Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Components of Debt and Reconciliation to Carrying Amount of Current and Long-Term Debt

The components of debt and a reconciliation to the carrying amount of current and long-term debt are presented in the table below.

	December 31,
	2015		2014
	(in millions)
L-3 Communications:
Borrowings under Amended and Restated Revolving Credit Facility(1)	$	—	$	—
3.95% Senior Notes due 2016		500		500
1.50% Senior Notes due 2017		350		350
5.20% Senior Notes due 2019		1,000		1,000
4.75% Senior Notes due 2020		800		800
4.95% Senior Notes due 2021		650		650
3.95% Senior Notes due 2024		350		650
Subtotal		3,650		3,950
Principal amount of long-term debt		3,650		3,950
Unamortized discounts		(8)		(11)
Carrying amount of long-term debt	$	3,642	$	3,939
Current portion of long-term debt		(499)		—
Carrying amount of long-term debt, excluding current portion		3,143		3,939

⁽¹⁾  During 2015, L-3 Communications’ aggregate borrowings and repayments under the Credit Facility were $1,194 million. L-3 Communications had the full availability of its $1 billion Credit Facility at December 31, 2015 and December 31, 2014.

Information Regarding Outstanding Senior Subordinated Notes

The Senior Notes are unsecured senior obligations of L-3 Communications. The terms of each outstanding Senior Note are presented in the table below.

Note	Date of Issuance		Amount Issued		Discount(1)		Net Cash   Proceeds			Effective Interest   Rate		Redemption at Treasury   Rate(2)(3)
			(in millions)
3.95% Senior Notes due November 15, 2016		November 22, 2011	$	500	$	4	$	491			4.11%		50 bps
1.50% Senior Notes due May 28, 2017		May 28, 2014	$	350	$	1	$	347	(4)		1.55%		10 bps
5.20% Senior Notes due October 15, 2019		October 2, 2009	$	1,000	$	4	$	987			5.25%		30 bps
4.75% Senior Notes due July 15, 2020		May 21, 2010	$	800	$	3	$	790			4.79%		25 bps
4.95% Senior Notes due February 15, 2021		February 7, 2011	$	650	$	4	$	639			5.02%		25 bps
3.95% Senior Notes due May 28, 2024		May 28, 2014	$	650	$	3	$	641	(4)		4.02%		20 bps

⁽¹⁾  Bond discounts are recorded as a reduction to the principal amount of the notes and are amortized as interest expense over the term of the notes.

⁽²⁾  The Senior Notes maturing in 2016, 2017, 2019, 2020 and 2021 may be redeemed at any time prior to their maturity and the Senior Notes maturing in 2024 may be redeemed at any time prior to February 28, 2024 (three months prior to their maturity) at the option of L-3 Communications, in whole or in part, at a redemption price equal to the greater of: (1) 100% of the principal amount, or (2) the present value of the remaining principal and interest payments discounted to the date of redemption, on a semi-annual basis, at the Treasury Rate (as defined in the indentures governing the Senior Notes), plus the spread indicated in the table above. In addition, if the Senior Notes maturing in 2024 are redeemed at any time on or after February 28, 2024, the redemption price would be equal to 100% of the principal amount.

⁽³⁾  Upon the occurrence of a change in control (as defined in the indentures governing the Senior Notes), each holder of the notes will have the right to require L-3 Communications to repurchase all or any part of such holder’s notes at an offer price in cash equal to 101% of the aggregate principal amount plus accrued and unpaid interest, if any, to the date of purchase.

⁽⁴⁾  The net cash proceeds of $988 million (after deduction of the bond discount, underwriting expenses and commissions and other related expenses) were used primarily to fund the CODES retirement as discussed below. The remaining net proceeds were used for general corporate purposes.