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Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2017
Fair Value of Financial Instruments [Abstract]  
Schedule of Estimated Fair Value of Financial Instruments, by Balance Sheet Grouping



 

 

 

 

 

 

 

 

 

 

 



December 31, 2017

 

December 31, 2016



Carrying

 

Estimated Fair

 

Carrying

 

Estimated Fair

 

Amount

 

Value

 

Amount

 

Value

Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

563 

 

$

563 

 

$

238 

 

$

238 

Available-for-sale securities

 

252 

 

 

252 

 

 

299 

 

 

299 

Trading securities

 

37 

 

 

37 

 

 

80 

 

 

80 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Contingent Value Right

 

 

 

 

 

 

 

Credit Facility

 

2,902 

 

 

2,826 

 

 

6,456 

 

 

6,370 

8% Senior Notes

 

1,922 

 

 

1,637 

 

 

1,920 

 

 

1,615 

7⅛% Senior Notes

 

1,192 

 

 

897 

 

 

1,189 

 

 

917 

5⅛% Senior Secured Notes due 2018

 

 -

 

 

 -

 

 

698 

 

 

690 

5⅛% Senior Secured Notes due 2021

 

978 

 

 

902 

 

 

972 

 

 

930 

6⅞% Senior Notes

 

2,943 

 

 

1,729 

 

 

2,932 

 

 

2,102 

6¼% Senior Secured Notes

 

3,061 

 

 

2,800 

 

 

 -

 

 

 -

Receivables Facility and other debt

 

611 

 

 

611 

 

 

749 

 

 

749 



Schedule of Interest Rate Swaps



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Liability (Asset)

 



 

Notional Amount

 

 

 

 

 

 

Fair Value

 

Swap #

 

(in millions)

 

Fixed Interest Rate

 

Termination Date

 

(in millions)

 

1

 

$

400 

 

1.882 

%

 

August 30, 2019

 

$

(1)

 

2

 

 

200 

 

2.515 

%

 

August 30, 2019

 

 

 

3

 

 

200 

 

2.613 

%

 

August 30, 2019

 

 

 

4

 

 

300 

 

2.041 

%

 

August 30, 2020

 

 

 -

 

5

 

 

300 

 

2.738 

%

 

August 30, 2020

 

 

 

6

 

 

300 

 

2.892 

%

 

August 30, 2020

 

 

 

7

 

 

300 

 

2.363 

%

 

January 27, 2021

 

 

 

8

 

 

200 

 

2.368 

%

 

January 27, 2021

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



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



 

 

 

 

 

 

 

 



Amount of Pre-Tax Income (Loss)



Recognized in OCI (Effective Portion)

Derivatives in Cash Flow Hedging Relationships

Year Ended December 31,



2017

 

2016

 

2015

Interest rate swaps

$

 

$

(27)

 

$

(51)



 

 

 

 

 

 

 

 



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

Location of Loss Reclassified from

from AOCL into Income (Effective Portion)

AOCL into Income (Effective Portion)

Year Ended December 31,



2017

 

2016

 

2015

Interest expense, net

$

30 

 

$

54 

 

$

42 



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



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Asset Derivatives

 

 

Liability Derivatives



 

December 31, 2017

 

December 31, 2016

 

 

December 31, 2017

 

December 31, 2016



 

Balance

 

 

 

 

Balance

 

 

 

 

 

Balance

 

 

 

 

Balance

 

 

 



 

Sheet

 

 

 

 

Sheet

 

 

 

 

 

Sheet

 

 

 

 

Sheet

 

 

 



 

Location

 

 

Fair Value

 

Location

 

 

Fair Value

 

 

Location

 

 

Fair Value

 

Location

 

 

Fair Value

Derivatives

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

designated as

 

Other

 

 

 

 

Other

 

 

 

 

 

Other

 

 

 

 

Other

 

 

 

hedging

 

assets,

 

 

 

 

assets,

 

 

 

 

 

long-term

 

 

 

 

long-term

 

 

 

instruments

 

net

 

$

 

net

 

$

 -

 

 

liabilities

 

$

18 

 

liabilities

 

$

49