XML 132 R100.htm IDEA: XBRL DOCUMENT v3.6.0.2
Fair Value Indebtedness Table (Details) - USD ($)
$ in Millions
Dec. 31, 2016
Jul. 20, 2016
Mar. 01, 2016
Dec. 31, 2015
Oct. 23, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Long-term Debt, Gross [1] $ 3,763        
Securitization obligations 205     $ 247  
Secured Debt [Member] | Term Loan B          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value of long-term debt 1,100     1,849  
Long-term Debt, Gross 1,094 [2] $ 1,100   1,867  
Secured Debt [Member] | Term Loan A          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value of long-term debt 414     426  
Long-term Debt, Gross 413 [3]     435 $ 435
Secured Debt [Member] | Term Loan A-1          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value of long-term debt 351     0  
Long-term Debt, Gross 351 [4] $ 355   0 [3]  
Senior Notes [Member] | 3.375% Senior Notes          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value of long-term debt 0     500  
Long-term Debt, Gross 0     500  
Senior Notes [Member] | 4.50% Senior Notes          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value of long-term debt 461     464  
Long-term Debt, Gross 450     450  
Senior Notes [Member] | 5.25% Senior Notes          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value of long-term debt 562     308  
Long-term Debt, Gross 550   $ 300 300  
Senior Notes [Member] | 4.875% Senior Notes          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Fair value of long-term debt 483     0  
Long-term Debt, Gross 500     0  
Line of Credit [Member] | Revolving Credit Facility          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Line of credit facility outstanding amount 200 [5],[6]     200  
Line of credit facility fair value 200     200  
Securitization obligations          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Securitization obligations 205     247  
Fair value of securitization obligations $ 205     $ 247  
[1] Not included in this table, the Company had $127 million of outstanding letters of credit at December 31, 2016 under the Unsecured Letter of Credit Facility with a weighted average rate of 2.93%. At December 31, 2016 the capacity of the facility was $131 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%). See Note 20, "Subsequent Events" for a description of the January 2017 refinancing of the Term Loan B.
[3] 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 December 31, 2016.
[4] The Term Loan A-1 provides for quarterly amortization payments, which commenced on September 30, 2016, totaling per annum 2.5%, 2.5%, 5%, 7.5% and 10.0% of the original principal amount of the Term Loan A-1, with the last amortization payment made on June 30, 2021. The interest rates with respect to term loans under the Term Loan A-1 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 December 31, 2016.
[5] As of December 31, 2016, the Company had $815 million of borrowing capacity under its Revolving Credit Facility, leaving $615 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. See Note 20, "Subsequent Events" for a description of the January 2017 increase of the borrowing capacity under its Revolving Credit Facility. On February 21, 2017, the Company had $200 million outstanding borrowings on the Revolving Credit Facility, leaving $850 million of available capacity.
[6] Interest rates with respect to revolving loans under the Senior Secured Credit Facility at December 31, 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 December 31, 2016.