Annual report pursuant to Section 13 and 15(d)

DEBT AND CREDIT FACILITIES (Schedule Of Long-Term Debt) (Details)

v3.3.1.900
DEBT AND CREDIT FACILITIES (Schedule Of Long-Term Debt) (Details)
 12 Months Ended
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Mar. 31, 2015
USD ($)
Debt Instrument [Line Items]        
Debt Instrument, Par Value $ 3,448,200,000 $ 3,980,000,000    
Gain on extinguishment of debt 392,900,000 16,200,000 $ 0  
Long-term Debt 2,699,400,000 2,826,500,000    
LONG-TERM DEBT 2,699,400,000 2,826,500,000    
Seven Hundred Million Four Point Eight Seven Five Two Thousand Twenty-one Senior Note [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Repurchased Face Amount $ 10,700,000 $ 10,000,000   $ 58,300,000
Stated interest rate 4.875% 4.875%    
Debt Instrument, Par Value $ 412,500,000 $ 690,000,000    
Debt Instrument, Unamortized Discount $ 200,000 $ 500,000    
Debt Repurchase Discount 50.00% 40.50%   52.00%
Gain on extinguishment of debt   $ 4,100,000    
Type Fixed Fixed    
Final Maturity 2021 2021    
Long-term Debt [1] $ 410,600,000 $ 686,000,000    
Imputed interest rate 4.89% 4.89%    
Debt Instrument, Face Amount $ 700,000,000 $ 700,000,000    
$500 million 4.80% 2020 Senior Notes [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Repurchased Face Amount $ 1,800,000 $ 10,000,000   $ 43,800,000
Stated interest rate 4.80% 4.80%    
Debt Instrument, Par Value $ 306,700,000 $ 490,000,000    
Debt Instrument, Unamortized Discount $ 400,000 $ 600,000    
Debt Repurchase Discount 50.00% 40.25%   54.30%
Gain on extinguishment of debt   $ 4,000,000    
Type Fixed Fixed    
Final Maturity 2020 2020    
Long-term Debt [2] $ 305,200,000 $ 487,200,000    
Imputed interest rate 4.83% 4.83%    
Debt Instrument, Face Amount $ 500,000,000.0 $ 500,000,000    
Discount Rate Used to Calculate Present Values of Remaining Scheduled Payments of Principal and Interest on Notes to Be Redeemed, Variable Rate Basis treasury rate      
Discount Rate Used to Calculate Present Values of Remaining Scheduled Payments of Principal and Interest on Notes to Be Redeemed, Spread on Rate Basis 0.35%      
$800 Million 6.25% 2040 Senior Notes [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Repurchased Face Amount       $ 45,900,000
Stated interest rate 6.25% 6.25%    
Debt Instrument, Par Value $ 492,800,000 $ 800,000,000    
Debt Instrument, Unamortized Discount $ 5,800,000 $ 9,500,000    
Debt Repurchase Discount       52.50%
Type Fixed Fixed    
Final Maturity 2040 2040    
Long-term Debt [3] $ 482,700,000 $ 783,300,000    
Imputed interest rate 6.34% 6.34%    
Debt Instrument, Face Amount $ 800,000,000      
$400 Million 5.90% 2020 Senior Notes [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Repurchased Face Amount $ 36,000,000 $ 5,000,000   $ 1,300,000
Stated interest rate 5.90% 5.90%    
Debt Instrument, Par Value $ 290,800,000 $ 395,000,000    
Debt Instrument, Unamortized Discount $ 800,000 $ 1,300,000    
Debt Repurchase Discount 50.00% 38.125%   58.00%
Gain on extinguishment of debt $ 1,900,000.0      
Type Fixed Fixed    
Final Maturity 2020 2020    
Long-term Debt [4] $ 288,900,000 $ 391,900,000    
Imputed interest rate 5.98% 5.98%    
Debt Instrument, Face Amount $ 400,000,000 $ 400,000,000    
$500 Million 3.95% 2018 Senior Notes [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Repurchased Face Amount $ 20,000,000     $ 44,000,000
Stated interest rate 3.95% 3.95%    
Debt Instrument, Par Value $ 311,200,000 $ 480,000,000    
Debt Instrument, Unamortized Discount $ 1,200,000 $ 2,600,000    
Debt Repurchase Discount   30.875%   77.50%
Gain on extinguishment of debt   $ 6,200,000    
Type Fixed Fixed    
Final Maturity 2018 2018    
Long-term Debt [5] $ 309,100,000 $ 475,300,000    
Imputed interest rate 6.30% 5.17%    
Debt Instrument, Face Amount $ 500,000,000 $ 500,000,000.0    
Five hundred forty million Eight point two five Twenty twenty First Lien Notes [Member]        
Debt Instrument [Line Items]        
Stated interest rate 8.25%      
Debt Instrument, Par Value $ 540,000,000      
Debt Instrument, Unamortized Discount $ 32,100,000.0      
Type Fixed      
Final Maturity 2020      
Long-term Debt [6] $ 497,400,000      
Imputed interest rate 9.97%      
Debt Instrument, Face Amount $ 540,000,000 0    
Five hundred Forty-four Million Seven Point Seven Five Twenty Twenty Second Lien Notes [Member]        
Debt Instrument [Line Items]        
Stated interest rate 7.75%      
Debt Instrument, Par Value $ 544,200,000      
Debt Instrument, Unamortized Discount $ 131,500,000     $ 147,000,000
Type Fixed      
Final Maturity 2020      
Long-term Debt [7] $ 403,200,000      
Imputed interest rate 15.55%      
Debt Instrument, Face Amount $ 544,200,000 0    
Revolving Credit Facility [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Par Value $ 550,000,000 $ 1,125,000,000    
Type Variable Variable    
Final Maturity 2020 2017    
Credit facility, amount outstanding $ 0 [8] $ 0 [9]    
Imputed interest rate   2.94%    
Credit facility remaining capacity 179,200,000 $ 975,500,000    
Letter of Credit [Member]        
Debt Instrument [Line Items]        
Credit facility, amount outstanding 186,300,000 149,500,000    
Interest Rate Swap [Member]        
Debt Instrument [Line Items]        
Fair Value Adjustment to Interest Rate Hedge $ 2,300,000 $ 2,800,000    
Senior Notes Five Hundred Million [Member]        
Debt Instrument [Line Items]        
Discount Rate Used to Calculate Present Values of Remaining Scheduled Payments of Principal and Interest on Notes to Be Redeemed, Variable Rate Basis treasury rate      
Discount Rate Used to Calculate Present Values of Remaining Scheduled Payments of Principal and Interest on Notes to Be Redeemed, Spread on Rate Basis 0.50%      
Senior Notes10 Year Tranche [Member]        
Debt Instrument [Line Items]        
Discount Rate Used to Calculate Present Values of Remaining Scheduled Payments of Principal and Interest on Notes to Be Redeemed, Variable Rate Basis treasury rate      
Discount Rate Used to Calculate Present Values of Remaining Scheduled Payments of Principal and Interest on Notes to Be Redeemed, Spread on Rate Basis 0.25%      
Senior Notes30 Year Tranche [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount $ 300,000,000      
Discount Rate Used to Calculate Present Values of Remaining Scheduled Payments of Principal and Interest on Notes to Be Redeemed, Variable Rate Basis treasury rate      
Discount Rate Used to Calculate Present Values of Remaining Scheduled Payments of Principal and Interest on Notes to Be Redeemed, Spread on Rate Basis 0.40%      
Five Hundred Million Six Point Two Five Percent Two Thousand And Forty [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Face Amount $ 500,000,000      
Discount Rate Used to Calculate Present Values of Remaining Scheduled Payments of Principal and Interest on Notes to Be Redeemed, Variable Rate Basis treasury rate      
Discount Rate Used to Calculate Present Values of Remaining Scheduled Payments of Principal and Interest on Notes to Be Redeemed, Spread on Rate Basis 0.40%      
Minimum [Member] | Revolving Credit Facility [Member]        
Debt Instrument [Line Items]        
Base Rate 0.005      
[1] During the third quarter of 2015, we purchased $10.7 million of outstanding 4.875 percent senior notes that were trading at 50.0 percent of par which resulted in a gain on extinguishment of $5.3 million. In addition, during the first quarter of 2015, we purchased $58.3 million of outstanding 4.875 percent senior notes that were trading at 52.0 percent of par, which resulted in a gain on extinguishment of $20.0 million. Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $208.5 million of the 4.875 percent senior notes for $170.3 million of the 7.75 percent second lien notes at a discount of $46.0 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $83.1 million, net of amounts expensed for unamortized original issue discount and deferred origination fees. During the fourth quarter of 2014, we purchased $10.0 million of outstanding 4.875 percent senior notes that were trading at a discount of 40.5 percent which resulted in a gain on the extinguishment of debt of $4.1 million. As of December 31, 2015, the $700.0 million 4.875 percent senior notes were recorded at a par value of $412.5 million less debt issuance costs of $1.7 million and unamortized discounts of $0.2 million, based on an imputed interest rate of 4.89 percent. As of December 31, 2014, the $700.0 million 4.875 percent senior notes were recorded at a par value of $690.0 million less debt issuance costs of $3.5 million and unamortized discounts of $0.5 million, based on an imputed interest rate of 4.89 percent.
[2] During the third quarter of 2015, we purchased $1.8 million of outstanding 4.80 percent senior notes that were trading at 50.0 percent of par, which resulted in a gain on extinguishment of $0.9 million. In addition, during the first quarter of 2015, we purchased $43.8 million of outstanding 4.80 percent senior notes that were trading at 54.3 percent of par, which resulted in a gain on extinguishment of $15.6 million. Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $137.8 million of the 4.80 percent senior notes for $112.9 million of the 7.75 percent second lien notes at a discount of $30.5 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $54.6 million, net of amounts expensed for unamortized original issue discount and deferred origination fees. During the fourth quarter of 2014, we purchased $10.0 million of outstanding 4.80 percent senior notes that were trading at a discount of 40.25 percent which resulted in a gain on the extinguishment of debt of $4.0 million. As of December 31, 2015, the $500.0 million 4.80 percent senior notes were recorded at a par value of $306.7 million less debt issuance costs of $1.1 million and unamortized discounts of $0.4 million, based on an imputed interest rate of 4.83 percent. As of December 31, 2014, the $500.0 million 4.80 percent senior notes were recorded at a par value of $490.0 million less debt issuance costs of $2.2 million and unamortized discounts of $0.6 million, based on an imputed interest rate of 4.83 percent.
[3] During the first quarter of 2015, we purchased $45.9 million of outstanding 6.25 percent senior notes that were trading at 52.5 percent of par, which resulted in a gain on extinguishment of $15.0 million. Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $261.3 million of the 6.25 percent senior notes for $203.5 million of the 7.75 percent second lien notes at a discount of $55.0 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $107.3 million, net of amounts expensed for unamortized original issue discount and deferred origination fees. As of December 31, 2015, the $800.0 million 6.25 percent senior notes were recorded at par value of $492.8 million less debt issuance costs of $4.3 million and unamortized discounts of $5.8 million, based on an imputed interest rate of 6.34 percent. As of December 31, 2014, the $800.0 million 6.25 percent senior notes were recorded at par value of $800.0 million less debt issuance costs of $7.2 million and unamortized discounts of $9.5 million, based on an imputed interest rate of 6.34 percent.
[4] During the third quarter of 2015, we purchased $36.0 million of outstanding 5.90 percent senior notes that were trading at 50.0 percent of par, which resulted in a gain on extinguishment of $18.0 million. In addition, during the first quarter of 2015, we purchased $1.3 million of outstanding 5.90 percent senior notes that were trading at 58.0 percent of par, which resulted in a gain on extinguishment of $0.3 million. Also during the first quarter, on March 27, 2015, we exchanged as part of a tender offer $67.0 million of the 5.90 percent senior notes for $57.5 million of the 7.75 percent second lien notes at a discount of $15.5 million based on an imputed interest rate of 15.55 percent, resulting in a gain on extinguishment of $24.5 million, net of amounts expensed for unamortized original issue discount and deferred origination fees. During the fourth quarter of 2014, we purchased $5.0 million of outstanding 5.90 percent senior notes that were trading at a discount of 38.125 percent which resulted in a gain on the extinguishment of debt of $1.9 million. As of December 31, 2015, the $400.0 million 5.90 percent senior notes were recorded at a par value of $290.8 million less debt issuance costs of $1.1 million and unamortized discounts of $0.8 million, based on an imputed interest rate of 5.98 percent. As of December 31, 2014, the $400.0 million 5.90 percent senior notes were recorded at a par value of $395.0 million less debt issuance costs of $1.8 million and unamortized discounts of $1.3 million, based on an imputed interest rate of 5.98 percent.
[5] During the third quarter, on August 28, 2015, we purchased for cash as part of a tender offer, $124.8 million of the 3.95 percent senior notes for $68.6 million, resulting in a gain on extinguishment of $54.9 million, net of amounts expensed for reacquisition costs, unamortized original issue discount and deferred origination fees. In addition, during the first quarter of 2015, we purchased $44.0 million of outstanding 3.95 percent senior notes that were trading at 77.5 percent of par, which resulted in a gain on the extinguishment of debt of $7.1 million.During the fourth quarter of 2014, we purchased $20.0 million of outstanding 3.95 percent senior notes that were trading at a discount of 30.875 percent which resulted in a gain on the extinguishment of debt of $6.2 million. As of December 31, 2015, the $500.0 million 3.95 percent senior notes were recorded at a par value of $311.2 million less debt issuance cost of $0.9 million and unamortized discounts of $1.2 million, based on an imputed interest rate of 6.30 percent. As of December 31, 2014, the $500.0 million 3.95 percent senior notes were recorded at a par value of $480.0 million less debt issuance costs of $2.1 million and unamortized discounts of $2.6 million, based on an imputed interest rate of 5.17 percent.
[6] As of December 31, 2015, the $540.0 million 8.25 percent first lien notes were recorded at a par value of $540.0 million less debt issuance costs of $10.5 million and unamortized discounts of $32.1 million, based on an imputed interest rate of 9.97 percent.
[7] As of December 31, 2015, the $544.2 million 7.75 percent second lien notes were recorded at a par value of $544.2 million less debt issuance costs of $9.5 million and unamortized discounts of $131.5 million, based on an imputed interest rate of 15.55 percent. See NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS for further discussion of unamortized discount as a result of the exchange offers.
[8] As of December 31, 2015, no loans were drawn under the $550.0 million ABL Facility and we had total availability of $366.0 million as a result of borrowing base limitations. As of December 31, 2015, the principal amount of letter of credit obligations totaled $186.3 million and commodity hedge obligations totaled $0.5 million, thereby further reducing available borrowing capacity on our ABL Facility to $179.2 million.
[9] As of December 31, 2014, we had no revolving loans drawn under the revolving credit agreement, which had total availability of $1.125 billion as of December 31, 2014. As of December 31, 2014, the principal amount of letter of credit obligations totaled $149.5 million, thereby reducing available borrowing capacity to $975.5 million.