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Debt (Tables)
 3 Months Ended
Mar. 31, 2017
Debt [Abstract]  
Components Of Debt



 

 

 

 

 

 

 

 

 

 

 

 



 

March 31, 2017



 

Debt Instrument

 

Unamortized Issuance Expense

 

Unamortized Debt Discount

 

Total



 

 

(in millions)

Short-term debt:

 

 

 

 

 

 

 

 

 

 

 

 

7.35% Senior Notes due October 2017

 

$

 15 

 

$

–  

 

$

–  

 

$

 15 

7.125% Senior Notes due October 2017

 

 

 25 

 

 

–  

 

 

–  

 

 

 25 

3.30% Senior Notes due January 2018 (1)

 

 

 38 

 

 

–  

 

 

–  

 

 

 38 

7.50% Senior Notes due February 2018 (2)

 

 

 187 

 

 

–  

 

 

–  

 

 

 187 

7.15% Senior Notes due June 2018

 

 

 1 

 

 

–  

 

 

–  

 

 

 1 

Total short-term debt

 

$

 266 

 

$

–  

 

$

–  

 

$

 266 



 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt:

 

 

 

 

 

 

 

 

 

 

 

 

Variable rate (3.450% at March 31, 2017) term loan facility, due December 2020 (3)

 

 

 327 

 

 

 (2)

 

 

–  

 

 

 325 

Variable rate (3.450% at March 31, 2017) term loan facility, due December 2020 (3)

 

 

 1,191 

 

 

 (10)

 

 

–  

 

 

 1,181 

7.15% Senior Notes due June 2018

 

 

 25 

 

 

–  

 

 

–  

 

 

 25 

4.05% Senior Notes due January 2020 (1)

 

 

 850 

 

 

 (4)

 

 

–  

 

 

 846 

4.10% Senior Notes due March 2022

 

 

 1,000 

 

 

 (4)

 

 

 (1)

 

 

 995 

4.95% Senior Notes due January 2025 (1)

 

 

 1,000 

 

 

 (6)

 

 

 (2)

 

 

 992 

Total long-term debt

 

$

 4,393 

 

$

 (26)

 

$

 (3)

 

$

 4,364 



 

 

 

 

 

 

 

 

 

 

 

 

Total debt

 

$

 4,659 

 

$

 (26)

 

$

 (3)

 

$

 4,630 







 

 

 

 

 

 

 

 

 

 

 

 



 

December 31, 2016



 

Debt Instrument

 

Unamortized Issuance Expense

 

Unamortized Debt Discount

 

Total



 

 

(in millions)

Short-term debt:

 

 

 

 

 

 

 

 

 

 

 

 

7.35% Senior Notes due October 2017

 

$

 15 

 

$

–  

 

$

–  

 

$

 15 

7.125% Senior Notes due October 2017

 

 

 25 

 

 

–  

 

 

–  

 

 

 25 

7.15% Senior Notes due June 2018

 

 

 1 

 

 

–  

 

 

–  

 

 

 1 

Total short-term debt

 

$

 41 

 

$

–  

 

$

–  

 

$

 41 



 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt:

 

 

 

 

 

 

 

 

 

 

 

 

Variable rate (3.220% at December 31, 2016) term loan facility, due December 2020 (3)

 

 

 327 

 

 

 (2)

 

 

–  

 

 

 325 

Variable rate (3.220% at December 31, 2016) term loan facility, due December 2020 (3)

 

 

 1,191 

 

 

 (10)

 

 

–  

 

 

 1,181 

3.30% Senior Notes due January 2018 (1)

 

 

 38 

 

 

–  

 

 

–  

 

 

 38 

7.50% Senior Notes due February 2018

 

 

 212 

 

 

–  

 

 

–  

 

 

 212 

7.15% Senior Notes due June 2018

 

 

 25 

 

 

–  

 

 

–  

 

 

 25 

4.05% Senior Notes due January 2020 (1)

 

 

 850 

 

 

 (5)

 

 

–  

 

 

 845 

4.10% Senior Notes due March 2022

 

 

 1,000 

 

 

 (4)

 

 

 (1)

 

 

 995 

4.95% Senior Notes due January 2025 (1)

 

 

 1,000 

 

 

 (7)

 

 

 (2)

 

 

 991 

Total long-term debt

 

$

 4,643 

 

$

 (28)

 

$

 (3)

 

$

 4,612 



 

 

 

 

 

 

 

 

 

 

 

 

Total debt

 

$

 4,684 

 

$

 (28)

 

$

 (3)

 

$

 4,653 



(1)

In February and June 2016, Moody’s and S&P downgraded certain senior notes, increasing the interest rates by 175 basis points effective July 2016.  As a result of the downgrades, interest rates increased to 5.05% for the 2018 Notes, 5.80% for the 2020 Notes and 6.70% for the 2025 Notes.



(2)

In March 2017, the Company repurchased $25 million of its 7.50% Senior Notes due February 2018 and recognized a  $1 million loss on the extinguishment of debt.



(3)

The maturity date will accelerate to October 2019 if, by that date, the Company has not amended, redeemed or refinanced at least $765 million of its senior notes due in January 2020.