DEBT (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| DEBT |
|
| Outstanding debt |
Outstanding debt, net of debt issuance costs, of consolidated entities consisted of the following (dollars in millions):
|
|
|
December 31,
|
|
|
|
|
2015
|
|
2014
|
|
|
Senior Credit Facilities:
|
|
|
|
|
|
|
|
|
Term loans
|
|
$
|
2,454
|
|
$
|
2,468
|
|
|
Amounts outstanding under A/R programs
|
|
|
215
|
|
|
229
|
|
|
Senior notes
|
|
|
1,850
|
|
|
1,582
|
|
|
Senior subordinated notes
|
|
|
—
|
|
|
526
|
|
|
Variable interest entities
|
|
|
151
|
|
|
207
|
|
|
Other
|
|
|
125
|
|
|
109
|
|
|
|
|
|
|
|
|
|
|
|
Total debt—excluding debt to affiliates
|
|
$
|
4,795
|
|
$
|
5,121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current portion of debt
|
|
$
|
170
|
|
$
|
267
|
|
|
Long-term portion
|
|
|
4,625
|
|
|
4,854
|
|
|
|
|
|
|
|
|
|
|
|
Total debt—excluding debt to affiliates
|
|
$
|
4,795
|
|
$
|
5,121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt—excluding debt to affiliates
|
|
$
|
4,795
|
|
$
|
5,121
|
|
|
Notes payable to affiliates-current
|
|
|
100
|
|
|
100
|
|
|
Notes payable to affiliates-noncurrent
|
|
|
698
|
|
|
656
|
|
|
|
|
|
|
|
|
|
|
|
Total debt
|
|
$
|
5,593
|
|
$
|
5,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Senior Credit Facilities |
As of December 31, 2015, our Senior Credit Facilities consisted of our Revolving Facility, our extended term loan B facility ("Extended Term Loan B"), our extended term loan B facility—series 2 ("Extended Term Loan B—Series 2"), our 2015 extended term loan B facility ("2015 Extended Term Loan B"), our 2014 new term loan facility ("2014 New Term Loan"), and Term Loan C as follows (dollars in millions):
|
Facility
|
|
Committed
Amount
|
|
Principal
Outstanding
|
|
Unamortized
Discounts
and Debt
Issuance
Costs
|
|
Carrying
Value
|
|
Interest
Rate(3)
|
|
Maturity
|
|
|
Revolving Facility
|
|
$
|
625
|
|
$
|
—
|
(1)
|
$
|
—
|
(1)
|
$
|
—
|
(1)
|
USD LIBOR plus 2.75%
|
|
|
2017
|
|
|
Extended Term Loan B
|
|
|
NA
|
|
|
312
|
|
|
|
1
|
|
311
|
|
USD LIBOR plus 2.75%
|
|
|
2017
|
|
|
Extended Term
Loan B—Series 2
|
|
|
NA
|
|
|
192
|
|
|
—
|
|
|
192
|
|
USD LIBOR plus 3.00%
|
|
|
2017
|
|
|
2015 Extended Term Loan B
|
|
|
NA
|
|
|
773
|
|
|
(5
|
)
|
|
768
|
|
USD LIBOR plus 3.00%
|
|
|
2019
|
|
|
2014 New Term Loan
|
|
|
NA
|
|
|
1,188
|
|
|
(55
|
)
|
|
1,133
|
|
USD LIBOR plus 3.00%(2)
|
|
|
2021
|
|
|
Term Loan C
|
|
|
NA
|
|
|
50
|
|
|
—
|
|
|
50
|
|
USD LIBOR plus 2.25%
|
|
|
2016
|
|
|
|
|
|
|
(1)
|
We had no borrowings outstanding under our Revolving Facility; we had approximately $15 million (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our Revolving Facility.
|
|
(2)
|
The 2014 New Term Loan is subject to a 0.75% LIBOR floor.
|
|
(3)
|
The applicable interest rate of the Senior Credit Facilities is subject to certain secured leverage ratio thresholds. As of December 31, 2015, the weighted average interest rate on our outstanding balances under the Senior Credit Facilities was approximately 3%.
|
|
| Schedule of A/R Programs |
Information regarding our A/R Programs as of December 31, 2015 was as follows (monetary amounts in millions):
|
Facility
|
|
Maturity
|
|
Maximum
Funding
Availability(1)
|
|
Amount
Outstanding
|
|
Interest
Rate(2)
|
|
U.S. A/R Program
|
|
March 2018
|
|
$250
|
|
$90(3)
|
|
Applicable rate plus 0.95%
|
|
EU A/R Program
|
|
March 2018
|
|
€225 (approximately $246)
|
|
€114 (approximately $125)
|
|
Applicable rate plus 1.10%
|
|
|
|
|
|
(1)
|
The amount of actual availability under our A/R Programs may be lower based on the level of eligible receivables sold, changes in the credit ratings of our customers, customer concentration levels and certain characteristics of the accounts receivable being transferred, as defined in the applicable agreements.
|
|
(2)
|
Applicable rate for our U.S. A/R Program is defined by the lender as USD LIBOR. Applicable rate for our EU A/R Program is either GBP LIBOR, USD LIBOR or EURIBOR.
|
|
(3)
|
As of December 31, 2015, we had approximately $7 million (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program.
|
|
| Summary of outstanding notes |
As of December 31, 2015, we had outstanding the following notes (monetary amounts in millions):
|
Notes
|
|
Maturity
|
|
Interest
Rate
|
|
Amount
Outstanding
|
|
Unamortized
Discounts
and Debt
Issuance
Costs
|
|
|
2020 Senior Notes
|
|
November 2020
|
|
|
4.875
|
%
|
$650 ($646 carrying value)
|
|
$
|
(4
|
)
|
|
2021 Senior Notes
|
|
April 2021
|
|
|
5.125
|
%
|
€445 (€443 carrying value ($484))
|
|
$
|
(2
|
)
|
|
2022 Senior Notes
|
|
November 2022
|
|
|
5.125
|
%
|
$400 ($396 carrying value)
|
|
$
|
(4
|
)
|
|
2025 Senior Notes
|
|
April 2025
|
|
|
4.25
|
%
|
€300 (€297 carrying value ($324))
|
|
$
|
(4
|
)
|
|
| Redemption of Notes and Loss on Early Extinguishment of Debt |
During the years ended December 31, 2015 and 2014, we redeemed or repurchased the following notes (dollars in millions):
|
Date of Redemption
|
|
Notes
|
|
Principal
Amount
of Notes
Redeemed
|
|
Amount
Paid
(Excluding
Accrued
Interest)
|
|
Loss on Early
Extinguishment
of Debt
|
|
|
September 2015
|
|
2021 Senior Subordinated Notes
|
|
$
|
195
|
|
$
|
204
|
|
$
|
7
|
|
|
April 2015
|
|
2021 Senior Subordinated Notes
|
|
|
289
|
|
|
311
|
|
|
20
|
|
|
January 2015
|
|
2021 Senior Subordinated Notes
|
|
|
37
|
|
|
40
|
|
|
3
|
|
|
December 2014
|
|
2021 Senior Subordinated Notes
|
|
|
8
|
|
|
9
|
|
|
—
|
|
|
November 2014
|
|
2020 Senior Subordinated Notes
|
|
|
350
|
|
|
374
|
|
|
28
|
|
|
| Scheduled maturities of our debt (excluding debt to affiliates) |
The scheduled maturities of our debt (excluding debt to affiliates) by year as of December 31, 2015 are as follows (dollars in millions):
|
Year ending December 31,
|
|
|
|
|
2016
|
|
$
|
170
|
|
|
2017
|
|
|
546
|
|
|
2018
|
|
|
269
|
|
|
2019
|
|
|
786
|
|
|
2020
|
|
|
693
|
|
|
Thereafter
|
|
|
2,331
|
|
|
|
|
|
|
|
|
|
|
$
|
4,795
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|