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Long-Term Debt and Credit Facility | 9 Months Ended
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Sep. 30, 2015
Debt Disclosure [Abstract] |
Long-Term Debt | Debt and Credit Facility Senior Notes In May 2012, we issued $225.0 million principal amount of 8.25% unsecured senior notes due June 1, 2020 ("Senior Notes") at 100% of the principal amount. Interest expense, including amortization of deferred financing costs, relating to the Senior Notes was $4.8 million and $14.5 million for the quarter and nine months ended September 30, 2015, respectively. Interest expense, including amortization of deferred financing costs, relating to the Senior Notes were $4.8 million and $14.5 million for the quarter and nine months ended September 30, 2014, respectively. A portion of the interest relating to the Senior Notes was capitalized as construction in progress. During the quarter ended September 30, 2015, we repurchased $6.1 million aggregate principal amount of our Senior Notes for 107.5% of the face value plus an insignificant amount of accrued interest, resulting in a loss of $0.6 million recognized within Other income, net on our statements of consolidated income (loss). As of September 30, 2015, $218.9 million aggregate principal amount of our Senior Notes remained outstanding. See Note 16 for information regarding additional Senior Notes repurchases made between October 1, 2015 through October 19, 2015. Cash Convertible Senior Notes Convertible Notes. In March 2010, we issued $175.0 million principal amount of 4.50% unsecured Cash Convertible Senior Notes due April 1, 2015 ("Convertible Notes"). We accounted for the cash conversion feature of the Convertible Notes as a separate derivative instrument ("Bifurcated Conversion Feature") with the fair value on the issuance date equaling the original issuance discount for purposes of accounting for the debt component of the Convertible Notes. At December 31, 2014, the carrying amount of the Convertible Notes, net of discount, was $172.5 million, of which $2.5 million was unamortized issuance discount. The following table provides additional information regarding the Convertible Notes (in millions of dollars):
| Quarter Ended September 30, |  | Nine Months Ended September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Contractual coupon interest | $ | — |  |  | $ | 2.0 |  |  | $ | 2.0 |  |  | $ | 5.9 |
Amortization of discount | — |  |  | 2.3 |  |  | 2.4 |  |  | 6.7 |
Amortization of deferred financing costs | — |  |  | 0.3 |  |  | 0.3 |  |  | 0.9 |
Total interest expense 1 | $ | — |  |  | $ | 4.6 |  |  | $ | 4.7 |  |  | $ | 13.5 |
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1 | A portion of the interest relating to the Convertible Notes was capitalized as construction in progress.
Substantially all of the Convertible Notes were presented for conversion during the quarter ended March 31, 2015 and were settled in cash on April 1, 2015. The conversion value of 154.261% of par was determined over the final settlement period of 50 consecutive trading days that ended on March 27, 2015, resulting in a total payment amount to settle the Convertible Notes on April 1, 2015 of $273.8 million, comprised of a final coupon payment of $3.9 million, principal of $175.0 million and conversion premium of $94.9 million. Convertible Notes Hedge Transactions. In connection with the issuance of our Convertible Notes, we entered into privately negotiated transactions whereby we purchased cash-settled call options ("Option Assets") relating to shares of our common stock that settled contemporaneously with the Convertible Notes. On April 1, 2015, we received Option Asset settlement proceeds of $94.9 million, which equaled the aggregate amount of cash that we paid to the holders of the converted Convertible Notes, less the principal amount thereof and interest payable thereon. Accordingly, the net cash outflow to settle our Convertible Notes and Option Assets on April 1, 2015 was $178.9 million. Contemporaneous with the issuance of the Convertible Notes and our purchase of the Option Assets in 2010, we sold net-share-settled warrants ("Warrants") relating to approximately 3.7 million notional shares of our common stock. Beginning on July 1, 2015, the Warrants commenced settling ratably over the subsequent 120 trading day period. We delivered to the Warrant holders a number of shares for each Warrant according to the formula discussed in Note 10. As of September 30, 2015, after reflecting cumulative anti-dilution adjustments for payment of quarterly dividends paid in excess of $0.24 per share, the exercise price of the Warrants was $60.32 per share. See Note 10 and Note 16 for additional information relating to the settlement of our Warrants. See "Fair Values of Financial Assets and Liabilities - All Other Financial Assets and Liabilities" in Note 9 for information relating to the estimated fair value of the Senior Notes, Convertible Notes, Bifurcated Conversion Feature and Option Assets. Revolving Credit Facility Our credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the other financial institutions party thereto ("Revolving Credit Facility") provides us with a $300.0 million funding commitment through September 2016. We had $246.5 million of borrowing availability under the Revolving Credit Facility at September 30, 2015, based on the borrowing base determination then in effect. At September 30, 2015, there were no borrowings under the Revolving Credit Facility and $7.4 million was being used to support outstanding letters of credit, leaving $239.1 million of net borrowing availability. The interest rate applicable to any overnight borrowings under the Revolving Credit Facility would have been 4.0% at September 30, 2015.

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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 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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