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Basis Of Presentation Financial Instruments - Fair Value Indebtedness Table (Details) - USD ($)
$ in Millions
Mar. 31, 2016
Mar. 01, 2016
Dec. 31, 2015
Oct. 23, 2015
Mar. 10, 2014
Long-Term Debt, Gross [1] $ 4,013        
Outstanding borrowings, securitization obligations 220   $ 247    
Secured Debt | Term Loan B Facility          
Long-Term Debt, Gross 1,863 [2]   1,867   $ 1,905
Long-term debt fair value [3] 1,863   1,849    
Secured Debt | Term Loan A Facility          
Long-Term Debt, Gross 430 [4]   435 $ 435  
Long-term debt fair value [3] 413   426    
Senior Notes | 3.375% Senior Notes          
Long-Term Debt, Gross 500   500    
Long-term debt fair value [3] 500   500    
Senior Notes | 4.50% Senior Notes          
Long-Term Debt, Gross 450   450    
Long-term debt fair value [3] 464   464    
Senior Notes | 5.25% Senior Notes          
Long-Term Debt, Gross 550 $ 300 300    
Long-term debt fair value [3] 567   308    
Line of Credit | Revolving Credit Facility          
Long-term Line of Credit 0 [5],[6]   200    
Line of credit facility fair value [3] 0   200    
Securitization obligations          
Outstanding borrowings, securitization obligations 220   247    
Securitization obligations, fair value [3] $ 220   $ 247    
[1] Not included in this table, the Company had $133 million of outstanding letters of credit at March 31, 2016, of which $53 million was under the synthetic letter of credit facility with a rate of 4.25% and $80 million was under the unsecured letter of credit facility with a rate of 2.98%.
[2] The Term Loan B provides for quarterly amortization payments totaling 1% per annum of the original principal amount. The interest rate with respect to the Term Loan B Facility is based on, at the Company’s option, (a) adjusted LIBOR plus 3.00% (with a LIBOR floor of 0.75%) or (b) JPMorgan Chase Bank, N.A.’s prime rate ("ABR") plus 2.00% (with an ABR floor of 1.75%).
[3] The fair value of the Company's indebtedness is categorized as Level I.
[4] The Term Loan A Facility provides for quarterly amortization payments, which commenced March 31, 2016, totaling per annum 5%, 5%, 7.5%, 10.0% and 12.5% of the original principal amount of the Term Loan A Facility in 2016, 2017, 2018, 2019 and 2020, respectively. The interest rates with respect to term loans under the new Term Loan A Facility are based on, at the Company's option, (a) adjusted LIBOR plus an additional margin or (b) ABR plus an additional margin, in each case subject to adjustment based on the then current senior secured leverage ratio. Based on the December 31, 2015 senior secured leverage ratio, the LIBOR margin was 2.25% and the ABR margin was 1.25%.
[5] As of March 31, 2016, the Company had $815 million of borrowing capacity under its Revolving Credit Facility leaving $815 million of available capacity. On May 3, 2016, the Company had $400 million outstanding borrowings on the Revolving Credit Facility and no outstanding letters of credit on such facility, leaving $415 million of available capacity. The increase in outstanding borrowings compared to March 31, 2016 was a result of the repayment of the 3.375% Senior Notes at maturity on May 2, 2016.
[6] Interest rates with respect to revolving loans under the Term Loan A Facility at March 31, 2016 were based on, at the Company's option, (a) adjusted LIBOR plus an additional margin or (b) ABR plus an additional margin, in each case subject to adjustment based on the then current senior secured leverage ratio. Based on the December 31, 2015 senior secured leverage ratio, the LIBOR margin was 2.25% and the ABR margin was 1.25%.