Debt (Tables)

12 Months Ended

Dec. 31, 2011

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Debt consists of the following:

	December 31,
	2011			2010
URNA and subsidiaries debt:
Accounts Receivable Securitization Facility (1)	$	255		$	221
$1.80 billion ABL Facility (1)	810			683
10 7/8 percent Senior Notes	489			488
9  1/4 percent Senior Notes	493			492
8  3/8 percent Senior Subordinated Notes	750			750
1  7/8 percent Convertible Senior Subordinated Notes	22			22
Capital leases	39			25
Total URNA and subsidiaries debt	2,858			2,681
Holdings:
4 percent Convertible Senior Notes	129			124
Total debt (2)	2,987			2,805
Less short-term portion	(395		)	(229		)
Total long-term debt	$	2,592		$	2,576

(1) $929 and $7 were available under our ABL facility and accounts receivable securitization facility, respectively, at December 31, 2011. The ABL facility availability is reflected net of $50 of letters of credit. At December 31, 2011, the interest rates applicable to our ABL facility and accounts receivable securitization facility were 2.4 percent and 0.9 percent, respectively.

(2) In August 1998, a subsidiary trust of Holdings (the “Trust”) issued and sold $300 of 6 ¹/2 percent Convertible Quarterly Income Preferred Securities (“QUIPS”) in a private offering. The Trust used the proceeds from the offering to purchase 6 ¹/2 percent subordinated convertible debentures due 2028 (the “Debentures”), which resulted in Holdings receiving all of the net proceeds of the offering. The QUIPS are non-voting securities, carry a liquidation value of $50 (fifty dollars) per security and are convertible into Holdings’ common stock. Total long-term debt at December 31, 2011 and 2010 excludes $55 and $124 of these Debentures, respectively, which are separately classified in our consolidated balance sheets and referred to as “subordinated convertible debentures.” The subordinated convertible debentures reflect the obligation to our subsidiary that has issued the QUIPS. This subsidiary is not consolidated in our financial statements because we are not the primary beneficiary of the Trust. See note 13 (“Subordinated Convertible Debentures”) for additional detail.

Schedule of Extinguishment of Debt

A summary of our debt repurchase activity for the years ended December 31, 2011 and 2010 is as follows:

	Year ended December 31, 2011						Year ended December 31, 2010
	Repurchase price		Principal		Loss (1)		Repurchase price		Principal		Loss (1)
7 3/4  percent Senior Subordinated Notes (2)	$	—	$	—	$	—	$	490	$	484	$	(14	)
7 percent Senior Subordinated Notes (2)	—		—		—		267		261		(8		)
6  1/2 percent Senior Notes (2)	—		—		—		435		435		(4		)
1  7/8 percent Convertible Senior Subordinated Notes	—		—		—		93		93		(2		)
4 percent Convertible Senior Notes (3)	5		5		(*)		—		—		—
Total	$	5	$	5	$ (*)		$	1,285	$	1,273	$	(28	)

* Amount is insignificant (less than $1).

(1) The amount of the loss is calculated as the difference between the net carrying amount of the related security and the repurchase price. The net carrying amounts of the securities are less than the principal amounts due to capitalized debt issuance costs and any original issue discount. Aggregate costs of less than $1 and $16 were written off in the years ended December 31, 2011 and 2010, respectively, in connection with the repurchases/redemptions. The $16 of aggregate costs written off in the year ended December 31, 2010 was comprised of $12 of write-offs of debt issuance costs and a $4 write-off of a previously terminated derivative transaction. The losses are reflected in interest expense, net in our consolidated statements of income.

(2) Prior to December 31, 2010, we repurchased and retired the entire principal amounts of these debt securities, which are not reflected in our consolidated balance sheets as of December 31, 2011 and 2010.

(3) As discussed above, based on the price of our common stock during 2011, holders of the 4 percent Convertible Senior Notes had the right to convert the notes during each of the quarters in 2011. We paid a total of $12 to settle the $5 principal amount of the 4 percent Convertible Senior Notes that were settled in 2011. The $5 repurchase price represents the repurchase price for the debt component of the settled securities. In connection with the settlement, as discussed above, additional paid-in capital was reduced by $7, reflecting the excess of the cash transferred upon settlement over the $5 principal amount of the converted notes.

Schedule of Maturities of Long-term Debt

Maturities of the Company’s debt (exclusive of any unamortized original issue discount) for each of the next five years and thereafter at December 31, 2011 are as follows:

2012	$	266
2013	7
2014	7
2015	173
2016	1,312
Thereafter	1,279
Total	$	3,044