XML 43 R33.htm IDEA: XBRL DOCUMENT v3.5.0.2
Financing Agreements (Tables)
 9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Long-term Debt [Table Text Block]
Long-term debt at —
 
 
 
 
September 30, 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
)
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
)
Senior Notes due June 1, 2026
 
6.500%
*
375

 
(7
)
 


 

Other indebtedness
 
 
 
119

 
—

 
66

 

Total
 
 
 
$
1,669

 
$
(23
)
 
$
1,591

 
$
(21
)


*
In conjunction with the issuance of the June 2026 Notes we entered into two 10-year fixed-to-fixed cross-currency swaps which have the effect of economically converting the June 2026 Notes to euro denominated debt at a fixed rate of 5.140%. See Note 12 for additional information.
Debt Instrument Redemption [Table Text Block]
We may redeem some or all of the June 2026 Notes at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to the redemption date, if redeemed during the 12-month period commencing on June 1 in the years set forth below:

Year
 
Redemption Price
2021
 
103.250%
2022
 
102.167%
2023
 
101.083%
2024
 
100.000%
2025
 
100.000%
Schedule of Revolving Facility Arrangements [Table Text Block]
The margins on the base rate and Eurodollar rate are 0.75% and 1.75% per annum respectively until September 30, 2016 and as set forth below thereafter:

 
 
Margin
Total Net Leverage Ratio
 
Base Rate
 
Eurodollar Rate
Less than or equal to 1.00:1.00
 
0.50
%
 
1.50
%
Greater than 1.00:1.00 but less than or equal to 2.00:1.00
 
0.75
%
 
1.75
%
Greater than 2.00:1.00
 
1.00
%
 
2.00
%


Commitment fees are applied based on the average daily unused portion of the available amounts under the Amended Revolving Facility. The applicable fee will be 0.375% per annum until September 30, 2016 and as set forth below thereafter:

Total Net Leverage Ratio
 
Commitment Fee
Less than or equal to 1.00:1.00
 
0.250
%
Greater than 1.00:1.00 but less than or equal to 2.00:1.00
 
0.375
%
Greater than 2.00:1.00
 
0.500
%