 108 |  | 117 |  | 133 |
Senior Notes: |  |  |  |  |  |  |
3.00%, Exchangeable, due 2015 |  | 616 |  | 617 |  | 612 |
7.375%, due 2016 |  | 595 |  | 593 |  | 592 |
6.75%, due 2020 (€500 million) |  | 635 |  | 690 |  | 675 |
4.875%, due 2021 (€330 million) |  | 419 |  | 455 |  | 446 |
Senior Debentures: |  |  |  |  |  |  |
7.80%, due 2018 |  | 250 |  | 250 |  | 250 |
Other |  | 80 |  | 58 |  | 79 |
Total long-term debt |  | 3,241 |  | 3,261 |  | 3,316 |
Less amounts due within one year |  | 807 |  | 16 |  | 18 |
Long-term debt |  | $ | 2,434 |  | $ | 3,245 |  | $ | 3,298 |
On May 19, 2011, the Company’s subsidiary borrowers entered into the Secured Credit Agreement (the “Agreement”). At September 30, 2014, the Agreement included a $900 million revolving credit facility, a $405 million term loan, a 81 million Canadian dollar term loan, and a €85 million term loan, each of which has a final maturity date of May 19, 2016. At September 30, 2014, the Company’s subsidiary borrowers had unused credit of $736 million available under the Agreement. The weighted average interest rate on borrowings outstanding under the Agreement at September 30, 2014 was 2.02%. The Company repurchased $15 million and $46 million of the 2015 Exchangeable Notes during the nine months ended September 30, 2014 and 2013, respectively. The amount by which the cash paid exceeded the fair value of the notes repurchased was recorded as a reduction to share owners’ equity. The Company recorded $3 million of additional interest charges for the loss on debt extinguishment and the related write-off of unamortized finance fees for the nine months ended September 30, 2013. As of September 30, 2014 the remaining $616 million balance of the Exchangeable Notes are classified as current liabilities on the balance sheet since they mature on June 1, 2015. The Company intends to refinance these notes prior to their due date. During March 2013, the Company issued senior notes with a face value of €330 million due March 31, 2021. The notes bear interest at 4.875% and are guaranteed by substantially all of the Company’s domestic subsidiaries. The net proceeds, after deducting debt issuance costs, totaled approximately $418 million. During March 2013, the Company discharged, in accordance with the indenture, all €300 million of the 6.875% senior notes due 2017. The Company recorded $11 million of additional interest charges for note repurchase premiums and the related write-off of unamortized finance fees. The Company has a €215 million European accounts receivable securitization program, which extends through September 2016, subject to periodic renewal of backup credit lines. Information related to the Company’s accounts receivable securitization program is as follows:
|  | September 30, |  | December 31, |  | September 30, |
|  | 2014 |  | 2013 |  | 2013 |
Balance (included in short-term loans) |  | $ | 242 |  | $ | 276 |  | $ | 287 |
Weighted average interest rate |  | 0.57 | % | 1.41 | % | 1.23 | %
The carrying amounts reported for the accounts receivable securitization program, and certain long-term debt obligations subject to frequently redetermined interest rates, approximate fair value. Fair values for the Company’s significant fixed rate debt obligations are based on published market quotations, and are classified as Level 1 in the fair value hierarchy. Fair values at September 30, 2014 of the Company’s significant fixed rate debt obligations are as follows:
|  |  |  | Indicated |  |  |
|  | Principal |  | Market |  | Fair |
|  | Amount |  | Price |  | Value |
Senior Notes: |  |  |  |  |  |  |
3.00% Exchangeable, due 2015 |  | $ | 629 |  | $ | 101.00 |  | $ | 635 |
7.375%, due 2016 |  | 600 |  | 107.50 |  | 645 |
6.75%, due 2020 (€500 million) |  | 635 |  | 117.05 |  | 743 |
4.875%, due 2021 (€330 million) |  | 419 |  | 107.62 |  | 451 |
Senior Debentures: |  |  |  |  |  |  |
7.80%, due 2018 |  | 250 |  | 113.25 |  | 283 |

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- Definition The entire disclosure for 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. + References Reference 1: 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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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