DEBT (Tables)
|
12 Months Ended |
Dec. 31, 2014
|
Debt |
Ìý
|
Outstanding debt |
ÌýÌýÌýÌýÌýÌýÌýÌýOutstanding debt of consolidated entities consisted of the following (dollars in millions):
Ìý
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
Ìý
|
Ìý
|
DecemberÌý31, 2014
|
Ìý
|
DecemberÌý31, 2013
|
Ìý
|
Senior Credit Facilities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Term loans
|
Ìý
|
$
|
2,528Ìý
|
Ìý
|
$
|
1,351Ìý
|
Ìý
|
Amounts outstanding under A/R programs
|
Ìý
|
Ìý
|
229Ìý
|
Ìý
|
Ìý
|
248Ìý
|
Ìý
|
Senior notes
|
Ìý
|
Ìý
|
1,596Ìý
|
Ìý
|
Ìý
|
1,061Ìý
|
Ìý
|
Senior subordinated notes
|
Ìý
|
Ìý
|
531Ìý
|
Ìý
|
Ìý
|
891Ìý
|
Ìý
|
Variable interest entities
|
Ìý
|
Ìý
|
207Ìý
|
Ìý
|
Ìý
|
247Ìý
|
Ìý
|
Other
|
Ìý
|
Ìý
|
109Ìý
|
Ìý
|
Ìý
|
112Ìý
|
Ìý
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
5,200Ìý
|
Ìý
|
$
|
3,910Ìý
|
Ìý
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
â€� Ìý
|
Total current portion of debt
|
Ìý
|
$
|
267Ìý
|
Ìý
|
$
|
277Ìý
|
Ìý
|
Long-term portion
|
Ìý
|
Ìý
|
4,933Ìý
|
Ìý
|
Ìý
|
3,633Ìý
|
Ìý
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
5,200Ìý
|
Ìý
|
$
|
3,910Ìý
|
Ìý
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
â€� Ìý
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
5,200Ìý
|
Ìý
|
$
|
3,910Ìý
|
Ìý
|
Notes payable to affiliates-noncurrent
|
Ìý
|
Ìý
|
6Ìý
|
Ìý
|
Ìý
|
6Ìý
|
Ìý
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
Total debt
|
Ìý
|
$
|
5,206Ìý
|
Ìý
|
$
|
3,916Ìý
|
Ìý
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
â€� Ìý
|
Ìý
|
Scheduled maturities of our debt (excluding debt to affiliates) |
ÌýÌýÌýÌýÌýÌýÌýÌýThe scheduled maturities of our debt (excluding debt to affiliates) by year as of DecemberÌý31, 2014 are as follows (dollars in millions):
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
Year ending DecemberÌý31
|
Ìý
|
Ìý
|
Ìý
|
2015
|
Ìý
|
$
|
267Ìý
|
Ìý
|
2016
|
Ìý
|
Ìý
|
322Ìý
|
Ìý
|
2017
|
Ìý
|
Ìý
|
1,293Ìý
|
Ìý
|
2018
|
Ìý
|
Ìý
|
25Ìý
|
Ìý
|
2019
|
Ìý
|
Ìý
|
14Ìý
|
Ìý
|
Thereafter
|
Ìý
|
Ìý
|
3,279Ìý
|
Ìý
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
Ìý
|
Ìý
|
$
|
5,200Ìý
|
Ìý
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
â€� Ìý
|
Ìý
|
ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾ International |
Ìý
|
Debt |
Ìý
|
Outstanding debt |
ÌýÌýÌýÌýÌýÌýÌýOutstanding debt of consolidated entities consisted of the following (dollars in millions):
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
Ìý
|
Ìý
|
DecemberÌý31, 2014
|
Ìý
|
DecemberÌý31, 2013
|
Ìý
|
Senior Credit Facilities:
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Ìý
|
Term loans
|
Ìý
|
$
|
2,528Ìý
|
Ìý
|
$
|
1,351Ìý
|
Ìý
|
Amounts outstanding under A/R programs
|
Ìý
|
Ìý
|
229Ìý
|
Ìý
|
Ìý
|
248Ìý
|
Ìý
|
Senior notes
|
Ìý
|
Ìý
|
1,596Ìý
|
Ìý
|
Ìý
|
1,061Ìý
|
Ìý
|
Senior subordinated notes
|
Ìý
|
Ìý
|
531Ìý
|
Ìý
|
Ìý
|
891Ìý
|
Ìý
|
Variable interest entities
|
Ìý
|
Ìý
|
207Ìý
|
Ìý
|
Ìý
|
247Ìý
|
Ìý
|
Other
|
Ìý
|
Ìý
|
109Ìý
|
Ìý
|
Ìý
|
112Ìý
|
Ìý
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
5,200Ìý
|
Ìý
|
$
|
3,910Ìý
|
Ìý
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
â€� Ìý
|
Total current portion of debt
|
Ìý
|
$
|
267Ìý
|
Ìý
|
$
|
277Ìý
|
Ìý
|
Long-term portion
|
Ìý
|
Ìý
|
4,933Ìý
|
Ìý
|
Ìý
|
3,633Ìý
|
Ìý
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
5,200Ìý
|
Ìý
|
$
|
3,910Ìý
|
Ìý
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
â€� Ìý
|
Total debt—excluding debt to affiliates
|
Ìý
|
$
|
5,200Ìý
|
Ìý
|
$
|
3,910Ìý
|
Ìý
|
Notes payable to affiliates-current
|
Ìý
|
Ìý
|
100Ìý
|
Ìý
|
Ìý
|
100Ìý
|
Ìý
|
Notes payable to affiliates-noncurrent
|
Ìý
|
Ìý
|
656Ìý
|
Ìý
|
Ìý
|
779Ìý
|
Ìý
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
Total debt
|
Ìý
|
$
|
5,956Ìý
|
Ìý
|
$
|
4,789Ìý
|
Ìý
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
�
|
�
|
â€� Ìý
|
â€� Ìý
|
�
|
â€� Ìý
|
â€� Ìý
|
â€� Ìý
|
Ìý
|
Schedule of Senior Credit Facilities |
ÌýÌýÌýÌýÌýÌýÌýÌýAs of DecemberÌý31, 2014, our Senior Credit Facilities consisted of our Revolving Facility, our Extended Term Loan B, our Extended Term Loan B—SeriesÌý2, our 2014 New Term Loan, and Term Loan C as follows (dollars in millions):
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
Facility
|
Ìý
|
Committed Amount
|
Ìý
|
Principal Outstanding
|
Ìý
|
Carrying Value
|
Ìý
|
Interest Rate(3)
|
Ìý
|
Maturity
|
Revolving Facility
|
Ìý
|
$
|
625Ìý
|
Ìý
|
$
|
�
|
(1)
|
$
|
�
|
(1)
|
USD LIBOR plus 2.50%
|
Ìý
|
2017
|
Extended Term Loan B
|
Ìý
|
Ìý
|
NA
|
Ìý
|
Ìý
|
952Ìý
|
Ìý
|
Ìý
|
952Ìý
|
Ìý
|
USD LIBOR plus 2.50%
|
Ìý
|
2017
|
Extended Term Loan B—SeriesÌý2
|
Ìý
|
Ìý
|
NA
|
Ìý
|
Ìý
|
339Ìý
|
Ìý
|
Ìý
|
339Ìý
|
Ìý
|
USD LIBOR plus 2.75%
|
Ìý
|
2017
|
2014 New Term Loan
|
Ìý
|
Ìý
|
NA
|
Ìý
|
Ìý
|
1,200Ìý
|
Ìý
|
Ìý
|
1,188Ìý
|
Ìý
|
USD LIBOR plus 3.00%(2)
|
Ìý
|
2021
|
Term Loan C
|
Ìý
|
Ìý
|
NA
|
Ìý
|
Ìý
|
50Ìý
|
Ìý
|
Ìý
|
49Ìý
|
Ìý
|
USD LIBOR plus 2.25%
|
Ìý
|
2016
|
(1)
|
We had no borrowings outstanding under our Revolving Facility; we had approximately $16Ìýmillion (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 DecemberÌý31, 2014, the weighted average interest rate on our outstanding balances under the Senior Credit Facilities was approximately 3%.
|
Ìý
|
Schedule of A/R Programs |
Information regarding our A/R Programs as of DecemberÌý31, 2014 was as follows (monetary amounts in millions):
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
Facility
|
Ìý
|
Maturity
|
Ìý
|
Maximum Funding Availability(1)
|
Ìý
|
Amount Outstanding
|
Ìý
|
Interest Rate(2)(3)
|
U.S. A/R Program
|
Ìý
|
April 2016
|
Ìý
|
$250
|
Ìý
|
$90(4)
|
Ìý
|
Applicable rate plus 1.10%
|
EU A/R Program
|
Ìý
|
April 2016
|
Ìý
|
�225 (approximately $275)
|
Ìý
|
�114 (approximately $139)
|
Ìý
|
Applicable rate plus 1.35%
|
(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)
|
Each interest rate is defined in the applicable agreements. In addition, the U.S. SPE and the EU SPE are obligated to pay unused commitment fees to the lenders based on the amount of each lender's commitment.
|
(3)
|
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.
|
(4)
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As of DecemberÌý31, 2014, we had approximately $7Ìýmillion (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program.
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Ìý
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Summary of outstanding notes |
ÌýÌýÌýÌýÌýÌýÌýÌýAs of DecemberÌý31, 2014, we had outstanding the following notes (monetary amounts in millions):
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
Notes
|
Ìý
|
Maturity
|
Ìý
|
Interest Rate
|
Ìý
|
Amount Outstanding
|
2020 Senior Notes
|
Ìý
|
November 2020
|
Ìý
|
Ìý
|
4.875Ìý
|
%
|
$650 ($647 carrying value)
|
2021 Senior Notes
|
Ìý
|
April 2021
|
Ìý
|
Ìý
|
5.125Ìý
|
%
|
�445 (�449 carrying value ($549))
|
2022 Senior Notes
|
Ìý
|
November 2022
|
Ìý
|
Ìý
|
5.125Ìý
|
%
|
$400
|
2021 Senior Subordinated Notes
|
Ìý
|
March 2021
|
Ìý
|
Ìý
|
8.625Ìý
|
%
|
$522 ($531 carrying value)
|
Ìý
|
Redemption of Notes and Loss on Early Extinguishment of Debt |
ÌýÌýÌýÌýÌýÌýÌýÌýDuring the years ended DecemberÌý31, 2014 and 2013, we redeemed or repurchased the following notes (dollars in millions):
ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý
Date of Redemption
|
Ìý
|
Notes
|
Ìý
|
Principal Amount of Notes Redeemed
|
Ìý
|
Amount Paid (Excluding Accrued Interest)
|
Ìý
|
Loss on Early Extinguishment of Debt
|
Ìý
|
December 2014
|
Ìý
|
2021 Senior Subordinated Notes
|
Ìý
|
$
|
8Ìý
|
Ìý
|
$
|
9Ìý
|
Ìý
|
$
|
�
|
Ìý
|
NovemberÌý28, 2014
|
Ìý
|
2020 Senior Subordinated Notes
|
Ìý
|
Ìý
|
350Ìý
|
Ìý
|
Ìý
|
374Ìý
|
Ìý
|
Ìý
|
28Ìý
|
Ìý
|
MarchÌý4, 2013
|
Ìý
|
2016 Senior Notes
|
Ìý
|
Ìý
|
200Ìý
|
Ìý
|
Ìý
|
200Ìý
|
Ìý
|
Ìý
|
34Ìý
|
Ìý
|
Ìý
|