XML 27 R17.htm IDEA: XBRL DOCUMENT v3.3.1.900
Financing Agreements
 3 Months Ended
Mar. 31, 2016
Debt Disclosure [Abstract]  
Financing Agreements [Text Block]
Financing Agreements
 
Long-term debt at —
 
 
 
 
March 31, 2016
 
December 31, 2015
 
 
Interest
Rate
 
Principal
 
Unamortized Debt Issue Costs
 
Principal
 
Unamortized Debt Issue Costs
Senior Notes due February 15, 2021
 
6.750%
 
$
350

 
$
(4
)
 
$
350

 
$
(4
)
Senior Notes due September 15, 2021
 
5.375%
 
450

 
(6
)
 
450

 
(6
)
Senior Notes due September 15, 2023
 
6.000%
 
300

 
(4
)
 
300

 
(5
)
Senior Notes due December 15, 2024
 
5.500%
 
425

 
(6
)
 
425

 
(6
)
Other indebtedness
 
 
 
81

 
(1
)
 
66

 

Total
 
 
 
$
1,606

 
$
(21
)
 
$
1,591

 
$
(21
)


Interest on the senior notes is payable semi-annually. Other indebtedness includes borrowings from various financial institutions, capital lease obligations and the unamortized fair value adjustment related to a terminated interest rate swap. See Note 12 for additional information on the terminated interest rate swap.

Senior notes — On December 9, 2014, we elected to redeem $40 of our previously outstanding February 2019 Notes effective January 8, 2015 at a price equal to 103.000% plus accrued and unpaid interest. On March 16, 2015, we redeemed the remaining $15 of our February 2019 Notes at a price equal to 103.250% plus accrued and unpaid interest. The $2 loss on extinguishment of debt includes the redemption premium and the write-off of previously deferred financing costs associated with the February 2019 Notes.

Revolving facility — Advances under our $500 revolving facility bear interest at a floating rate based on, at our option, the base rate or LIBOR (each as described in the revolving credit agreement) plus a margin based on the undrawn amounts available under the agreement as set forth below:
Remaining Borrowing Availability
 
Base Rate
 
LIBOR Rate
Greater than $350
 
0.50
%
 
1.50
%
Greater than $150 but less than or equal to $350
 
0.75
%
 
1.75
%
$150 or less
 
1.00
%
 
2.00
%


Commitment fees are applied based on the average daily unused portion of the available amounts under the revolving facility. If the average daily unused portion of the revolving facility is less than 50%, the applicable fee will be 0.25% per annum. If the average daily unused portion of the revolving facility is equal to or greater than 50%, the applicable fee will be 0.375% per annum. Up to $300 of the revolving facility may be applied to letters of credit, which reduces availability. We pay a fee for issued and undrawn letters of credit in an amount per annum equal to the applicable LIBOR margin based on quarterly average availability under the revolving facility and a per annum fronting fee of 0.125%, payable quarterly.

There were no borrowings under the revolving facility at March 31, 2016 but we had utilized $37 for letters of credit. Based on our borrowing base collateral of $341, we had potential availability at March 31, 2016 under the revolving facility of $304 after deducting the outstanding letters of credit.
 
Debt covenants — At March 31, 2016, we were in compliance with the covenants of our financing agreements. Under the revolving facility and the senior notes, we are required to comply with certain incurrence-based covenants customary for facilities of these types.