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Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2014
Fair Value of Financial Instruments [Abstract]  
Schedule of Estimated Fair Value of Financial Instruments, by Balance Sheet Grouping

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2014

 

December 31, 2013

 

Carrying

 

Estimated Fair

 

Carrying

 

Estimated Fair

 

Amount

 

Value

 

Amount

 

Value

Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

613 

 

$

613 

 

$

373 

 

$

373 

Available-for-sale securities

 

245 

 

 

245 

 

 

65 

 

 

65 

Trading securities

 

42 

 

 

42 

 

 

38 

 

 

38 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Contingent Value Right

 

16 

 

 

16 

 

 

 -

 

 

 -

Credit Facility

 

7,262 

 

 

7,315 

 

 

4,050 

 

 

4,085 

8% Senior Notes

 

2,020 

 

 

2,206 

 

 

2,020 

 

 

2,172 

7⅛% Senior Notes

 

1,200 

 

 

1,306 

 

 

1,200 

 

 

1,246 

2018 Senior Secured Notes

 

1,600 

 

 

1,689 

 

 

1,600 

 

 

1,662 

2021 Senior Secured Notes

 

1,000 

 

 

1,028 

 

 

 -

 

 

 -

6⅞% Senior Notes

 

3,000 

 

 

3,144 

 

 

 -

 

 

 -

Receivables Facility and other debt

 

702 

 

 

702 

 

 

537 

 

 

537 

 

Schedule of Interest Rate Swaps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Swap #

 

Notional Amount (in millions)

 

Fixed Interest Rate

 

Termination Date

 

Fair Value (in millions)

 

1

 

$

100 

 

5.231 

%

 

July 25, 2014

 

$

 

2

 

 

100 

 

5.231 

%

 

July 25, 2014

 

 

 

3

 

 

200 

 

5.160 

%

 

July 25, 2014

 

 

 

4

 

 

75 

 

5.041 

%

 

July 25, 2014

 

 

 

5

 

 

125 

 

5.022 

%

 

July 25, 2014

 

 

 

6

 

 

100 

 

2.621 

%

 

July 25, 2014

 

 

 

7

 

 

100 

 

3.110 

%

 

July 25, 2014

 

 

 

8

 

 

100 

 

3.258 

%

 

July 25, 2014

 

 

 

9

 

 

200 

 

2.693 

%

 

October 26, 2014

 

 

 

10

 

 

300 

 

3.447 

%

 

August 8, 2016

 

 

19 

 

11

 

 

200 

 

3.429 

%

 

August 19, 2016

 

 

13 

 

12

 

 

100 

 

3.401 

%

 

August 19, 2016

 

 

 

13

 

 

200 

 

3.500 

%

 

August 30, 2016

 

 

13 

 

14

 

 

100 

 

3.005 

%

 

November 30, 2016

 

 

 

15

 

 

200 

 

2.055 

%

 

July 25, 2019

 

 

 -

(1)

16

 

 

200 

 

2.059 

%

 

July 25, 2019

 

 

 -

(2)

17

 

 

200 

 

2.613 

%

 

August 30, 2019

 

 

 -

(3)

18

 

 

300 

 

2.892 

%

 

August 30, 2020

 

 

 -

(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

___________________

 

(1) This interest rate swap becomes effective July 25, 2014.

(2) This interest rate swap becomes effective July 25, 2014.

(3)  This interest rate swap becomes effective August 30, 2015.

(4)  This interest rate swap becomes effective August 30, 2015.

Schedule of Pre-tax Loss Recognized as a Component of Other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount of Pre-Tax Loss Recognized in OCI (Effective Portion)

Derivatives in Cash Flow Hedging Relationships

 

Three Months Ended March 31,

 

 

2014

 

2013

Interest rate swaps

 

$

(3)

 

$

(3)

 

Schedule of Effective Portion of the Pre-tax Loss Reclassified from AOCL into Interest Expense on the Consolidated Statements of Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount of Pre-Tax Loss Reclassified from AOCL into Income (Effective Portion)

Location of Loss Reclassified from AOCL into Income (Effective Portion)

 

Three Months Ended March 31,

 

 

2014

 

2013

Interest expense, net

 

$

18 

 

$

27 

 

Schedule of the Fair Value of Derivative Instruments in the Consolidated Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Derivatives

 

 

Liability Derivatives

 

 

March 31, 2014

 

December 31, 2013

 

 

March 31, 2014

 

December 31, 2013

 

 

Balance Sheet Location

 

 

Fair Value

 

Balance Sheet Location

 

 

Fair Value

 

 

Balance Sheet Location

 

 

Fair Value

 

Balance Sheet Location

 

 

Fair Value

Derivatives designated as hedging instruments

 

Other assets, net

 

$

 -

 

Other assets, net

 

$

 -

 

 

Other long-term liabilities

 

$

73 

 

Other long-term liabilities

 

$

88