Interest Expense, Net

12 Months Ended

Dec. 31, 2016

Banking and Thrift, Interest [Abstract]

Interest Expense, Net

20. INTEREST EXPENSE, NET

Interest expense, net consisted of the following:

	Year ended December 31, 2016			Year ended December 31, 2015			Year ended December 31, 2014
Income		20			18			12
Expense		(40	)		(40	)		(30	)
Total		(20	)		(22	)		(18	)

Interest income is related to the cash and cash equivalents held by the Company. Interest expense recorded in 2016, 2015 and 2014 included respectively a charge of $25 million, $24 million and $12 million on the senior unsecured convertible bonds issued in July 2014, of which respectively $21 million, $20 million and $10 million was a non-cash interest expense resulting from the accretion of the discount on the liability component. Net interest includes also charges related to the banking fees and the sale of trade and other receivables.

No borrowing cost was capitalized in 2016, 2015 and 2014. Interest income on government Bonds and floating rate notes classified as available-for-sale marketable securities amounted to $6 million for the year ended December 31, 2016, $6 million for the year ended December 31, 2015 and $2 million for the year ended December 31, 2014.