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Basis Of Presentation Financial Instruments - Fair Value Indebtedness Table (Details) - USD ($)
$ in Millions
Sep. 30, 2016
Jul. 20, 2016
Mar. 01, 2016
Dec. 31, 2015
Oct. 23, 2015
Long-Term Debt, Gross [1] $ 3,779        
Outstanding borrowings, securitization obligations 255     $ 247  
Secured Debt | Term Loan B          
Long-Term Debt, Gross 1,097 [2] $ 1,100   1,867  
Long-term debt fair value [3] 1,103     1,849  
Secured Debt | Term Loan A          
Long-Term Debt, Gross 419 [4]     435 $ 435
Long-term debt fair value [3] 418     426  
Secured Debt | Term Loan A-1          
Long-Term Debt, Gross 353 [4] $ 355   0 [4]  
Long-term debt fair value [3] 352     0  
Senior Notes | 3.375% Senior Notes          
Long-Term Debt, Gross 0     500  
Long-term debt fair value [3] 0     500  
Senior Notes | 4.50% Senior Notes          
Long-Term Debt, Gross 450     450  
Long-term debt fair value [3] 469     464  
Senior Notes | 5.25% Senior Notes          
Long-Term Debt, Gross 550   $ 300 300  
Long-term debt fair value [3] 577     308  
Senior Notes | 4.875% Senior Notes          
Long-Term Debt, Gross 500     0  
Long-term debt fair value [3] 509     0  
Line of Credit | Revolving Credit Facility          
Long-term Line of Credit 155 [5],[6]     200  
Line of credit facility fair value [3] 155     200  
Securitization obligations          
Outstanding borrowings, securitization obligations 255     247  
Securitization obligations fair value [3] $ 255     $ 247  
[1] Not included in this table, the Company had $128 million of outstanding letters of credit at September 30, 2016 under the Unsecured Letter of Credit Facility with a weighted average rate of 3.10%. In the second quarter of 2016, the Company moved outstanding letters of credit to the Unsecured Letter of Credit Facility and terminated the synthetic letter of credit facility. As a result, the Company increased the capacity under the Unsecured Letter of Credit Facility by $47 million to $135 million.
[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 term loans under the Term Loan B 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 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 in 2016, 2017, 2018, 2019 and 2020, respectively. The interest rates with respect to term loans under the Term Loan A 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 previous quarter senior secured leverage ratio, the LIBOR margin was 2.00% and the ABR margin was 1.00% for the three months ended September 30, 2016.
[5] As of September 30, 2016, the Company had $815 million of borrowing capacity under its Revolving Credit Facility, leaving $660 million of available capacity. The revolving credit facility expires in October 2020, but is classified on the balance sheet as current due to the revolving nature of the facility. On November 2, 2016, the Company had $115 million outstanding borrowings on the Revolving Credit Facility, leaving $700 million of available capacity.
[6] Interest rates with respect to revolving loans under the Senior Secured Credit Facility at September 30, 2016 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 previous quarter senior secured leverage ratio, the LIBOR margin was 2.00% and the ABR margin was 1.00% for the three months ended September 30, 2016.