Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt [Abstract]

Schedule of Short-term Debt

Short-term debt consisted of the following:

	December 31,
	2015		2014
UBS Revolver	$	150	$	—
Short-term debt (1)	$	150	$	—

⁽¹⁾ Average effective interest rate of 3.5% during 2015.

Components of Long-Term Debt, Net of Unamortized Discount

Long-term debt, net of an unamortized discount, consisted of the following:

	Original Principal		Annual Interest Rate			Maturity Date	December 31, 2015			December 31, 2014
Term Loan, net of unamortized discount (1)	$	1,500	Variable			3/19/2020	$	1,454		$	1,468
Senior Notes due 2020	$	900		6.375	%	8/15/2020		900			900
Senior Notes due 2022	$	600		7.50	%	3/15/2022		600			—
Co-generation Unit Financing Arrangement	$	16		6.50	%	2/1/2016		1			3
Lease financing								16			22
Total borrowings								2,971			2,393
Less: Long-term debt due within one year								(16	)		(18	)
Long-term debt							$	2,955		$	2,375

₍₁₎ Average effective interest rate of 4.7% and 4.6% during 2015 and 2014, respectively.

Scheduled Maturities of Long-term Debt

At December 31, 2015, the scheduled maturities of our long-term debt were as follows:

	Total Borrowings
2016	$	16
2017		16
2018		16
2019		16
2020		2,301
Thereafter		612
Total		2,977
Remaining accretion associated with the Term Loan		(6	)
Total borrowings	$	2,971

Schedule of Future Minimum Lease Payments Including Interest

At December 31, 2015, future minimum lease payments, including interest, were as follows:

	Principal Repayments		Interest		Total Payments
2016	$	1	$	2	$	3
2017		1		2		3
2018		1		2		3
2019		1		2		3
2020		1		2		3
Thereafter		11		12		23
Total		16		22		38

Summary of Interest and Debt Expense

Interest and debt expense, net consisted of the following:

	Year Ended December 31,
	2015			2014			2013
Interest on debt	$	160		$	124		$	122
Amortization of deferred debt issuance costs and discounts on debt		11			10			9
Bridge Facility		8			—			—
Other		3			2			4
Capitalized interest		(6	)		(3	)		(5	)
Total interest and debt expense, net	$	176		$	133		$	130