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Debt (Tables)

9 Months Ended

Sep. 30, 2015

Debt

Long-term Debt

		September 30,			December 31,			September 30,
		2015			2014			2014
Secured Credit Agreement:
Revolving Credit Facility:
Revolving Loans		$	220		$	—		$	—
Term Loans:
Term Loan A			1,546
Term Loan A (€279 million at September 30, 2015)			309
Term Loan B			563
Previous Secured Credit Agreement:
Revolving Credit Facility:
Revolving Loans									60
Term Loans:
Term Loan B (USD tranche)						404			404
Term Loan C (CAD tranche)						70			73
Term Loan D (EURO tranche)						103			108
Senior Notes:
3.00%, Exchangeable, due 2015						18			614
7.375%, due 2016						594			592
6.75%, due 2020 (€500 million)			557			603			629
4.875%, due 2021 (€330 million)			367			397			415
5.00%, due 2022			494			493
5.875%, due 2023			679
5.375%, due 2025			296			295
6.375%, due 2025			293
Senior Debentures:
7.80%, due 2018			250			249			249
Capital Leases			60			63			61
Other			32			29			19
Total long-term debt			5,666			3,318			3,224
Less amounts due within one year			57			361			805
Long-term debt		$	5,609		$	2,957		$	2,419

Information related to accounts receivable securitization program

		September 30,			December 31,			September 30,
		2015			2014			2014
Balance (included in short-term loans)		$	173		$	122		$	242
Weighted average interest rate			1.11	%		1.41	%		0.57	%

Fair values of the Company's significant fixed rate debt obligations

Fair values at September 30, 2015 of the Company’s significant fixed rate debt obligations are as follows:

		Principal			Indicated
		Amount			Market Price			Fair Value
Senior Notes:
6.75%, due 2020 (€500 million)		$	563		$	114.56		$	645
4.875%, due 2021 (€330 million)			371			105.38			391
5.00%, due 2022			500			95.00			475
5.875%, due 2023			700			100.75			705
5.375%, due 2025			300			96.75			290
6.375%, due 2025			300			100.75			302
Senior Debentures:
7.80%, due 2018			250			109.78			274

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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.

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