Annual report pursuant to Section 13 and 15(d)

DEBT (Details)

v3.3.1.900
DEBT (Details)
1 Months Ended 12 Months Ended
Nov. 13, 2015
USD ($)
Feb. 28, 2014
USD ($)
Nov. 30, 2005
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Sep. 19, 2013
USD ($)
Debt Instruments              
Loans payable       $ 24,000,000 $ 86,000,000    
Unamortized discount       (57,000,000) (59,000,000)    
Fair value adjustment due to hedge on indebtedness       63,000,000 65,000,000    
Capital leases       81,000,000 87,000,000    
Total long-term debt       1,615,000,000 1,600,000,000    
Less: Current maturities of long-term debt       (39,000,000) (23,000,000)    
Long-term debt       1,576,000,000 1,577,000,000    
Debt Instrument Face Amount, upon issuance             $ 1,000,000,000
Principal payments required on long-term debt              
2016       39,000,000      
2017       18,000,000      
2018       23,000,000      
2019       16,000,000      
2020       5,000,000      
Fair value              
Fair value of total debt [1]       1,821,000,000 1,993,000,000    
Carrying value of total debt       $ 1,639,000,000 $ 1,686,000,000    
Loans payable              
Debt Instruments              
Weighted average interest rate (as a percent)       3.65% 3.70% 2.59%  
Total interest incurred       $ 68,000,000 $ 71,000,000 $ 48,000,000  
Interest capitalized       $ 3,000,000 7,000,000 7,000,000  
5-year revolving credit agreement              
Debt Instruments              
Term of loan 5 years            
Revolving credit facility amount available for swingline loans $ 300,000,000            
Debt Instrument, Description of Variable Rate Basis       LIBOR      
Percentage added to reference rate to compute the variable interest rate       0.75%      
Leverage ratio       3.50      
Maximum credit capacity of the revolving credit facility $ 1,750,000,000     $ 1,750,000,000      
Less: Letters of credit against revolving credit facility       8,000,000      
Amount available for borrowing under the revolving credit facility       1,742,000,000      
International and other domestic short-term credit facilities              
Debt Instruments              
Amount available for borrowing under the revolving credit facility       184,000,000      
Borrowings against other domestic and international short-term facilities       24,000,000 86,000,000    
Senior Notes, 3.65%, due 2023              
Debt Instruments              
Long-term debt gross       $ 500,000,000 500,000,000    
Debt Instrument Face Amount, upon issuance             500,000,000
Debt instrument interest rate (as a percent)       3.65%      
Debentures, 6.75%, due 2027              
Debt Instruments              
Long-term debt gross       $ 58,000,000 58,000,000    
Debt instrument interest rate (as a percent)       6.75%      
Debentures, 7.125%, due 2028              
Debt Instruments              
Long-term debt gross       $ 250,000,000 250,000,000    
Debt instrument interest rate (as a percent)       7.125%      
Senior Notes 4.875 Percent, Due 2043              
Debt Instruments              
Long-term debt gross       $ 500,000,000 500,000,000    
Debt Instrument Face Amount, upon issuance             500,000,000
Debt instrument interest rate (as a percent)       4.875%      
Debentures, 5.65%, due 2098 (effective interest rate 7.48%)              
Debt Instruments              
Long-term debt gross       $ 165,000,000 165,000,000    
Debt instrument interest rate (as a percent)       5.65%      
Effective interest rate (as a percent)       7.48%      
Credit Facility Related to Consolidated Joint Ventures              
Debt Instruments              
Long-term debt gross         3,000,000    
Other long-term debt              
Debt Instruments              
Long-term debt gross       $ 55,000,000 31,000,000    
Interest rate contracts | Senior Notes, 3.65%, due 2023              
Debt Instruments              
Debt Instrument Face Amount, upon issuance             $ 500,000,000
Fixed rate on debt issue, due in 2023 (as a percent)             3.65%
Interest rate contracts | Debentures, 7.125%, due 2028              
Debt Instruments              
Debt Instrument Face Amount, upon issuance     $ 250,000,000        
Other debt disclosure              
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge   $ 52,000,000          
Amortization Period of Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge   14 years          
London Interbank Offered Rate (LIBOR) | Interest rate contracts | Senior Notes, 3.65%, due 2023              
Debt Instruments              
Debt Instrument, Description of Variable Rate Basis   one-month LIBOR          
London Interbank Offered Rate (LIBOR) | Interest rate contracts | Debentures, 7.125%, due 2028              
Debt Instruments              
Debt Instrument, Description of Variable Rate Basis     LIBOR        
Interest Expense | Interest rate contracts              
Debt Instruments              
Gain/(Loss) on Swaps [2]       6,000,000 23,000,000 (39,000,000)  
Gain/(Loss) on Borrowings [2]       $ (2,000,000) $ (19,000,000) $ 39,000,000  
[1] The fair value of debt is derived from Level 2 inputs.
[2] The difference between the gain/(loss) on swaps and borrowings represents hedge ineffectiveness.