XML 45 R28.htm IDEA: XBRL DOCUMENT v3.7.0.1
Basis Of Presentation Financial Instruments - Fair Value Indebtedness Table (Details) - USD ($)
$ in Millions
Jun. 30, 2017
Dec. 31, 2016
Jul. 20, 2016
Oct. 23, 2015
Long-term debt principal amount [1] $ 3,750      
Securitization obligations outstanding 223 $ 205    
Secured Debt | Term Loan B        
Long-term debt principal amount 1,089 [2] 1,094 $ 1,100  
Long-term debt fair value [3] 1,094 1,100    
Secured Debt | Term Loan A        
Long-term debt principal amount 402 [4] 413   $ 435
Long-term debt fair value [3] 403 414    
Secured Debt | Term Loan A-1        
Long-term debt principal amount 346 [5] 351 [4] $ 355  
Long-term debt fair value [3] 347 351    
Senior Notes | 4.50% Senior Notes        
Long-term debt principal amount 450 450    
Long-term debt fair value [3] 464 461    
Senior Notes | 5.25% Senior Notes        
Long-term debt principal amount 550 550    
Long-term debt fair value [3] 576 562    
Senior Notes | 4.875% Senior Notes        
Long-term debt principal amount 500 500    
Long-term debt fair value [3] 503 483    
Line of Credit | Revolving Credit Facility        
Line of credit facility outstanding 190 [6],[7] 200    
Line of credit facility fair value [3] 190 200    
Securitization obligations        
Securitization obligations outstanding 223 205    
Securitization obligations fair value [3] $ 223 $ 205    
[1] Not included in this table, the Company had $124 million of outstanding letters of credit at June 30, 2017 under the Unsecured Letter of Credit Facility with a weighted average rate of 2.93%. At June 30, 2017, 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 2.25% (with a LIBOR floor of 0.75%) or (b) JPMorgan Chase Bank, N.A.’s prime rate ("ABR") plus 1.25% (with an ABR floor of 1.75%).
[3] During the second quarter 2017, the Company reclassified its Indebtedness from Level 1 to Level 2 as transactions in these securities did not occur with sufficient frequency and volume to constitute an active market.
[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 June 30, 2017.
[5] 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 June 30, 2017.
[6] As of June 30, 2017, the Company had $1,050 million of borrowing capacity under its Revolving Credit Facility, leaving $860 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 August 1, 2017, the Company had $140 million in outstanding borrowings under the Revolving Credit Facility, leaving $910 million of available capacity.
[7] Interest rates with respect to revolving loans under the Senior Secured Credit Facility at June 30, 2017 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 June 30, 2017.