XML 133 R97.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value Indebtedness Table (Details) - USD ($)
$ in Millions
Dec. 31, 2017
Dec. 31, 2016
Jul. 20, 2016
Oct. 23, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Long-term Debt, Gross [1] $ 3,580      
Securitization obligations 194 $ 205    
Secured Debt | Term Loan B        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Long-term Debt, Gross 1,083 [2] 1,094 $ 1,100  
Fair value of long-term debt 1,085 [3] 1,100    
Secured Debt | Term Loan A        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Long-term Debt, Gross 391 [4] 413   $ 435
Fair value of long-term debt 393 [3] 414    
Secured Debt | Term Loan A-1        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Long-term Debt, Gross 342 [5] 351 $ 355  
Fair value of long-term debt 343 [3] 351    
Senior Notes | 4.50% Senior Notes        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Long-term Debt, Gross 450 450    
Fair value of long-term debt 457 [3] 461    
Senior Notes | 5.25% Senior Notes        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Long-term Debt, Gross 550 550    
Fair value of long-term debt 569 [3] 562    
Senior Notes | 4.875% Senior Notes        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Long-term Debt, Gross 500 500    
Fair value of long-term debt 495 [3] 483    
Line of Credit | Revolving Credit Facility        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Line of credit facility outstanding amount 70 [6],[7] 200    
Line of credit facility fair value 70 [3] 200    
Securitization obligations        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Securitization obligations 194 205    
Fair value of securitization obligations $ 194 [3] $ 205    
[1] Not included in this table is the Company's Unsecured Letter of Credit Facility which had a capacity of $74 million with $69 million utilized at a weighted average rate of 3.24% at December 31, 2017.
[2] The Term Loan B provided 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 was 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%). See Note 19, "Subsequent Events" for a description of the February 2018 refinancing.
[3] The fair value of the Company's indebtedness is categorized as Level II.
[4] The Term Loan A provided 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 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 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, 2017. See Note 19, "Subsequent Events" for a description of the February 2018 refinancing.
[5] The Term Loan A-1 provided 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 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 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, 2017. See Note 19, "Subsequent Events" for a description of the February 2018 refinancing.
[6] As of December 31, 2017, the Company had $1,050 million of borrowing capacity under its Revolving Credit Facility, leaving $980 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 February 23, 2018, the Company had $242 million in outstanding borrowings under the New Revolving Credit Facility, leaving $1,158 million of available capacity. See Note 19, "Subsequent Events" for a description of the February 2018 refinancing.
[7] Interest rates with respect to revolving loans under the Senior Secured Credit Facility at December 31, 2017 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 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, 2017.