Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 06, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'TVPT | ' |
Entity Registrant Name | 'Travelport Worldwide LTD | ' |
Entity Central Index Key | '0001424755 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 121,411,360 |
Consolidated_Condensed_Stateme
Consolidated Condensed Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net revenue | $529 | $511 | $1,652 | $1,596 |
Costs and expenses | ' | ' | ' | ' |
Cost of revenue | 320 | 313 | 1,010 | 972 |
Selling, general and administrative | 130 | 90 | 315 | 290 |
Depreciation and amortization | 58 | 51 | 171 | 152 |
Total costs and expenses | 508 | 454 | 1,496 | 1,414 |
Operating income | 21 | 57 | 156 | 182 |
Interest expense, net | -67 | -83 | -237 | -271 |
Loss on early extinguishment of debt | -94 | ' | -108 | -49 |
Gain on sale of shares of Orbitz Worldwide | 304 | ' | 356 | ' |
Income (loss) before income taxes and share of earnings (losses) in equity method investments | 164 | -26 | 167 | -138 |
Provision for income taxes | -11 | -7 | -33 | -24 |
Share of earnings (losses) in equity method investments | 2 | 6 | -1 | 8 |
Net income (loss) | 155 | -27 | 133 | -154 |
Net income attributable to non-controlling interest in subsidiaries | -1 | ' | -4 | -2 |
Net income (loss) attributable to the Company | $154 | ($27) | $129 | ($156) |
Income (loss) per share - Basic: | ' | ' | ' | ' |
Income (loss) per share | $1.75 | ($0.45) | $1.75 | ($3.87) |
Weighted average common shares outstanding | 88,254,078 | 60,513,727 | 73,701,371 | 40,366,596 |
Income (loss) per share - Diluted: | ' | ' | ' | ' |
Income (loss) per share | $1.71 | ($0.45) | $1.70 | ($3.87) |
Weighted average common shares outstanding | 90,464,651 | 60,513,727 | 76,073,381 | 40,366,596 |
Consolidated_Condensed_Stateme1
Consolidated Condensed Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income (loss) | $155 | ($27) | $133 | ($154) |
Other comprehensive (loss) income, net of tax: | ' | ' | ' | ' |
Currency translation adjustment, net of tax | -7 | 6 | -5 | -2 |
Changes in loss on cash flow hedges, net of tax | ' | -2 | 4 | -2 |
Unrealized actuarial loss on defined benefit plans, net of tax | ' | ' | ' | -1 |
Changes in (loss) gain on equity investment, net of tax | -3 | -4 | -7 | 7 |
Unrealized gain on available-for-sale securities | 6 | ' | 6 | ' |
Other comprehensive (loss) income, net of tax | -4 | ' | -2 | 2 |
Comprehensive income (loss) | 151 | -27 | 131 | -152 |
Comprehensive income attributable to non-controlling interest in subsidiaries | -1 | ' | -4 | -2 |
Comprehensive income (loss) attributable to the Company | $150 | ($27) | $127 | ($154) |
Consolidated_Condensed_Balance
Consolidated Condensed Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $125 | $154 |
Accounts receivable (net of allowances for doubtful accounts of $13 and $13) | 227 | 177 |
Deferred income taxes | 1 | 1 |
Other current assets | 107 | 134 |
Total current assets | 460 | 466 |
Property and equipment, net | 413 | 428 |
Goodwill | 1,000 | 986 |
Trademarks and tradenames | 314 | 314 |
Other intangible assets, net | 641 | 671 |
Cash held as collateral | 50 | 79 |
Deferred income tax | 4 | 5 |
Other non-current assets | 110 | 139 |
Total assets | 2,992 | 3,088 |
Current liabilities: | ' | ' |
Accounts payable | 61 | 72 |
Accrued expenses and other current liabilities | 486 | 540 |
Deferred income taxes | 24 | 24 |
Current portion of long-term debt | 50 | 45 |
Total current liabilities | 621 | 681 |
Long-term debt | 2,394 | 3,528 |
Deferred income tax | 27 | 18 |
Other non-current liabilities | 160 | 172 |
Total liabilities | 3,202 | 4,399 |
Commitments and contingencies (Note 11) | ' | ' |
Shareholders' equity (deficit): | ' | ' |
Preference shares ($0.0025 par value; 225,000,000 shares authorized; no shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively) | ' | ' |
Common shares ($0.0025 par value; 560,000,000 shares authorized; 121,403,951 and 60,882,046 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively) | ' | ' |
Additional paid in capital | 2,711 | 1,736 |
Accumulated deficit | -2,855 | -2,984 |
Accumulated other comprehensive loss | -84 | -82 |
Total shareholders' equity (deficit) | -228 | -1,330 |
Equity attributable to non-controlling interest in subsidiaries | 18 | 19 |
Total equity (deficit) | -210 | -1,311 |
Total liabilities and equity | $2,992 | $3,088 |
Consolidated_Condensed_Balance1
Consolidated Condensed Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowances for doubtful accounts receivable | $13 | $13 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, share authorized | 225,000,000 | 225,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 560,000,000 | 560,000,000 |
Common stock, shares issued | 121,403,951 | 60,882,046 |
Common stock, shares outstanding | 121,403,951 | 60,882,046 |
Consolidated_Condensed_Stateme2
Consolidated Condensed Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating activities | ' | ' |
Net income (loss) | $133 | ($154) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ' | ' |
Depreciation and amortization | 171 | 152 |
Amortization of customer loyalty payments | 56 | 45 |
Gain on sale of shares of Orbitz Worldwide | -356 | ' |
Amortization of debt finance costs | 8 | 19 |
Accrual of repayment fee and amortization of debt discount | 7 | 4 |
Loss on early extinguishment of debt | 108 | 49 |
Payment-in-kind interest | 17 | 32 |
Share of losses (earnings) in equity method investments | 1 | -8 |
Equity-based compensation | 30 | 4 |
Deferred income taxes | 9 | 3 |
Loss on foreign exchange derivative instruments | 10 | -2 |
Pension liability contribution | -5 | ' |
Customer loyalty payments | -66 | -60 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -51 | -64 |
Other current assets | -1 | -18 |
Accounts payable, accrued expenses and other current liabilities | -88 | 48 |
Other | 6 | 17 |
Net cash (used in) provided by operating activities | -11 | 67 |
Investing activities | ' | ' |
Property and equipment additions | -83 | -76 |
Proceeds from sale of shares of Orbitz Worldwide | 366 | ' |
Business acquired, net of cash | -10 | ' |
Purchase of equity method investment | -10 | ' |
Other | ' | -6 |
Net cash provided by (used in) investing activities | 263 | -82 |
Financing activities | ' | ' |
Net proceeds from issuance of common shares in initial public offering | 445 | ' |
Proceeds from term loans | 2,345 | 2,169 |
Proceeds from bridge loans | 425 | ' |
Repayment of term loans under senior secured credit agreement | -1,477 | -1,663 |
Repayment of bridge loans | -425 | ' |
Repayment of term loans under second lien credit agreement | -863 | ' |
Repurchase / repayment of senior notes and senior subordinated notes | -588 | -413 |
Proceeds from revolver borrowings | 75 | 53 |
Repayment of revolver borrowings | -75 | -73 |
Repayment of capital lease obligations | -23 | -14 |
Release of cash provided as collateral | 29 | 137 |
Payment related to early extinguishment of debt | -46 | ' |
Purchase of non-controlling interest in a subsidiary | -65 | ' |
Cash provided as collateral | ' | -64 |
Debt finance costs | -37 | -55 |
Costs related to exchange of shares for payment-in-kind debt | ' | -6 |
Dividend to non-controlling interest shareholders | -2 | ' |
Tax withholding for equity awards | -5 | -1 |
Proceeds from (payments for) settlement of derivative instruments | 3 | -5 |
Other | 4 | ' |
Net cash (used in) provided by financing activities | -280 | 65 |
Effect of changes in exchange rate on cash and cash equivalents | -1 | ' |
Net (decrease) increase in cash and cash equivalents | -29 | 50 |
Cash and cash equivalents at beginning of period | 154 | 110 |
Cash and cash equivalents at end of period | 125 | 160 |
Supplementary disclosures of cash flow information | ' | ' |
Interest payments | 263 | 186 |
Income tax payments, net | 19 | 20 |
Non-cash exchange of debt for equity (see Note 9) | 571 | 473 |
Non-cash capital lease additions | 14 | 10 |
Exchange of senior notes due 2014 and 2016 for new senior notes due 2016 | ' | 591 |
Exchange of second priority secured notes for Tranche 2 Loans | ' | 229 |
Exchange of payment-in-kind debt for senior subordinated debt | ' | $25 |
Consolidated_Condensed_Stateme3
Consolidated Condensed Statement of Changes in Total Equity (Deficit) (USD $) | Total | Common Shares [Member] | Additional Paid in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Non- Controlling Interest in Subsidiaries [Member] |
In Millions, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Beginning balance at Dec. 31, 2013 | ($1,311) | ' | $1,736 | ($2,984) | ($82) | $19 |
Beginning balance, Shares at Dec. 31, 2013 | ' | 60,882,046 | ' | ' | ' | ' |
Issue of common shares in initial public offering, net of expenses, Value | 445 | ' | 445 | ' | ' | ' |
Issue of common shares in initial public offering, net of expenses, Shares | ' | 30,000,000 | ' | ' | ' | ' |
Issue of common shares in exchange for debt, Value | 585 | ' | 585 | ' | ' | ' |
Issue of common shares in exchange for debt, Shares | ' | 28,841,012 | ' | ' | ' | ' |
Dividend to non-controlling interest shareholders | -2 | ' | ' | ' | ' | -2 |
Purchase of non-controlling interest in a subsidiary | -65 | ' | -62 | ' | ' | -3 |
Equity-based compensation, Value | 30 | ' | 30 | ' | ' | ' |
Equity-based compensation, Shares | ' | 3,066,827 | ' | ' | ' | ' |
Tax withholding for equity awards, Value | -23 | ' | -23 | ' | ' | ' |
Tax withholding for equity awards, Shares | ' | -1,385,934 | ' | ' | ' | ' |
Comprehensive income (loss), net of tax | 131 | ' | ' | 129 | -2 | 4 |
Ending balance at Sep. 30, 2014 | ($210) | ' | $2,711 | ($2,855) | ($84) | $18 |
Ending balance, Shares at Sep. 30, 2014 | ' | 121,403,951 | ' | ' | ' | ' |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
Basis of Presentation | |
Travelport Worldwide Limited (the “Company” or “Travelport”) is a travel commerce platform providing distribution, technology, payment and other solutions for the global travel and tourism industry. With a presence in over 170 countries, Travelport business is comprised of: | |
The Travel Commerce Platform (formerly known as the global distribution system or “GDS” business), through which the Company facilitates travel commerce by connecting the world’s leading travel providers, such as airlines and hotel chains, with online and offline travel buyers in the Company’s proprietary business to business (“B2B”) travel commerce platform. As travel industry needs evolve, Travelport is utilizing its Travel Commerce Platform to redefine the electronic distribution and merchandising of airline core and ancillary products, as well as extending its reach into the growing world of travel commerce beyond air, including to hotel, car rental, rail, cruise-line and tour operators. In addition, Travelport has leveraged its domain expertise in the travel industry to design a pioneering B2B payment solution that addresses the need of travel agencies to efficiently and securely make payments to travel providers globally. Travelport utilizes the extensive data managed by its platform to provide an array of additional services, such as advertising solutions, subscription services, business intelligence data services, and marketing-oriented analytical tools to travel agencies, travel providers and other travel data users. | |
Through its Technology Services, Travelport provides critical hosting solutions to airlines, such as pricing, shopping, ticketing, ground handling and other solutions, enabling them to focus on their core business competencies and reduce costs. The Company manages reservations, inventory management and other related critical systems for Delta Air Lines Inc. | |
In July 2014, the Company sold substantially all of the shares of common stock it held in Orbitz Worldwide, Inc. (“Orbitz Worldwide”) and, as of September 30, 2014, owned less than 1% of its outstanding shares. Consequently, the Company has discontinued equity method accounting (see Note 3 - Orbitz Worldwide). | |
These financial statements and other financial information included in this Quarterly Report on Form 10-Q are unaudited, with the exception of the December 31, 2013 balance sheet which was derived from audited financial statements. These consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Certain disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to such rules and regulations. | |
In presenting the consolidated condensed financial statements in accordance with US GAAP, management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgments and available information. Accordingly, actual results could differ from those estimates. In management’s opinion, the consolidated condensed financial statements contain all normal recurring adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with the Company’s annual audited consolidated financial statements and related notes thereto for the year ended December 31, 2013 included in the Company’s prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, on September 26, 2014. | |
Initial Public Offering (“IPO”) | |
On September 25, 2014, the Company issued 30 million common shares in an IPO. The shares were sold at a price of $16.00 per share, which generated $445 million of net proceeds from the IPO after deducting underwriting discounts and commissions and offering expenses. | |
The Company used the net proceeds from the IPO primarily to repay $425 million aggregate principal amount of its bridge loans (see Note 9 - Long-Term Debt). |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Recently Issued Accounting Pronouncements | ' |
2. Recently Issued Accounting Pronouncements | |
Going Concern | |
In August 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance on disclosures of uncertainties about an entity’s ability to continue as a going concern. The guidance requires management to assess a company’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. Disclosures are required when conditions give rise to substantial doubt about the company’s ability to continue as a going concern within one year from the financial statements issuance date. The guidance is applicable to the Company for the annual period ending December 31, 2016 and all annual and interim periods thereafter. The Company does not anticipate an impact on the consolidated condensed financial statements resulting from the adoption of this guidance. | |
Compensation—Stock Compensation | |
In June 2014, the FASB issued guidance on accounting for stock compensation where share-based payment awards granted to employees require specific performance targets to be achieved in order for employees to become eligible to vest in the awards and such performance targets could be achieved after an employee completes the requisite service period. The amendment in this update requires a performance target that affects vesting and that could be achieved after the requisite service period to be treated as a performance condition. | |
The guidance is applicable to the Company for interim and annual reporting periods beginning after December 15, 2015, although earlier adoption is permitted. The Company is assessing the implications of adoption of this update on its consolidated condensed financial statements. | |
Revenue Recognition | |
In May 2014, the FASB issued guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. | |
The guidance is applicable to the Company for the interim and annual reporting periods beginning after December 15, 2016, with early adoption not permitted. The guidance permits the use of either a retrospective or cumulative effect transition method. The Company has not yet selected a transition method and is currently evaluating the impact of the amended guidance on its consolidated condensed financial statements. | |
Discontinued Operations | |
In April 2014, the FASB issued guidance on discontinued operations that increased the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. | |
This guidance is applicable to the Company on a prospective basis for interim and annual reporting periods beginning after December 15, 2014 although early adoption is permitted. The Company does not anticipate an impact on the consolidated condensed financial statements resulting from the adoption of this guidance, other than disclosures. | |
Presentation of an Unrecognized Tax Benefit | |
In July 2013, the FASB issued guidance on the presentation of an unrecognized tax benefit as a reduction to a deferred tax asset when a net operating loss carry forward, a similar tax loss, or a tax credit carry forward exists except in certain circumstances. The Company adopted the provisions of this guidance effective January 1, 2014, as required. There was no impact on the consolidated condensed financial statements resulting from the adoption of this guidance. | |
Accounting for Cumulative Translation Adjustment | |
In March 2013, the FASB issued guidance on a parent company’s accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity. The guidance provides the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided, or, if a controlling financial interest is no longer held. | |
This guidance is applicable to the Company on a prospective basis for interim and annual reporting periods beginning after December 15, 2014 although early adoption is permitted. The Company does not anticipate an impact on the consolidated condensed financial statements resulting from the adoption of this guidance. |
Orbitz_Worldwide
Orbitz Worldwide | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||||
Orbitz Worldwide | ' | ||||||||||||||||
3. Orbitz Worldwide | |||||||||||||||||
In May 2014, the Company sold 8.6 million shares of Orbitz Worldwide for net proceeds of $54 million, resulting in a gain on sale of Orbitz Worldwide shares of $52 million. In July 2014, the Company sold a further 39 million shares, representing substantially all of its remaining shares in Orbitz Worldwide, for net proceeds of $312 million, resulting in a gain on sale of shares of $304 million. As a result of these sales, subsequent to July 2014, the Company owns less than 1% of the outstanding shares of common stock of Orbitz Worldwide and has discontinued equity method accounting and accounts for this investment as an available-for-sale security, with any changes in fair value recognized within other comprehensive income (loss) (see Note 4 - Other Current Assets). | |||||||||||||||||
The period ended June 30, 2014 was the last full quarterly period for which the Company accounted for Orbitz Worldwide under the equity method of accounting. Presented below are the summary results of operations for Orbitz Worldwide for the six months ended June 30, 2014 and 2013 and the three and nine months ended September 30, 2013: | |||||||||||||||||
(in $ millions) | Six Months | Six Months | Three Months | Nine Months | |||||||||||||
Ended June 30, | Ended June 30, | Ended September 30, | Ended September 30, | ||||||||||||||
2014 | 2013 | 2013 | 2013 | ||||||||||||||
Net revenue | $ | 458 | $ | 429 | $ | 221 | $ | 650 | |||||||||
Operating expenses | 424 | 409 | 194 | 603 | |||||||||||||
Operating income | 34 | 20 | 27 | 47 | |||||||||||||
Interest expense, net | (18 | ) | (22 | ) | (12 | ) | (34 | ) | |||||||||
Loss on early extinguishment of debt | (2 | ) | (18 | ) | — | (18 | ) | ||||||||||
Income (loss) before income taxes | 14 | (20 | ) | 15 | (5 | ) | |||||||||||
(Provision for) benefit from income taxes | (13 | ) | 167 | (2 | ) | 165 | |||||||||||
Net Income | $ | 1 | $ | 147 | $ | 13 | $ | 160 | |||||||||
The Company continued to account for Orbitz Worldwide under the equity method of accounting through the date of sale of the remaining shares. Orbitz Worldwide does not report monthly or stub period financial information; however, based on the financial information received from Orbitz Worldwide, the Company estimated its proportionate share of earnings for the period July 1, 2014 to July 22, 2014 was not material. The earnings (losses) related to the equity method investment in Orbitz Worldwide are included within the share of earnings (losses) in equity method investments in the consolidated condensed statement of operations. The earnings (losses) related to the equity method investment in Orbitz Worldwide recorded in 2014 were included in the computation of the $304 million and $356 million gain on sale of shares of Orbitz Worldwide recorded for the three and nine months ended September 30, 2014, respectively. The gain on sale of shares of Orbitz Worldwide include gains realized of approximately $4 million and $5 million for the three and nine months ended September 30, 2014, respectively, which were accumulated within other comprehensive income (loss). | |||||||||||||||||
For the three and nine months ended September 30, 2013, the Company recorded earnings of $6 and $8 million, respectively, within the share of earnings (losses) in equity method investments in the Company’s consolidated condensed statements of operations. | |||||||||||||||||
In the first quarter of 2013, Orbitz Worldwide concluded that a significant portion of its US valuation allowance on deferred tax assets was no longer required, resulting in a recognition of a benefit from income taxes of $158 million in its consolidated condensed statements of operations. | |||||||||||||||||
Net revenue of Orbitz Worldwide includes $6 million and $58 million earned through transactions with the Company during the period from July 1, 2014 to July 22, 2014 and January 1, 2014 to July 22, 2014, respectively. Net revenue of Orbitz Wordwide includes $21 million and $68 million earned through transactions with the Company during the three and nine months ended September 30, 2013, respectively. |
Other_Current_Assets
Other Current Assets | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Other Current Assets | ' | ||||||||
4. Other Current Assets | |||||||||
Other current assets consisted of: | |||||||||
(in $ millions) | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Sales and use tax receivables | $ | 30 | $ | 30 | |||||
Prepaid expenses | 22 | 22 | |||||||
Restricted cash | 21 | 44 | |||||||
Prepaid incentives | 15 | 20 | |||||||
Available-for-sale securities | 6 | — | |||||||
Derivative assets | — | 3 | |||||||
Other | 13 | 15 | |||||||
$ | 107 | $ | 134 | ||||||
Restricted cash represents cash held on behalf of clients for a short period of time before being transferred to travel industry partners. A compensating balance is held in accrued expenses and other current liabilities as customer prepayments. | |||||||||
Available-for-sale securities represent shares of common stock of Orbitz Worldwide. |
Property_and_Equipment_Net
Property and Equipment, Net | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||||||||||
Property and Equipment, Net | ' | ||||||||||||||||||||||||
5. Property and Equipment, Net | |||||||||||||||||||||||||
Property and equipment, net, consisted of: | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
(in $ millions) | Cost | Accumulated | Net | Cost | Accumulated | Net | |||||||||||||||||||
depreciation | depreciation | ||||||||||||||||||||||||
Capitalized software | $ | 721 | $ | (525 | ) | $ | 196 | $ | 650 | $ | (449 | ) | $ | 201 | |||||||||||
Computer equipment | 292 | (168 | ) | 124 | 281 | (139 | ) | 142 | |||||||||||||||||
Building and leasehold improvements | 20 | (9 | ) | 11 | 17 | (8 | ) | 9 | |||||||||||||||||
Construction in progress | 82 | — | 82 | 76 | — | 76 | |||||||||||||||||||
$ | 1,115 | $ | (702 | ) | $ | 413 | $ | 1,024 | $ | (596 | ) | $ | 428 | ||||||||||||
The Company recorded depreciation expense of $39 million and $30 million during the three months ended September 30, 2014 and 2013, respectively. The Company recorded depreciation expense of $113 million and $91 million during the nine months ended September 30, 2014 and 2013, respectively. | |||||||||||||||||||||||||
As of September 30, 2014 and December 31, 2013, the Company had net capital lease assets of $94 million and $104 million, respectively, included within computer equipment. | |||||||||||||||||||||||||
The amount of interest on capital projects capitalized was $2 million and $2 million for the three months ended September 30, 2014 and 2013, respectively. The amount of interest on capital projects capitalized was $7 million and $4 million for the nine months ended September 30, 2014 and 2013, respectively. |
Intangible_Assets
Intangible Assets | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Intangible Assets | ' | ||||||||||||||||||||
6. Intangible Assets | |||||||||||||||||||||
The changes in the carrying amount of goodwill and intangible assets for the Company between January 1, 2014 and September 30, 2014 are as follows: | |||||||||||||||||||||
(in $ millions) | January 1, | Additions | Retirements | Foreign | September 30, | ||||||||||||||||
2014 | Exchange | 2014 | |||||||||||||||||||
Non-Amortizable Assets: | |||||||||||||||||||||
Goodwill | $ | 986 | $ | 14 | $ | — | $ | — | $ | 1,000 | |||||||||||
Trademarks and tradenames | 314 | — | — | — | 314 | ||||||||||||||||
Other Intangible Assets: | |||||||||||||||||||||
Acquired intangible assets | 1,129 | — | — | — | 1,129 | ||||||||||||||||
Accumulated amortization | (610 | ) | (58 | ) | — | — | (668 | ) | |||||||||||||
Acquired intangible assets, net | 519 | (58 | ) | — | — | 461 | |||||||||||||||
Customer loyalty payments | 306 | 86 | (52 | ) | (2 | ) | 338 | ||||||||||||||
Accumulated amortization | (154 | ) | (56 | ) | 52 | — | (158 | ) | |||||||||||||
Customer loyalty payments, net | 152 | 30 | — | (2 | ) | 180 | |||||||||||||||
Other intangible assets, net | $ | 671 | $ | (28 | ) | $ | — | $ | (2 | ) | $ | 641 | |||||||||
The change in the carrying amount of goodwill and intangible assets for the Company between January 1, 2013 and September 30, 2013 are as follows: | |||||||||||||||||||||
(in $ millions) | January 1, | Additions | Retirements | Foreign | September 30, | ||||||||||||||||
2013 | Exchange | 2013 | |||||||||||||||||||
Non-Amortizable Assets: | |||||||||||||||||||||
Goodwill | $ | 986 | $ | — | $ | — | $ | — | $ | 986 | |||||||||||
Trademarks and tradenames | 314 | — | — | — | 314 | ||||||||||||||||
Other Intangible Assets: | |||||||||||||||||||||
Acquired intangible assets | 1,129 | — | — | — | 1,129 | ||||||||||||||||
Accumulated amortization | (530 | ) | (61 | ) | — | — | (591 | ) | |||||||||||||
Acquired intangible assets, net | 599 | (61 | ) | — | — | 538 | |||||||||||||||
Customer loyalty payments | 274 | 67 | (56 | ) | — | 285 | |||||||||||||||
Accumulated amortization | (156 | ) | (45 | ) | 56 | — | (145 | ) | |||||||||||||
Customer loyalty payments, net | 118 | 22 | — | — | 140 | ||||||||||||||||
Other intangible assets, net | $ | 717 | $ | (39 | ) | $ | — | $ | — | $ | 678 | ||||||||||
In May 2014, the Company made an acquisition for $14 million, of which $10 million was paid in cash and $4 million is deferred consideration to be paid upon resolution of certain items. The acquisition resulted in goodwill of $14 million. As of September 30, 2014, the Company is in the process of allocating the purchase consideration to acquired identifiable assets and liabilities. | |||||||||||||||||||||
The Company paid cash of $66 million and $60 million for customer loyalty payments during the nine months ended September 30, 2014 and 2013, respectively. Further, as of September 30, 2014 and December 31, 2013, the Company had balances payable of $55 million and $35 million, respectively, for customer loyalty payments (see Note 8). | |||||||||||||||||||||
Amortization expense for acquired intangible assets, which consists of customer relationships, was $19 million and $21 million for the three months ended September 30, 2014 and 2013, respectively, and $58 million and $61 million for the nine months ended September 30, 2014 and 2013, respectively, and is included as a component of depreciation and amortization on the Company’s consolidated condensed statements of operations. | |||||||||||||||||||||
Amortization expense for customer loyalty payments was $19 million and $16 million for the three months ended September 30, 2014 and 2013, respectively, and $56 million and $45 million for the nine months ended September 30, 2014 and 2013, respectively, and is included within cost of revenue or revenue in the Company’s consolidated condensed statements of operations. |
Other_NonCurrent_Assets
Other Non-Current Assets | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Text Block [Abstract] | ' | ||||||||
Other Non-Current Assets | ' | ||||||||
7. Other Non-Current Assets | |||||||||
Other non-current assets consisted of: | |||||||||
(in $ millions) | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Deferred financing costs | $ | 37 | $ | 40 | |||||
Supplier prepayments | 26 | 24 | |||||||
Pension assets | 13 | 11 | |||||||
Prepaid incentives | 7 | 22 | |||||||
Derivative assets | — | 8 | |||||||
Other | 27 | 34 | |||||||
$ | 110 | $ | 139 | ||||||
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accrued Expenses and Other Current Liabilities | ' | ||||||||
8. Accrued Expenses and Other Current Liabilities | |||||||||
Accrued expenses and other current liabilities consisted of: | |||||||||
(in $ millions) | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Accrued commissions and incentives | $ | 285 | $ | 253 | |||||
Accrued payroll and related | 89 | 80 | |||||||
Deferred revenue | 29 | 30 | |||||||
Customer prepayments | 21 | 44 | |||||||
Income tax payable | 18 | 15 | |||||||
Accrued interest expense | 11 | 73 | |||||||
Derivative contracts | 8 | 1 | |||||||
Pension and post-retirement benefit liabilities | 1 | 1 | |||||||
Accrued sponsor monitoring fee | — | 26 | |||||||
Other | 24 | 17 | |||||||
$ | 486 | $ | 540 | ||||||
Included in accrued commissions and incentives are $55 million and $35 million of accrued customer loyalty payments as of September 30, 2014 and December 31, 2013, respectively. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||
9. Long-Term Debt | |||||||||||||||||
Long-term debt consisted of: | |||||||||||||||||
(in $ millions) | Interest | Maturity | September 30, | December 31, | |||||||||||||
rate | 2014 | 2013 | |||||||||||||||
Secured debt | |||||||||||||||||
Senior Secured Credit Agreement | |||||||||||||||||
Term loans | |||||||||||||||||
Dollar denominated(1) | L+5% | September 2021 | $ | 2,346 | $ | — | |||||||||||
Dollar denominated (repaid and/or exchanged in 2014)(2) | L+5% | — | 1,525 | ||||||||||||||
Revolver borrowings | |||||||||||||||||
Dollar denominated | L+5% | Sep-19 | — | — | |||||||||||||
Dollar denominated (terminated in 2014)(2) | L+5% | — | — | ||||||||||||||
Second Lien Credit Agreement | |||||||||||||||||
Tranche 1 dollar denominated term loan (repaid and/or exchanged in 2014)(3) | L+8% | — | 644 | ||||||||||||||
Tranche 2 dollar denominated term loan (repaid in 2014)(4) | 8 3⁄8% | — | 234 | ||||||||||||||
Unsecured debt | |||||||||||||||||
Senior Notes | |||||||||||||||||
Dollar denominated notes (repaid and/or exchanged in 2014)(5) | 13 7⁄8% | — | 411 | ||||||||||||||
Dollar denominated floating rate notes (repaid and/or exchanged in 2014)(6) | L+8 5⁄8% | — | 188 | ||||||||||||||
Senior Subordinated Notes | |||||||||||||||||
Dollar denominated notes (repaid and/or exchanged in 2014) | 11 7⁄8% | — | 272 | ||||||||||||||
Euro denominated notes (repaid and/or exchanged in 2014) | 10 7⁄8% | — | 192 | ||||||||||||||
Capital leases | 98 | 107 | |||||||||||||||
Total debt | 2,444 | 3,573 | |||||||||||||||
Less: current portion | 50 | 45 | |||||||||||||||
Long-term debt | $ | 2,394 | $ | 3,528 | |||||||||||||
-1 | Minimum LIBOR floor of 1.00% | ||||||||||||||||
-2 | Minimum LIBOR floor of 1.25% | ||||||||||||||||
-3 | Minimum LIBOR floor of 1.5% | ||||||||||||||||
-4 | Cash interest of 4% and payment-in-kind interest of 4.375% | ||||||||||||||||
-5 | Cash interest of 11.375% and payment-in-kind interest of 2.5% | ||||||||||||||||
-6 | Cash interest of LIBOR+6.125% plus payment-in-kind interest of 2.5% | ||||||||||||||||
Debt-for-Equity Exchanges: | |||||||||||||||||
During the nine months ended September 30, 2014, the Company effectuated several debt-for-equity exchange transactions, pursuant to which the Company exchanged $571 million of its indebtedness, comprising (i) $154 million of dollar denominated senior subordinated notes, (ii) $159 million (€117 million) of euro denominated senior subordinated notes, (iii) $84 million of dollar denominated fixed rate senior notes, (iv) $83 million of dollar denominated floating rate senior notes, (v) $70 million of dollar denominated term loans under senior secured credit agreement and (vi) $21 million of dollar denominated Tranche 1 term loans under second lien credit agreement, in exchange for 29 million of its common shares. The Company recorded these transactions as extinguishment of debt and recognized a loss of $28 million in its consolidated condensed statements of operations for the nine months ended September 30, 2014. | |||||||||||||||||
Debt Repayment from Proceeds of Sale of Shares of Orbitz Worldwide: | |||||||||||||||||
In July 2014, the Company repaid $312 million of term loans outstanding under the senior secured credit agreement from the proceeds received from the sale of shares of Orbitz Worldwide. The Company recorded a loss of $5 million for early extinguishment of debt in its consolidated condensed statements of operations for the nine months ended September 30, 2014. | |||||||||||||||||
Debt Refinancing: | |||||||||||||||||
In September 2014, the Company consummated a refinancing of its remaining debt. As a result of this refinancing, the Company entered into: (i) a new senior secured credit facility comprised of (a) a single tranche of first lien term loans in an aggregate principal amount of $2,375 million maturing in September 2021, issued at a discount of 1.25% and which require quarterly installments payable of 0.25% of the principal amount commencing February 2015, and (b) a revolving credit facility of $100 million (which may be increased in accordance with certain incremental facility provisions set forth therein) maturing in September 2019; and (ii) a senior unsecured bridge loan agreement in an aggregate principal amount of $425 million which was subsequently repaid with proceeds from the IPO. The Company used the net proceeds from these borrowings to repay the balance remaining under the term loans (under the old senior secured credit agreement and second lien credit agreement), senior notes and senior subordinated notes. On September 2, 2014, the Company issued an irrevocable notice of redemption for the outstanding notes and also discharged each of the indentures governing such notes. The Company recorded the debt refinancing transaction as the issuance of new debt and extinguishment of old debt and recognized a loss of $75 million in its consolidated condensed statements of operations for the nine months ended September 30, 2014. | |||||||||||||||||
The interest rate per annum applicable to the term loans is based on, at the election of the Company, (i) LIBOR plus 5.00% or base rate (as defined in the agreement) plus 4.00%. The term loans are subject to a LIBOR floor of 1.00% and 2.00% in the case of base rates. The Company expects to pay interest based on LIBOR. The interest rate per annum applicable to the bridge loan was LIBOR plus 5.75%, with a LIBOR floor of 1.00%. | |||||||||||||||||
During the nine months ended September 30, 2014, the Company (i) repaid $8 million as its quarterly repayment of term loans, (ii) capitalized $13 million related to payment-in-kind interest into the senior notes and second lien Tranche 2 dollar denominated term loans and (iii) repaid $23 million under its capital lease obligations and entered into $14 million of new capital leases for information technology assets. | |||||||||||||||||
Foreign exchange fluctuations resulted in a $3 million decrease in the principal amount of euro denominated loans during the nine months ended September 30, 2014. | |||||||||||||||||
Revolving Credit Facility and Letters of Credit facility: | |||||||||||||||||
Upon completion of the debt refinancing on September 2, 2014, the Company’s $120 million revolving credit facility and $137 million cash collateralized letters of credit facility under the old senior secured credit agreement were terminated. Under the new senior secured credit agreement, the Company has a $100 million revolving credit facility with a consortium of banks, which contains a letter of credit sub-limit up to a maximum of $50 million. The new senior secured credit agreement further permits the issuance of certain cash collateralized letters of credit in addition to those that can be issued under the revolving credit facility, whereby 103% of cash collateral has to be maintained for outstanding letters of credit. The new senior secured credit agreement also includes customary uncommitted incremental facility provisions, including the ability to increase the revolving credit facility by $50 million. | |||||||||||||||||
For the period from January 1, 2014 to September 30, 2014, the Company borrowed $75 million under its old revolving credit facility and repaid $75 million. The Company has not drawn on its new revolving credit facility which was entered into on September 2, 2014. However, the Company utilized $16 million of its revolving credit facility for the issuance of letters of credit. As of September 30, 2014, the Company had no outstanding balance due under its revolving credit facility, $16 million of letters of credit issued and $84 million of remaining credit capacity under the new revolving credit facility. Further, as of September 30, 2014, the Company also had $48 million of cash collateralized letters of credit issued and outstanding, against which the Company provided $50 million as cash collateral. | |||||||||||||||||
As of September 30, 2014 the Company was in compliance with all debt covenants. |
Financial_Instruments
Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Financial Instruments | ' | ||||||||||||||||||||||||||||||||||
10. Financial Instruments | |||||||||||||||||||||||||||||||||||
The Company uses derivative financial instruments as part of its overall strategy to manage its exposure to market risks primarily associated with fluctuations in foreign currency and interest rates. The Company does not use derivatives for trading or speculative purposes. During the nine months ended September 30, 2014, there was no material change in the Company’s interest rate and foreign currency risk management policies or in its fair value methodology except as set out below. | |||||||||||||||||||||||||||||||||||
In June 2014, the Company ceased hedge accounting for its interest rate cap derivative instruments. With the exchange of its common shares for the Company’s term loans in July 2014, which reduced the principal amount of debt being hedged to under 100% of the notional amount of interest rate cap contracts and the Company’s refinancing of its capital structure in September 2014, the Company determined that the hedge effectiveness could no longer be achieved. Further, the underlying future interest cash outflows hedged were considered as not probable of occurring, resulting in the Company realizing losses of $8 million accumulated within other comprehensive income (loss) and recognizing it within its consolidated condensed statements of operations. In August 2014, the Company terminated the interest rate cap derivative contracts and realized $3 million. | |||||||||||||||||||||||||||||||||||
As of September 30, 2014, the Company had a net liability position of $9 million related to derivative financial instruments associated with its foreign currency denominated receivables and payables, and forecasted earnings of its foreign subsidiaries. | |||||||||||||||||||||||||||||||||||
Presented below is a summary of the fair value of the Company’s derivative contracts recorded on the consolidated condensed balance sheets at fair value. | |||||||||||||||||||||||||||||||||||
(in $ millions) | Balance Sheet | Fair Value Asset | Balance Sheet | Fair Value (Liability) | |||||||||||||||||||||||||||||||
Location | September 30, | December 31, | Location | September 30, | December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rate caps | Other non-current assets | $ | — | $ | 8 | Other non-current liabilities | $ | — | $ | — | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Foreign currency contracts | Other current assets | — | 3 | Accrued expenses and other current liabilities | (8 | ) | (1 | ) | |||||||||||||||||||||||||||
Foreign currency contracts | Other non-current assets | — | — | Other non-current liabilities | (1 | ) | — | ||||||||||||||||||||||||||||
Total fair value of derivative assets (liabilities) | $ | — | $ | 11 | $ | (9 | ) | $ | (1 | ) | |||||||||||||||||||||||||
As of September 30, 2014, the notional amounts of foreign currency forward contracts were $233 million. These derivative contracts cover transactions for periods that do not exceed two years. | |||||||||||||||||||||||||||||||||||
The following table provides a reconciliation of the movement in the net carrying amount of derivative financial instruments, during the nine months ended September 30, 2014. | |||||||||||||||||||||||||||||||||||
(in $ millions) | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||||||||||||||
Net derivative asset as of January 1 | $ | 10 | $ | 11 | |||||||||||||||||||||||||||||||
Total loss for the period included in net loss | (9 | ) | (7 | ) | |||||||||||||||||||||||||||||||
Total loss for period accounted through other comprehensive income (loss) | (4 | ) | (2 | ) | |||||||||||||||||||||||||||||||
Premium paid for interest rate cap derivative contracts | — | 12 | |||||||||||||||||||||||||||||||||
(Proceeds from) payments on settlement of derivative contracts | (6 | ) | 5 | ||||||||||||||||||||||||||||||||
Termination of foreign exchange derivative contracts (settlement pending) | — | (4 | ) | ||||||||||||||||||||||||||||||||
Net derivative (liability) asset as of September 30 | $ | (9 | ) | $ | 15 | ||||||||||||||||||||||||||||||
During the nine months ended September 30, 2014, the Company received $3 million in relation to certain foreign exchange derivative contracts which were terminated in 2013 and included in other current assets as of December 31, 2013. During the nine months ended September 30, 2013, the Company paid $7 million in relation to certain foreign exchange derivative contracts which were terminated in 2012 and included within accrued expenses and other current liabilities as of December 31, 2012. | |||||||||||||||||||||||||||||||||||
The significant unobservable inputs used to fair value the Company’s derivative financial instruments are probability of default of approximately 6% and a recovery rate of 20% which are applied to the Company’s credit default swap adjustments. As the credit valuation adjustment applied to arrive at the fair value of derivatives is less than 15% of the unadjusted fair value of derivative instruments for two consecutive quarters, the Company has categorized derivative fair valuations at Level 2 of the fair value hierarchy. A 10% change in the significant unobservable inputs will not have a material impact on the fair value of the derivative financial instruments as of September 30, 2014. | |||||||||||||||||||||||||||||||||||
The table below presents the impact of changes in fair values of derivatives on accumulated other comprehensive income (loss) and on net income (loss) during the three and nine months ended September 30, 2014: | |||||||||||||||||||||||||||||||||||
Amount of Gain (Loss) | Location of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||||||||||||||||||
Recognized in Other | Recorded in Income (Loss) | Recorded in Net Income | |||||||||||||||||||||||||||||||||
Comprehensive Income | (Loss) | ||||||||||||||||||||||||||||||||||
(Loss) | |||||||||||||||||||||||||||||||||||
Three | Nine | Three | Nine Months | ||||||||||||||||||||||||||||||||
Months | Months | Months | Ended | ||||||||||||||||||||||||||||||||
Ended | Ended | Ended | September 30, | ||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||
(in $ millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rate caps | $ | — | $ | (2 | ) | $ | 4 | $ | (2 | ) | Interest expense, net | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rate caps | N/A | N/A | N/A | N/A | Interest expense, net | (1 | ) | — | (9 | ) | — | ||||||||||||||||||||||||
Interest rate swaps | N/A | N/A | N/A | N/A | Interest expense, net | — | — | — | (3 | ) | |||||||||||||||||||||||||
Foreign currency contracts | N/A | N/A | N/A | N/A | Selling, general and administrative | (9 | ) | 7 | (7 | ) | (4 | ) | |||||||||||||||||||||||
$ | (10 | ) | $ | 7 | $ | (16 | ) | $ | (7 | ) | |||||||||||||||||||||||||
The table above includes unrealized loss on foreign currency derivative contracts of $11 million and $9 million for the three and nine months ended September 30, 2014, respectively. | |||||||||||||||||||||||||||||||||||
Fair Value Disclosures for All Financial Instruments | |||||||||||||||||||||||||||||||||||
The carrying amounts of cash and cash equivalents, accounts receivable, other current assets, accounts payable, and accrued expenses and other current liabilities approximate fair value due to the short-term maturities of these assets and liabilities. The carrying value of cash held as collateral approximates to its fair value. | |||||||||||||||||||||||||||||||||||
The fair values of the Company’s other financial instruments are as follows: | |||||||||||||||||||||||||||||||||||
Fair Value | September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||||
(in $ millions) | Hierarchy | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||||||||||||
Asset (liability) | |||||||||||||||||||||||||||||||||||
Available-for-sale securities | Level 1 | $ | 6 | $ | 6 | $ | — | $ | — | ||||||||||||||||||||||||||
Equity method investments | Level 1 | — | — | 19 | 349 | ||||||||||||||||||||||||||||||
Derivative assets | Level 2 | — | — | 11 | 11 | ||||||||||||||||||||||||||||||
Derivative liabilities | Level 2 | (9 | ) | (9 | ) | (1 | ) | (1 | ) | ||||||||||||||||||||||||||
Total debt | Level 2 | (2,444 | ) | (2,475 | ) | (3,573 | ) | (3,693 | ) | ||||||||||||||||||||||||||
The fair value of the Company’s investment in Orbitz Worldwide, included within available-for-sale securities and equity method investments, is categorized within Level 1 of the fair value hierarchy and has been determined based on quoted prices in active markets. | |||||||||||||||||||||||||||||||||||
The fair value of the Company’s total debt has been determined by calculating the fair value of term loans based on quoted prices obtained from independent brokers for identical debt instruments when traded as an asset and is categorized within Level 2 of the fair value hierarchy. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
11. Commitments and Contingencies | |
Purchase Commitments | |
In the ordinary course of business, the Company makes various commitments to purchase goods and services from specific suppliers, including those related to capital expenditures. As of September 30, 2014, the Company had approximately $97 million of outstanding purchase commitments, primarily relating to service contracts for information technology, of which $45 million relates to the twelve months ending September 30, 2015. These purchase obligations extend through 2017. | |
Contingencies | |
Company Litigation | |
The Company is involved in various claims, legal proceedings and governmental inquiries related to contract disputes, business practices, intellectual property and other commercial, employment and tax matters. The Company believes it has adequately accrued for such matters as appropriate or, for matters not requiring accrual, believes they will not have a material adverse effect on its results of operations, financial position or cash flows based on information currently available. However, litigation is inherently unpredictable and although the Company believes its accruals are adequate and/or that it has valid defenses in these matters, unfavorable resolutions could occur, which could have a material effect on the Company’s results of operations or cash flows in a particular reporting period. | |
Standard Guarantees/Indemnification | |
In the ordinary course of business, the Company enters into numerous agreements that contain standard guarantees and indemnities whereby the Company indemnifies another party for breaches of representations and warranties. In addition, many of these parties are also indemnified against any third-party claim resulting from the transaction that is contemplated in the underlying agreement. Such guarantees or indemnifications are granted under various agreements, including those governing (i) purchases, sales or outsourcing of assets or businesses, (ii) leases of real estate, (iii) licensing of trademarks, (iv) use of derivatives, and (v) issuances of debt securities. The guarantees or indemnifications issued are for the benefit of the (i) buyers in sale agreements and sellers in purchase agreements, (ii) landlords in lease contracts, (iii) licensees of the Company’s trademarks, (iv) financial institutions in derivative contracts, and (v) underwriters in debt security issuances. While some of these guarantees extend only for the duration of the underlying agreement, many survive the expiration of the term of the agreement or extend into perpetuity (unless subject to a legal statute of limitations). There are no specific limitations on the maximum potential amount of future payments the Company could be required to make under these guarantees, nor is the Company able to develop an estimate of the maximum potential amount of future payments to be made under these guarantees, as the triggering events are not subject to predictability and there is little or no history of claims against the Company under such arrangements. With respect to certain of the aforementioned guarantees, such as indemnifications of landlords against third-party claims for the use of real estate property leased by the Company, the Company maintains insurance coverage that mitigates any potential payments to be made. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | ' |
Equity | ' |
12. Equity | |
Issuance of Common Shares in IPO | |
In September 2014, the Company issued 30 million common shares with par value of $0.0025 per share, at a price of $16.00 per share, generating $445 million of net proceeds after deducting underwriting discounts and commissions, and offering expenses. The par value of the shares has been recorded within common shares and the excess of proceeds over the par value of shares has been recorded within additional paid-in-capital on the Company’s consolidated condensed balance sheets as of September 30, 2014. | |
Issuance of Common Shares in Exchange for Debt | |
During the nine months ended September 30, 2014, the Company exchanged $167 million of its senior notes, $313 million of its senior subordinated notes, $70 million of its term loans under old senior secured credit agreement and $21 million of Tranche 1 term loans under second lien credit agreement for an aggregate of 29 million of its common shares. The Company has recorded the issuance of the shares at fair value of $584 million and recognized a loss of $28 million (which includes $12 million of costs incurred) resulting from extinguishment of debt in its consolidated condensed statement of operations. | |
Purchase of Non-Controlling Interest in a Subsidiary | |
In June 2014, the Company acquired an additional 16% of equity from the non-controlling shareholders of its majority-owned subsidiary, eNett International (Jersey) Limited (“eNett”), for a total consideration of $65 million thereby increasing its ownership in eNett from 57% to 73%. The excess of consideration paid by the Company of $65 million over the carrying value of the non-controlling interest acquired is recorded within additional paid-in-capital on the Company’s consolidated condensed balance sheets and the cash payment has been presented as a financing activity in the Company’s consolidated condensed statements of cash flow. |
EquityBased_Compensation
Equity-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Equity-Based Compensation | ' | ||||||||||||||||
13. Equity-Based Compensation | |||||||||||||||||
The Company has the following equity-based long-term incentive programs, under which time-based restricted share units (“TRSUs”), performance-based restricted share units (“PRSUs”) performance share units (“PSUs”), and/or stock options of the Company have been granted or authorized for grant to the key employees and directors of the Company. | |||||||||||||||||
• | 2011 Equity Plan (all of the outstanding TRSUs vested on January 1, 2014) | ||||||||||||||||
• | 2013 Equity Plan | ||||||||||||||||
• | 2014 Omnibus Incentive Plan (“2014 Omnibus Plan”) | ||||||||||||||||
• | 2014 Employee Stock Purchase Plan (“2014 ESPP”) | ||||||||||||||||
In May 2014, the Company communicated performance targets for the PRSUs and stock options granted under the 2013 Equity Plan. Also in May 2014, the Company made a grant of TRSUs to certain employees. Consequently, 1.9 million of RSUs and 160,000 of stock options were considered as granted for accounting purposes. The restricted stock units (“RSUs”) and stock options vest in April 2015 and April 2016, respectively, if the performance conditions are met and the participants remain in employment until then. | |||||||||||||||||
On August 4, 2014, the Company’s Board of Directors adopted the Travelport Worldwide Limited 2014 Omnibus Plan, which permits the grant of cash and stock-based incentive awards. The aggregate number of common shares that may be issued or used for reference purposes or with respect to which awards may be granted under the 2014 Omnibus Plan shall not exceed 6 million shares. The Company’s employees and the members of its Board of Directors are eligible to receive awards under the 2014 Omnibus Plan. On September 25, 2014, the Company authorized for grant 733,605 PSUs, 513,187 TRSUs and 916,996 stock options. | |||||||||||||||||
In September 2014, upon the consummation of the IPO and under the terms of 2013 Equity Plan, the unvested 2.4 million TRSUs vested immediately, which resulted in additional recognition of compensation cost of approximately $9 million. | |||||||||||||||||
On September 5, 2014, the Company’s Board of Directors also adopted the Travelport Worldwide Limited 2014 ESPP which is intended to provide employees of the Company with an opportunity to acquire a proprietary interest in the Company through the purchase of common shares at a discount of up to 15% of the market price of the share. Under the 2014 ESPP, 2.4 million common shares have been reserved as authorized for issuance under the 2014 ESPP, none of which have been issued as of September 30, 2014. | |||||||||||||||||
The activity of the Company’s RSUs and stock options for the nine months ended September 30, 2014 is presented below: | |||||||||||||||||
Restricted Share | Stock Options | ||||||||||||||||
Units | |||||||||||||||||
Number | Weighted | Number | Weighted | ||||||||||||||
of RSUs | Average | of Options | Average | ||||||||||||||
Grant Date | Grant Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Balance as of January 1, 2014 | 3,344,000 | $ | 4.88 | 160,000 | $ | 1.5 | |||||||||||
Granted at fair market value | 1,912,000 | $ | 19.5 | 160,000 | $ | 13.63 | |||||||||||
Vesting of restricted share units | (3,066,827 | ) | $ | 4.82 | — | — | |||||||||||
Forfeited/cancelled | (303,068 | ) | $ | 5.26 | — | — | |||||||||||
Tax withholding for equity awards(1) | — | — | — | — | |||||||||||||
Balance as of September 30, 2014 | 1,886,105 | $ | 19.69 | 320,000 | $ | 7.63 | |||||||||||
-1 | The Company withheld shares in connection with employee taxable income created upon issuance of shares. The Company agreed to pay these taxes on behalf of the employees in return for the employees returning an equivalent value of shares. | ||||||||||||||||
The fair values of employee options granted in June 2014 has been estimated as of the date of grant using the following weighted-average assumptions: | |||||||||||||||||
June 2014 | |||||||||||||||||
Fair value of common share | $ | 20 | |||||||||||||||
Expected term from grant date (in years) | 3 | ||||||||||||||||
Risk free interest rate | 0.8 | % | |||||||||||||||
Expected volatility | 60 | % | |||||||||||||||
Dividend yield | 0 | % | |||||||||||||||
The weighted-average exercise price of options granted was $9.38 per option, with the remaining weighted average expected term as of September 30, 2014 of 2.75 years. None of the stock options have vested or have become exercisable as of September 30, 2014. | |||||||||||||||||
Compensation expense for the nine months ended September 30, 2014 and 2013 resulted in a credit to equity on the Company’s consolidated condensed balance sheets of $30 million and $3 million, respectively, which was offset by a decrease of approximately $23 million and $0, respectively, due to tax withholding for equity awards as the payment of the taxes is effectively a repurchase of previously granted equity awards. The Company expects the future equity-based compensation expense in relation to awards recognized for accounting purposes as being granted as of September 30, 2014 will be approximately $23 million based on the fair value of the RSUs and the stock options on the grant date. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
14. Earnings Per Share | |||||||||||||||||
The following table reconciles the numerators and denominators used in the computation of basic and diluted earnings (loss) per shares: | |||||||||||||||||
(in $ million, except for share data) | Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator – Basic and Diluted EPS: | |||||||||||||||||
Net income (loss) attributable to the Company | $ | 154 | $ | (27 | ) | $ | 129 | $ | (156 | ) | |||||||
Denominator – Basic EPS: | |||||||||||||||||
Weighted average common shares outstanding | 88,254,078 | 60,513,727 | 73,701,371 | 40,366,596 | |||||||||||||
Income (loss) per share | $ | 1.75 | $ | (0.45 | ) | $ | 1.75 | $ | (3.87 | ) | |||||||
Denominator – Diluted EPS: | |||||||||||||||||
Number of shares used for Basic EPS | 88,254,078 | 60,513,727 | 73,701,371 | 40,366,596 | |||||||||||||
Weighted average effect of dilutive securities | |||||||||||||||||
RSUs | 2,119,936 | — | 2,327,658 | — | |||||||||||||
Stock Options | 90,637 | — | 44,352 | — | |||||||||||||
Weighted average common shares outstanding | 90,464,651 | 60,513,727 | 76,073,381 | 40,366,596 | |||||||||||||
Income (loss) per share | $ | 1.71 | $ | (0.45 | ) | $ | 1.7 | $ | (3.87 | ) | |||||||
Basic earnings per share is based on the weighted average number of common shares outstanding during each period. Diluted earnings per share is based on the weighted average number of common shares outstanding and the effect of all dilutive common shares equivalents during each period. For each of the three and nine months ended September 30, 2013, the Company has excluded 3.5 million of common share equivalents, primarily associated with the Company’s RSUs and stock options as their inclusion would have been anti-dilutive. As a result, basic and diluted earnings per share for three and nine months ended September 30, 2013 are equal for each period. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
15. Subsequent Events | |
On November 4, 2014, Travelport’s Board of Directors declared a cash dividend of $0.075 per common share for the third quarter of 2014. The dividend will be payable on December 18, 2014 to shareholders of record on December 4, 2014. |
Recently_Issued_Accounting_Pro1
Recently Issued Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Recently Issued Accounting Pronouncements | ' |
Going Concern | |
In August 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance on disclosures of uncertainties about an entity’s ability to continue as a going concern. The guidance requires management to assess a company’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. Disclosures are required when conditions give rise to substantial doubt about the company’s ability to continue as a going concern within one year from the financial statements issuance date. The guidance is applicable to the Company for the annual period ending December 31, 2016 and all annual and interim periods thereafter. The Company does not anticipate an impact on the consolidated condensed financial statements resulting from the adoption of this guidance. | |
Compensation—Stock Compensation | |
In June 2014, the FASB issued guidance on accounting for stock compensation where share-based payment awards granted to employees require specific performance targets to be achieved in order for employees to become eligible to vest in the awards and such performance targets could be achieved after an employee completes the requisite service period. The amendment in this update requires a performance target that affects vesting and that could be achieved after the requisite service period to be treated as a performance condition. | |
The guidance is applicable to the Company for interim and annual reporting periods beginning after December 15, 2015, although earlier adoption is permitted. The Company is assessing the implications of adoption of this update on its consolidated condensed financial statements. | |
Revenue Recognition | |
In May 2014, the FASB issued guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. | |
The guidance is applicable to the Company for the interim and annual reporting periods beginning after December 15, 2016, with early adoption not permitted. The guidance permits the use of either a retrospective or cumulative effect transition method. The Company has not yet selected a transition method and is currently evaluating the impact of the amended guidance on its consolidated condensed financial statements. | |
Discontinued Operations | |
In April 2014, the FASB issued guidance on discontinued operations that increased the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. | |
This guidance is applicable to the Company on a prospective basis for interim and annual reporting periods beginning after December 15, 2014 although early adoption is permitted. The Company does not anticipate an impact on the consolidated condensed financial statements resulting from the adoption of this guidance, other than disclosures. | |
Presentation of an Unrecognized Tax Benefit | |
In July 2013, the FASB issued guidance on the presentation of an unrecognized tax benefit as a reduction to a deferred tax asset when a net operating loss carry forward, a similar tax loss, or a tax credit carry forward exists except in certain circumstances. The Company adopted the provisions of this guidance effective January 1, 2014, as required. There was no impact on the consolidated condensed financial statements resulting from the adoption of this guidance. | |
Accounting for Cumulative Translation Adjustment | |
In March 2013, the FASB issued guidance on a parent company’s accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity. The guidance provides the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided, or, if a controlling financial interest is no longer held. | |
This guidance is applicable to the Company on a prospective basis for interim and annual reporting periods beginning after December 15, 2014 although early adoption is permitted. The Company does not anticipate an impact on the consolidated condensed financial statements resulting from the adoption of this guidance. |
Orbitz_Worldwide_Tables
Orbitz Worldwide (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||||||
Summary Results of Operations for Orbitz Worldwide | ' | ||||||||||||||||
Presented below are the summary results of operations for Orbitz Worldwide for the six months ended June 30, 2014 and 2013 and the three and nine months ended September 30, 2013: | |||||||||||||||||
(in $ millions) | Six Months | Six Months | Three Months | Nine Months | |||||||||||||
Ended June 30, | Ended June 30, | Ended September 30, | Ended September 30, | ||||||||||||||
2014 | 2013 | 2013 | 2013 | ||||||||||||||
Net revenue | $ | 458 | $ | 429 | $ | 221 | $ | 650 | |||||||||
Operating expenses | 424 | 409 | 194 | 603 | |||||||||||||
Operating income | 34 | 20 | 27 | 47 | |||||||||||||
Interest expense, net | (18 | ) | (22 | ) | (12 | ) | (34 | ) | |||||||||
Loss on early extinguishment of debt | (2 | ) | (18 | ) | — | (18 | ) | ||||||||||
Income (loss) before income taxes | 14 | (20 | ) | 15 | (5 | ) | |||||||||||
(Provision for) benefit from income taxes | (13 | ) | 167 | (2 | ) | 165 | |||||||||||
Net Income | $ | 1 | $ | 147 | $ | 13 | $ | 160 | |||||||||
Other_Current_Assets_Tables
Other Current Assets (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ||||||||
Summary of Other Current Assets | ' | ||||||||
Other current assets consisted of: | |||||||||
(in $ millions) | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Sales and use tax receivables | $ | 30 | $ | 30 | |||||
Prepaid expenses | 22 | 22 | |||||||
Restricted cash | 21 | 44 | |||||||
Prepaid incentives | 15 | 20 | |||||||
Available-for-sale securities | 6 | — | |||||||
Derivative assets | — | 3 | |||||||
Other | 13 | 15 | |||||||
$ | 107 | $ | 134 | ||||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||||||||||
Summary of Property and Equipment, Net | ' | ||||||||||||||||||||||||
Property and equipment, net, consisted of: | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
(in $ millions) | Cost | Accumulated | Net | Cost | Accumulated | Net | |||||||||||||||||||
depreciation | depreciation | ||||||||||||||||||||||||
Capitalized software | $ | 721 | $ | (525 | ) | $ | 196 | $ | 650 | $ | (449 | ) | $ | 201 | |||||||||||
Computer equipment | 292 | (168 | ) | 124 | 281 | (139 | ) | 142 | |||||||||||||||||
Building and leasehold improvements | 20 | (9 | ) | 11 | 17 | (8 | ) | 9 | |||||||||||||||||
Construction in progress | 82 | — | 82 | 76 | — | 76 | |||||||||||||||||||
$ | 1,115 | $ | (702 | ) | $ | 413 | $ | 1,024 | $ | (596 | ) | $ | 428 | ||||||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Changes in Carrying Amount of Goodwill and Intangible Assets | ' | ||||||||||||||||||||
The changes in the carrying amount of goodwill and intangible assets for the Company between January 1, 2014 and September 30, 2014 are as follows: | |||||||||||||||||||||
(in $ millions) | January 1, | Additions | Retirements | Foreign | September 30, | ||||||||||||||||
2014 | Exchange | 2014 | |||||||||||||||||||
Non-Amortizable Assets: | |||||||||||||||||||||
Goodwill | $ | 986 | $ | 14 | $ | — | $ | — | $ | 1,000 | |||||||||||
Trademarks and tradenames | 314 | — | — | — | 314 | ||||||||||||||||
Other Intangible Assets: | |||||||||||||||||||||
Acquired intangible assets | 1,129 | — | — | — | 1,129 | ||||||||||||||||
Accumulated amortization | (610 | ) | (58 | ) | — | — | (668 | ) | |||||||||||||
Acquired intangible assets, net | 519 | (58 | ) | — | — | 461 | |||||||||||||||
Customer loyalty payments | 306 | 86 | (52 | ) | (2 | ) | 338 | ||||||||||||||
Accumulated amortization | (154 | ) | (56 | ) | 52 | — | (158 | ) | |||||||||||||
Customer loyalty payments, net | 152 | 30 | — | (2 | ) | 180 | |||||||||||||||
Other intangible assets, net | $ | 671 | $ | (28 | ) | $ | — | $ | (2 | ) | $ | 641 | |||||||||
The change in the carrying amount of goodwill and intangible assets for the Company between January 1, 2013 and September 30, 2013 are as follows: | |||||||||||||||||||||
(in $ millions) | January 1, | Additions | Retirements | Foreign | September 30, | ||||||||||||||||
2013 | Exchange | 2013 | |||||||||||||||||||
Non-Amortizable Assets: | |||||||||||||||||||||
Goodwill | $ | 986 | $ | — | $ | — | $ | — | $ | 986 | |||||||||||
Trademarks and tradenames | 314 | — | — | — | 314 | ||||||||||||||||
Other Intangible Assets: | |||||||||||||||||||||
Acquired intangible assets | 1,129 | — | — | — | 1,129 | ||||||||||||||||
Accumulated amortization | (530 | ) | (61 | ) | — | — | (591 | ) | |||||||||||||
Acquired intangible assets, net | 599 | (61 | ) | — | — | 538 | |||||||||||||||
Customer loyalty payments | 274 | 67 | (56 | ) | — | 285 | |||||||||||||||
Accumulated amortization | (156 | ) | (45 | ) | 56 | — | (145 | ) | |||||||||||||
Customer loyalty payments, net | 118 | 22 | — | — | 140 | ||||||||||||||||
Other intangible assets, net | $ | 717 | $ | (39 | ) | $ | — | $ | — | $ | 678 | ||||||||||
Other_NonCurrent_Assets_Tables
Other Non-Current Assets (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Text Block [Abstract] | ' | ||||||||
Summary of Other Non-Current Assets | ' | ||||||||
Other non-current assets consisted of: | |||||||||
(in $ millions) | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Deferred financing costs | $ | 37 | $ | 40 | |||||
Supplier prepayments | 26 | 24 | |||||||
Pension assets | 13 | 11 | |||||||
Prepaid incentives | 7 | 22 | |||||||
Derivative assets | — | 8 | |||||||
Other | 27 | 34 | |||||||
$ | 110 | $ | 139 | ||||||
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Summary of Accrued Expenses and Other Current Liabilities | ' | ||||||||
Accrued expenses and other current liabilities consisted of: | |||||||||
(in $ millions) | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Accrued commissions and incentives | $ | 285 | $ | 253 | |||||
Accrued payroll and related | 89 | 80 | |||||||
Deferred revenue | 29 | 30 | |||||||
Customer prepayments | 21 | 44 | |||||||
Income tax payable | 18 | 15 | |||||||
Accrued interest expense | 11 | 73 | |||||||
Derivative contracts | 8 | 1 | |||||||
Pension and post-retirement benefit liabilities | 1 | 1 | |||||||
Accrued sponsor monitoring fee | — | 26 | |||||||
Other | 24 | 17 | |||||||
$ | 486 | $ | 540 | ||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Long-Term Debt | ' | ||||||||||||||||
Long-term debt consisted of: | |||||||||||||||||
(in $ millions) | Interest | Maturity | September 30, | December 31, | |||||||||||||
rate | 2014 | 2013 | |||||||||||||||
Secured debt | |||||||||||||||||
Senior Secured Credit Agreement | |||||||||||||||||
Term loans | |||||||||||||||||
Dollar denominated(1) | L+5% | September 2021 | $ | 2,346 | $ | — | |||||||||||
Dollar denominated (repaid and/or exchanged in 2014)(2) | L+5% | — | 1,525 | ||||||||||||||
Revolver borrowings | |||||||||||||||||
Dollar denominated | L+5% | Sep-19 | — | — | |||||||||||||
Dollar denominated (terminated in 2014)(2) | L+5% | — | — | ||||||||||||||
Second Lien Credit Agreement | |||||||||||||||||
Tranche 1 dollar denominated term loan (repaid and/or exchanged in 2014)(3) | L+8% | — | 644 | ||||||||||||||
Tranche 2 dollar denominated term loan (repaid in 2014)(4) | 8 3⁄8% | — | 234 | ||||||||||||||
Unsecured debt | |||||||||||||||||
Senior Notes | |||||||||||||||||
Dollar denominated notes (repaid and/or exchanged in 2014)(5) | 13 7⁄8% | — | 411 | ||||||||||||||
Dollar denominated floating rate notes (repaid and/or exchanged in 2014)(6) | L+8 5⁄8% | — | 188 | ||||||||||||||
Senior Subordinated Notes | |||||||||||||||||
Dollar denominated notes (repaid and/or exchanged in 2014) | 11 7⁄8% | — | 272 | ||||||||||||||
Euro denominated notes (repaid and/or exchanged in 2014) | 10 7⁄8% | — | 192 | ||||||||||||||
Capital leases | 98 | 107 | |||||||||||||||
Total debt | 2,444 | 3,573 | |||||||||||||||
Less: current portion | 50 | 45 | |||||||||||||||
Long-term debt | $ | 2,394 | $ | 3,528 | |||||||||||||
-1 | Minimum LIBOR floor of 1.00% | ||||||||||||||||
-2 | Minimum LIBOR floor of 1.25% | ||||||||||||||||
-3 | Minimum LIBOR floor of 1.5% | ||||||||||||||||
-4 | Cash interest of 4% and payment-in-kind interest of 4.375% | ||||||||||||||||
-5 | Cash interest of 11.375% and payment-in-kind interest of 2.5% | ||||||||||||||||
-6 | Cash interest of LIBOR+6.125% plus payment-in-kind interest of 2.5% |
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Summary of Fair Value of Company's Derivative Contracts | ' | ||||||||||||||||||||||||||||||||||
Presented below is a summary of the fair value of the Company’s derivative contracts recorded on the consolidated condensed balance sheets at fair value. | |||||||||||||||||||||||||||||||||||
(in $ millions) | Balance Sheet | Fair Value Asset | Balance Sheet | Fair Value (Liability) | |||||||||||||||||||||||||||||||
Location | September 30, | December 31, | Location | September 30, | December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rate caps | Other non-current assets | $ | — | $ | 8 | Other non-current liabilities | $ | — | $ | — | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Foreign currency contracts | Other current assets | — | 3 | Accrued expenses and other current liabilities | (8 | ) | (1 | ) | |||||||||||||||||||||||||||
Foreign currency contracts | Other non-current assets | — | — | Other non-current liabilities | (1 | ) | — | ||||||||||||||||||||||||||||
Total fair value of derivative assets (liabilities) | $ | — | $ | 11 | $ | (9 | ) | $ | (1 | ) | |||||||||||||||||||||||||
Summary of Reconciliation of Net Carrying Amount of Derivative Financial Instruments | ' | ||||||||||||||||||||||||||||||||||
The following table provides a reconciliation of the movement in the net carrying amount of derivative financial instruments, during the nine months ended September 30, 2014. | |||||||||||||||||||||||||||||||||||
(in $ millions) | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||||||||||||||
Net derivative asset as of January 1 | $ | 10 | $ | 11 | |||||||||||||||||||||||||||||||
Total loss for the period included in net loss | (9 | ) | (7 | ) | |||||||||||||||||||||||||||||||
Total loss for period accounted through other comprehensive income (loss) | (4 | ) | (2 | ) | |||||||||||||||||||||||||||||||
Premium paid for interest rate cap derivative contracts | — | 12 | |||||||||||||||||||||||||||||||||
(Proceeds from) payments on settlement of derivative contracts | (6 | ) | 5 | ||||||||||||||||||||||||||||||||
Termination of foreign exchange derivative contracts (settlement pending) | — | (4 | ) | ||||||||||||||||||||||||||||||||
Net derivative (liability) asset as of September 30 | $ | (9 | ) | $ | 15 | ||||||||||||||||||||||||||||||
Impact of Changes in Fair Values of Derivatives | ' | ||||||||||||||||||||||||||||||||||
The table below presents the impact of changes in fair values of derivatives on accumulated other comprehensive income (loss) and on net income (loss) during the three and nine months ended September 30, 2014: | |||||||||||||||||||||||||||||||||||
Amount of Gain (Loss) | Location of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||||||||||||||||||||||
Recognized in Other | Recorded in Income (Loss) | Recorded in Net Income | |||||||||||||||||||||||||||||||||
Comprehensive Income | (Loss) | ||||||||||||||||||||||||||||||||||
(Loss) | |||||||||||||||||||||||||||||||||||
Three | Nine | Three | Nine Months | ||||||||||||||||||||||||||||||||
Months | Months | Months | Ended | ||||||||||||||||||||||||||||||||
Ended | Ended | Ended | September 30, | ||||||||||||||||||||||||||||||||
September 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||
(in $ millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rate caps | $ | — | $ | (2 | ) | $ | 4 | $ | (2 | ) | Interest expense, net | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rate caps | N/A | N/A | N/A | N/A | Interest expense, net | (1 | ) | — | (9 | ) | — | ||||||||||||||||||||||||
Interest rate swaps | N/A | N/A | N/A | N/A | Interest expense, net | — | — | — | (3 | ) | |||||||||||||||||||||||||
Foreign currency contracts | N/A | N/A | N/A | N/A | Selling, general and administrative | (9 | ) | 7 | (7 | ) | (4 | ) | |||||||||||||||||||||||
$ | (10 | ) | $ | 7 | $ | (16 | ) | $ | (7 | ) | |||||||||||||||||||||||||
Fair Values of Company's Other Financial Instruments | ' | ||||||||||||||||||||||||||||||||||
The fair values of the Company’s other financial instruments are as follows: | |||||||||||||||||||||||||||||||||||
Fair Value | September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||||
(in $ millions) | Hierarchy | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||||||||||||
Asset (liability) | |||||||||||||||||||||||||||||||||||
Available-for-sale securities | Level 1 | $ | 6 | $ | 6 | $ | — | $ | — | ||||||||||||||||||||||||||
Equity method investments | Level 1 | — | — | 19 | 349 | ||||||||||||||||||||||||||||||
Derivative assets | Level 2 | — | — | 11 | 11 | ||||||||||||||||||||||||||||||
Derivative liabilities | Level 2 | (9 | ) | (9 | ) | (1 | ) | (1 | ) | ||||||||||||||||||||||||||
Total debt | Level 2 | (2,444 | ) | (2,475 | ) | (3,573 | ) | (3,693 | ) |
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Summary of Company's RSUs and Stock Options | ' | ||||||||||||||||
The activity of the Company’s RSUs and stock options for the nine months ended September 30, 2014 is presented below: | |||||||||||||||||
Restricted Share | Stock Options | ||||||||||||||||
Units | |||||||||||||||||
Number | Weighted | Number | Weighted | ||||||||||||||
of RSUs | Average | of Options | Average | ||||||||||||||
Grant Date | Grant Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Balance as of January 1, 2014 | 3,344,000 | $ | 4.88 | 160,000 | $ | 1.5 | |||||||||||
Granted at fair market value | 1,912,000 | $ | 19.5 | 160,000 | $ | 13.63 | |||||||||||
Vesting of restricted share units | (3,066,827 | ) | $ | 4.82 | — | — | |||||||||||
Forfeited/cancelled | (303,068 | ) | $ | 5.26 | — | — | |||||||||||
Tax withholding for equity awards(1) | — | — | — | — | |||||||||||||
Balance as of September 30, 2014 | 1,886,105 | $ | 19.69 | 320,000 | $ | 7.63 | |||||||||||
-1 | The Company withheld shares in connection with employee taxable income created upon issuance of shares. The Company agreed to pay these taxes on behalf of the employees in return for the employees returning an equivalent value of shares. | ||||||||||||||||
Schedule of Employee Options Grant Estimated Weighted-Average Assumptions | ' | ||||||||||||||||
The fair values of employee options granted in June 2014 has been estimated as of the date of grant using the following weighted-average assumptions: | |||||||||||||||||
June 2014 | |||||||||||||||||
Fair value of common share | $ | 20 | |||||||||||||||
Expected term from grant date (in years) | 3 | ||||||||||||||||
Risk free interest rate | 0.8 | % | |||||||||||||||
Expected volatility | 60 | % | |||||||||||||||
Dividend yield | 0 | % |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Earnings (Loss) per Shares | ' | ||||||||||||||||
The following table reconciles the numerators and denominators used in the computation of basic and diluted earnings (loss) per shares: | |||||||||||||||||
(in $ million, except for share data) | Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator – Basic and Diluted EPS: | |||||||||||||||||
Net income (loss) attributable to the Company | $ | 154 | $ | (27 | ) | $ | 129 | $ | (156 | ) | |||||||
Denominator – Basic EPS: | |||||||||||||||||
Weighted average common shares outstanding | 88,254,078 | 60,513,727 | 73,701,371 | 40,366,596 | |||||||||||||
Income (loss) per share | $ | 1.75 | $ | (0.45 | ) | $ | 1.75 | $ | (3.87 | ) | |||||||
Denominator – Diluted EPS: | |||||||||||||||||
Number of shares used for Basic EPS | 88,254,078 | 60,513,727 | 73,701,371 | 40,366,596 | |||||||||||||
Weighted average effect of dilutive securities | |||||||||||||||||
RSUs | 2,119,936 | — | 2,327,658 | — | |||||||||||||
Stock Options | 90,637 | — | 44,352 | — | |||||||||||||
Weighted average common shares outstanding | 90,464,651 | 60,513,727 | 76,073,381 | 40,366,596 | |||||||||||||
Income (loss) per share | $ | 1.71 | $ | (0.45 | ) | $ | 1.7 | $ | (3.87 | ) |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | 0 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 25, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 25, 2014 | Sep. 30, 2014 |
Country | Bridge Loans [Member] | IPO [Member] | IPO [Member] | Orbitz Worldwide [Member] | ||
Basis Of Presentation [Line Items] | ' | ' | ' | ' | ' | ' |
Number of countries in which company operates | ' | 170 | ' | ' | ' | ' |
Ownership percentage, description | ' | ' | ' | ' | ' | 'In July 2014, the Company sold substantially all of its shares of common stock in Orbitz Worldwide, Inc. ("Orbitz Worldwide") and as of September 30, 2014, owned less than 1% of its outstanding shares. |
Issue of common stock, shares | 30,000,000 | ' | ' | 30,000,000 | ' | ' |
Sale price of shares, per share | ' | ' | ' | $16 | $16 | ' |
Issue of common stock, value | $445 | $445 | ' | ' | ' | ' |
Repayment of Bridge Loans through proceeds from IPO | ' | ' | $425 | ' | ' | ' |
Orbitz_Worldwide_Additional_In
Orbitz Worldwide - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 2 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 22, 2014 | Jul. 31, 2014 | 31-May-14 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 22, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Orbitz Worldwide [Member] | Orbitz Worldwide [Member] | Orbitz Worldwide [Member] | Orbitz Worldwide [Member] | Orbitz Worldwide [Member] | Orbitz Worldwide [Member] | Orbitz Worldwide [Member] | Orbitz Worldwide [Member] | Orbitz Worldwide [Member] | Orbitz Worldwide [Member] | Orbitz Worldwide [Member] | Orbitz Worldwide [Member] | Orbitz Worldwide [Member] | Maximum [Member] | |||||
Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Orbitz Worldwide [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares sold in underwritten public offering | ' | ' | ' | ' | ' | 39 | 8.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of shares | ' | ' | $366 | ' | ' | $312 | $54 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain recognized on shares sold | 304 | ' | 356 | ' | ' | 304 | 52 | 304 | ' | ' | ' | ' | ' | 356 | ' | 4 | 5 | ' |
Percentage of common stock shares owned after sale of Orbitz Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% |
Share of earnings (losses) in equity method investments | 2 | 6 | -1 | 8 | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' |
(Provision for) benefit from income taxes | -11 | -7 | -33 | -24 | ' | ' | ' | ' | -2 | 158 | -13 | 167 | ' | ' | 165 | ' | ' | ' |
Revenue earned | ' | ' | ' | ' | $6 | ' | ' | ' | $21 | ' | ' | ' | $58 | ' | $68 | ' | ' | ' |
Orbitz_Worldwide_Summary_Resul
Orbitz Worldwide - Summary Results of Operations for Orbitz Worldwide (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 |
Orbitz Worldwide [Member] | Orbitz Worldwide [Member] | Orbitz Worldwide [Member] | Orbitz Worldwide [Member] | Orbitz Worldwide [Member] | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | $529 | $511 | $1,652 | $1,596 | $221 | ' | $458 | $429 | $650 |
Operating expenses | 508 | 454 | 1,496 | 1,414 | 194 | ' | 424 | 409 | 603 |
Operating income | 21 | 57 | 156 | 182 | 27 | ' | 34 | 20 | 47 |
Interest expense, net | -67 | -83 | -237 | -271 | -12 | ' | -18 | -22 | -34 |
Loss on early extinguishment of debt | -94 | ' | -108 | -49 | ' | ' | -2 | -18 | -18 |
Income (loss) before income taxes | ' | ' | ' | ' | 15 | ' | 14 | -20 | -5 |
(Provision for) benefit from income taxes | -11 | -7 | -33 | -24 | -2 | 158 | -13 | 167 | 165 |
Net Income | ' | ' | ' | ' | $13 | ' | $1 | $147 | $160 |
Other_Current_Assets_Summary_o
Other Current Assets - Summary of Other Current Assets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Prepaid Expense and Other Assets, Current [Abstract] | ' | ' |
Sales and use tax receivables | $30 | $30 |
Prepaid expenses | 22 | 22 |
Restricted cash | 21 | 44 |
Prepaid incentives | 15 | 20 |
Available-for-sale securities | 6 | ' |
Derivative assets | ' | 3 |
Other | 13 | 15 |
Other current assets, Total | $107 | $134 |
Property_and_Equipment_Net_Sum
Property and Equipment, Net - Summary of Property and Equipment, Net (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | $1,115 | $1,024 |
Accumulated depreciation | -702 | -596 |
Net | 413 | 428 |
Capitalized Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 721 | 650 |
Accumulated depreciation | -525 | -449 |
Net | 196 | 201 |
Computer Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 292 | 281 |
Accumulated depreciation | -168 | -139 |
Net | 124 | 142 |
Building and Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 20 | 17 |
Accumulated depreciation | -9 | -8 |
Net | 11 | 9 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 82 | 76 |
Accumulated depreciation | ' | ' |
Net | $82 | $76 |
Property_and_Equipment_Net_Add
Property and Equipment, Net - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Property, Plant and Equipment [Abstract] | ' | ' | ' | ' | ' |
Depreciation expense | $39 | $30 | $113 | $91 | ' |
Net capital lease assets | 94 | ' | 94 | ' | 104 |
Interest on capital projects capitalized | $2 | $2 | $7 | $4 | ' |
Intangible_Assets_Changes_in_C
Intangible Assets - Changes in Carrying Amount of Goodwill and Intangible Assets (Detail) (USD $) | 1 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | 31-May-14 | Sep. 30, 2014 | Sep. 30, 2013 |
Non-Amortizable Assets: | ' | ' | ' |
Goodwill, Beginning Balance | ' | $986 | $986 |
Goodwill, Additions | 14 | 14 | ' |
Goodwill, Ending Balance | ' | 1,000 | 986 |
Trademarks and tradenames, Beginning Balance | ' | 314 | 314 |
Trademarks and tradenames, Additions | ' | 0 | ' |
Trademarks and tradenames, Ending Balance | ' | 314 | 314 |
Other Intangible Assets: | ' | ' | ' |
Other intangible assets, net, Beginning Balance | ' | 671 | 717 |
Other intangible assets, net, Additions | ' | -28 | -39 |
Other intangible assets, net, Foreign Exchange | ' | -2 | ' |
Other intangible assets, net, Ending Balance | ' | 641 | 678 |
Acquired Intangible Assets [Member] | ' | ' | ' |
Other Intangible Assets: | ' | ' | ' |
Total other intangible assets, Beginning Balance | ' | 1,129 | 1,129 |
Total other intangible assets, Additions | ' | 0 | ' |
Total other intangible assets, Foreign Exchange | ' | 0 | ' |
Total other intangible assets, Ending Balance | ' | 1,129 | 1,129 |
Accumulated amortization, Beginning Balance | ' | -610 | -530 |
Accumulated amortization, Additions | ' | -58 | -61 |
Accumulated amortization, Ending Balance | ' | -668 | -591 |
Other intangible assets, net, Beginning Balance | ' | 519 | 599 |
Other intangible assets, net, Additions | ' | -58 | -61 |
Other intangible assets, net, Foreign Exchange | ' | 0 | ' |
Other intangible assets, net, Ending Balance | ' | 461 | 538 |
Customer Loyalty Payments [Member] | ' | ' | ' |
Other Intangible Assets: | ' | ' | ' |
Total other intangible assets, Beginning Balance | ' | 306 | 274 |
Total other intangible assets, Additions | ' | 86 | 67 |
Total other intangible assets, Retirements | ' | -52 | -56 |
Total other intangible assets, Foreign Exchange | ' | -2 | ' |
Total other intangible assets, Ending Balance | ' | 338 | 285 |
Accumulated amortization, Beginning Balance | ' | -154 | -156 |
Accumulated amortization, Additions | ' | -56 | -45 |
Accumulated amortization, Retirements | ' | 52 | 56 |
Accumulated amortization, Ending Balance | ' | -158 | -145 |
Other intangible assets, net, Beginning Balance | ' | 152 | 118 |
Other intangible assets, net, Additions | ' | 30 | 22 |
Other intangible assets, net, Foreign Exchange | ' | -2 | ' |
Other intangible assets, net, Ending Balance | ' | $180 | $140 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | 31-May-14 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Acquired Intangible Assets [Member] | Acquired Intangible Assets [Member] | Acquired Intangible Assets [Member] | Acquired Intangible Assets [Member] | Customer Loyalty Payments [Member] | Customer Loyalty Payments [Member] | Customer Loyalty Payments [Member] | Customer Loyalty Payments [Member] | Customer Loyalty Payments [Member] | |||||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill acquired | $14 | $14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of goodwill paid in cash | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred consideration to be paid | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Customer loyalty payments in cash | ' | 66 | 60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balances of accrued commission and incentives | ' | 285 | ' | 253 | ' | ' | ' | ' | 55 | ' | 55 | ' | 35 |
Amortization expense | ' | ' | ' | ' | $19 | $21 | $58 | $61 | $19 | $16 | $56 | $45 | ' |
Other_NonCurrent_Assets_Summar
Other Non-Current Assets - Summary of Other Non-Current Assets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Assets, Noncurrent [Abstract] | ' | ' |
Deferred financing costs | $37 | $40 |
Supplier prepayments | 26 | 24 |
Pension assets | 13 | 11 |
Prepaid incentives | 7 | 22 |
Derivative assets | ' | 8 |
Other | 27 | 34 |
Other non-current assets, Total | $110 | $139 |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Accrued commissions and incentives | $285 | $253 |
Accrued payroll and related | 89 | 80 |
Deferred revenue | 29 | 30 |
Customer prepayments | 21 | 44 |
Income tax payable | 18 | 15 |
Accrued interest expense | 11 | 73 |
Derivative contracts | 8 | 1 |
Pension and post-retirement benefit liabilities | 1 | 1 |
Accrued sponsor monitoring fee | ' | 26 |
Other | 24 | 17 |
Accrued expenses and other current liabilities | $486 | $540 |
Accrued_Expenses_and_Other_Cur3
Accrued Expenses and Other Current Liabilities - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accrued Expenses And Other Current Liabilities [Line Items] | ' | ' |
Accrued commissions and incentives | $285 | $253 |
Customer Loyalty Payments [Member] | ' | ' |
Accrued Expenses And Other Current Liabilities [Line Items] | ' | ' |
Accrued commissions and incentives | $55 | $35 |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt - Summary of Long-Term Debt (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | |||
Term Loans [Member] | Term Loans [Member] | Term Loans [Member] | Revolver Borrowings [Member] | Revolver Borrowings [Member] | Second Lien Credit Agreement [Member] | Second Lien Credit Agreement [Member] | Second Lien Credit Agreement [Member] | Second Lien Credit Agreement [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | |||
Dollar Denominated [Member] | Dollar Denominated [Member] | Dollar Denominated [Member] | Dollar Denominated [Member] | Dollar Denominated (Terminated in 2014) [Member] | Tranche 1 Dollar Denominated Term Loan [Member] | Tranche 1 Dollar Denominated Term Loan [Member] | Tranche 2 Dollar Denominated Term Loan [Member] | Tranche 2 Dollar Denominated Term Loan [Member] | Dollar Denominated Notes [Member] | Dollar Denominated Notes [Member] | Dollar Denominated Floating Rate Notes [Member] | Dollar Denominated Floating Rate Notes [Member] | Dollar Denominated Notes [Member] | Dollar Denominated Notes [Member] | Euro Denominated Notes [Member] | Euro Denominated Notes [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest rate percentage | ' | ' | 5.00% | 5.00% | ' | 5.00% | 5.00% | 8.00% | ' | ' | ' | ' | ' | 8.63% | ' | ' | ' | ' | ' |
Interest rate percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.38% | ' | 13.88% | ' | ' | ' | 11.88% | ' | 10.88% |
Variable Interest rate description | 'The interest rate per annum applicable to the term loan is based on, at the election of the Company, (i) LIBOR, plus 5.00% or, base rate (as defined in the agreement), plus 4.00%. The term loan is subject to a LIBOR floor of 1.00% and 2.00% in the case of base rates. The Company expects to pay interest based on LIBOR. | ' | 'L+5% | 'L+5% | ' | 'L+5% | 'L+5% | 'L+8% | ' | ' | ' | ' | ' | 'L+8 5/8% | ' | ' | ' | ' | ' |
Maturity | ' | ' | 30-Sep-21 | ' | ' | 30-Sep-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | $2,346 | $1,525 | ' | ' | ' | $644 | ' | ' | $234 | ' | $411 | $188 | ' | ' | $272 | ' | $192 |
Capital leases | 98 | 107 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | 2,444 | 3,573 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: current portion | 50 | 45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 2,394 | 3,528 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | $2,444 | $3,573 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Summary_of_LongT1
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | ||
Term Loans [Member] | Term Loans [Member] | Revolver Borrowings [Member] | Second Lien Credit Agreement [Member] | Second Lien Credit Agreement [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | ||
Dollar Denominated [Member] | Dollar Denominated [Member] | Dollar Denominated [Member] | Tranche 1 Dollar Denominated Term Loan [Member] | Tranche 2 Dollar Denominated Term Loan [Member] | Dollar Denominated Notes [Member] | Dollar Denominated Floating Rate Notes [Member] | Dollar Denominated Floating Rate Notes [Member] | Term Loans [Member] | Term Loans [Member] | Revolver Borrowings [Member] | Second Lien Credit Agreement [Member] | ||
LIBOR+6.125% [Member] | Dollar Denominated [Member] | Dollar Denominated [Member] | Dollar Denominated [Member] | Tranche 1 Dollar Denominated Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR floor rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.25% | 1.25% | 1.50% |
Cash interest portion | ' | ' | ' | ' | ' | 4.00% | 11.38% | 6.13% | ' | ' | ' | ' | ' |
Payment-in-kind-interest | ' | ' | ' | ' | ' | 4.38% | 2.50% | 2.50% | ' | ' | ' | ' | ' |
Variable Interest rate description | 'The interest rate per annum applicable to the term loan is based on, at the election of the Company, (i) LIBOR, plus 5.00% or, base rate (as defined in the agreement), plus 4.00%. The term loan is subject to a LIBOR floor of 1.00% and 2.00% in the case of base rates. The Company expects to pay interest based on LIBOR. | 'L+5% | 'L+5% | 'L+5% | 'L+8% | ' | ' | 'L+8 5/8% | 'LIBOR+6.125% | ' | ' | ' | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||
Share data in Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 02, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 02, 2014 | Sep. 30, 2014 | Sep. 02, 2014 | Sep. 30, 2014 | Sep. 02, 2014 | Sep. 02, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 02, 2014 | Sep. 30, 2014 | Sep. 02, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
USD ($) | USD ($) | USD ($) | LIBOR [Member] | Base Rate [Member] | New Senior Secured Credit Agreement [Member] | New Senior Secured Credit Agreement [Member] | Senior Subordinated Notes [Member] | Senior Secured Credit Agreement [Member] | Senior Secured Credit Agreement [Member] | Term Loans [Member] | Term Loans [Member] | Bridge Loans [Member] | Bridge Loans [Member] | Cash Collateral Letter of Credit Facility Due June 2018 [Member] | Cash Collateral Letter of Credit Facility Due June 2018 [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Letter of Credit [Member] | Term Loans Maturing in Two Thousand Twenty One [Member] | Term Loans Maturing in Two Thousand Twenty One [Member] | Senior Unsecured Bridge Loan [Member] | Old Revolving Credit Facility [Member] | New Revolving Credit Facility [Member] | New Revolving Credit Facility [Member] | New Revolving Credit Facility [Member] | Debt Refinancing Transaction [Member] | Dollar Denominated Notes [Member] | Euro Denominated Notes [Member] | Euro Denominated Notes [Member] | Euro Denominated Notes [Member] | Dollar Denominated Notes [Member] | Dollar Denominated Floating Rate Notes [Member] | Tranche 1 Dollar Denominated Term Loan [Member] | Senior Notes, Senior Subordinated Notes and Term Loans [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | Floor for LIBOR Rate [Member] | Floor for Base Rate [Member] | LIBOR [Member] | Floor for LIBOR Rate [Member] | USD ($) | USD ($) | USD ($) | USD ($) | New Senior Secured Credit Agreement [Member] | New Senior Secured Credit Agreement [Member] | New Senior Secured Credit Agreement [Member] | New Senior Secured Credit Agreement [Member] | New Senior Secured Credit Agreement [Member] | New Senior Secured Credit Agreement [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Senior Subordinated Notes [Member] | USD ($) | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member] | USD ($) | USD ($) | |||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchange of debt for shares | ' | $571,000,000 | $473,000,000 | ' | ' | ' | ' | $313,000,000 | ' | $70,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchange of senior subordinated notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 154,000,000 | ' | 159,000,000 | 117,000,000 | 84,000,000 | 83,000,000 | 21,000,000 | ' |
Loss on extinguishment of debt | -94,000,000 | -108,000,000 | -49,000,000 | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | 28,000,000 |
Common shares in exchange of debt | ' | 29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 312,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | 2,375,000,000 | 2,375,000,000 | 425,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument quarterly installment percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Sep-19 | ' | ' | ' | 30-Sep-21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable Interest rate description | ' | 'The interest rate per annum applicable to the term loan is based on, at the election of the Company, (i) LIBOR, plus 5.00% or, base rate (as defined in the agreement), plus 4.00%. The term loan is subject to a LIBOR floor of 1.00% and 2.00% in the case of base rates. The Company expects to pay interest based on LIBOR. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest rate | ' | ' | ' | 5.00% | 4.00% | ' | ' | ' | ' | ' | 1.00% | 2.00% | 5.75% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of term loans | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized payment-in-kind interest | ' | 13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of capital lease obligations | ' | 23,000,000 | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease obligations incurred | ' | 14,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in long term debt due to foreign exchange fluctuations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' |
Cash collateralized letter of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 137,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,000,000 | ' | 100,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Terms of cash collateral | ' | ' | ' | ' | ' | ' | 'The new senior secured credit agreement further permits the issuance of certain cash collateralized letters of credit in addition to those that can be issued under the revolving credit facility, whereby 103% of cash collateral has to be maintained for outstanding letters of credit. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash collateral percent of letters of credit | ' | ' | ' | ' | ' | 103.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in revolving credit facility | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount drawn down on revolver facility | ' | 75,000,000 | 53,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of revolver borrowings | ' | 75,000,000 | 73,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining capacity under revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash collateralized letters of credit issued and outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash provided as collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 31, 2014 | Sep. 30, 2014 | |
Maximum [Member] | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | Interest Rate Caps [Member] | Foreign Currency Forward Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction percentage of the principal amount of debt being hedged | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Accumulated realizing losses | $8,000,000 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from settlement of foreign currency derivative contracts | ' | ' | ' | ' | 3,000,000 | ' | 3,000,000 | ' |
Net liability position related to derivative financial instruments | 9,000,000 | ' | ' | ' | ' | ' | ' | ' |
Derivative contracts, notional amounts | ' | ' | ' | ' | ' | ' | ' | 233,000,000 |
Transactions period of derivative contracts | ' | ' | '2 years | ' | ' | ' | ' | ' |
Payments to settle foreign currency derivative contracts | ' | ' | ' | ' | ' | 7,000,000 | ' | ' |
Probability of default percentage | 6.00% | ' | ' | ' | ' | ' | ' | ' |
Credit default recovery rate percentage | 20.00% | ' | ' | ' | ' | ' | ' | ' |
Credit risk fair value adjustments | 15.00% | ' | ' | ' | ' | ' | ' | ' |
Change in unobservable inputs percentage | 10.00% | ' | ' | ' | ' | ' | ' | ' |
Unrealized loss on foreign currency derivative contracts | $10,000,000 | ($2,000,000) | ' | $11,000,000 | $9,000,000 | ' | ' | ' |
Financial_Instruments_Summary_
Financial Instruments - Summary of Fair Value of Company's Derivative Contracts (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value Asset | ' | $11 |
Fair Value (Liability) | -9 | -1 |
Interest Rate Caps [Member] | Derivatives Designated as Hedging Instruments [Member] | Other Non-Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value (Liability) | ' | ' |
Interest Rate Caps [Member] | Derivatives Designated as Hedging Instruments [Member] | Other Non-Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value Asset | ' | 8 |
Foreign Currency Contracts [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other Non-Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value (Liability) | -1 | ' |
Foreign Currency Contracts [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Accrued Expenses and Other Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value (Liability) | -8 | -1 |
Foreign Currency Contracts [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value Asset | ' | $3 |
Financial_Instruments_Summary_1
Financial Instruments - Summary of Reconciliation of Net Carrying Amount of Derivative Financial Instruments (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Net derivative asset as of January 1 | $10 | $11 |
Total loss for the period included in net loss | -9 | -7 |
Total loss for period accounted through other comprehensive income (loss) | -4 | -2 |
Premium paid for interest rate cap derivative contracts | ' | 12 |
(Proceeds from) payments on settlement of derivative contracts | -6 | 5 |
Termination of foreign exchange derivative contracts (settlement pending) | ' | -4 |
Net derivative (liability) asset as of September 30 | ($9) | $15 |
Financial_Instruments_Impact_o
Financial Instruments - Impact of Changes in Fair Values of Derivatives (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Amount of Gain (Loss) Recorded in Net Income (Loss) | ($10) | $7 | ($16) | ($7) |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Caps [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss) | ' | -2 | 4 | -2 |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Caps [Member] | Interest Expense, Net [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Amount of Gain (Loss) Recorded in Net Income (Loss) | ' | ' | ' | ' |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Caps [Member] | Interest Expense, Net [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Amount of Gain (Loss) Recorded in Net Income (Loss) | -1 | ' | -9 | ' |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | Interest Expense, Net [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Amount of Gain (Loss) Recorded in Net Income (Loss) | ' | ' | ' | -3 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Selling, General and Administrative [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Amount of Gain (Loss) Recorded in Net Income (Loss) | ($9) | $7 | ($7) | ($4) |
Financial_Instruments_Fair_Val
Financial Instruments - Fair Values of Company's Other Financial Instruments (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Of Financial Instruments [Line Items] | ' | ' |
Total debt, Carrying Amount | ($2,444) | ($3,573) |
Derivative assets, Fair Value | ' | 11 |
Derivative liabilities, Fair Value | -9 | -1 |
Level 1 [Member] | ' | ' |
Fair Value Of Financial Instruments [Line Items] | ' | ' |
Available-for-sale securities, Carrying Amount | 6 | ' |
Equity method investments, Carrying Amount | ' | 19 |
Available-for-sale securities, Fair Value | 6 | ' |
Equity method investments, Fair Value | ' | 349 |
Level 2 [Member] | ' | ' |
Fair Value Of Financial Instruments [Line Items] | ' | ' |
Derivative assets, Carrying Amount | ' | 11 |
Derivative liabilities, Carrying Amount | -9 | -1 |
Total debt, Carrying Amount | -2,444 | -3,573 |
Derivative assets, Fair Value | ' | 11 |
Derivative liabilities, Fair Value | -9 | -1 |
Total debt, Fair Value | ($2,475) | ($3,693) |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Outstanding purchase commitments | $97 |
Purchase obligation due | $45 |
Purchase obligations maturity period | '2017 |
Equity_Additional_Information_
Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Sep. 25, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 25, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Jersey [Member] | Jersey [Member] | IPO [Member] | IPO [Member] | Senior Notes [Member] | Senior Subordinated Notes [Member] | Senior Secured Credit Agreement [Member] | Tranche 1 Dollar Denominated Term Loan [Member] | |||||
Investments in Majority-Owned Subsidiary [Member] | Investments in Majority-Owned Subsidiary [Member] | |||||||||||
Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issue of common stock, shares | 30,000,000 | ' | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' |
Common stock, par value | ' | $0.00 | ' | $0.00 | ' | ' | $0.00 | ' | ' | ' | ' | ' |
Sale price of shares, per share | ' | ' | ' | ' | ' | ' | $16 | $16 | ' | ' | ' | ' |
Net proceeds from offering after deducting underwriting discount, commission and offering expenses | ' | $445 | ' | ' | ' | ' | $445 | ' | ' | ' | ' | ' |
Exchange of debt for shares | ' | 571 | 473 | ' | ' | ' | ' | ' | 167 | 313 | 70 | 21 |
Aggregate shares issued in exchange for debt | ' | 29,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of shares issued | ' | 584 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of debt | ' | 28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost associated with the debt-for equity exchange | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of additional equity from non-controlling shareholders | ' | ' | ' | ' | 16.00% | ' | ' | ' | ' | ' | ' | ' |
Total consideration | ' | ' | ' | ' | $65 | ' | ' | ' | ' | ' | ' | ' |
Increasing in ownership percentage | ' | ' | ' | ' | ' | 'Increasing its ownership in eNett from 57% to 73%. | ' | ' | ' | ' | ' | ' |
EquityBased_Compensation_Addit
Equity-Based Compensation - Additional Information (Detail) (USD $) | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | 31-May-14 | 31-May-14 | Sep. 30, 2014 | Sep. 25, 2014 | Sep. 25, 2014 | Sep. 25, 2014 | Aug. 04, 2014 | Sep. 30, 2014 | Sep. 05, 2014 |
Restricted Share Units [Member] | 2013 Equity Plan [Member] | 2013 Equity Plan [Member] | 2013 Equity Plan [Member] | 2014 Omnibus Plan [Member] | 2014 Omnibus Plan [Member] | 2014 Omnibus Plan [Member] | 2014 Omnibus Plan [Member] | 2014 Employee Stock Purchase Plan (2014 ESPP) [Member] | 2014 Employee Stock Purchase Plan (2014 ESPP) [Member] | |||
Stock Options [Member] | Restricted Share Units [Member] | IPO [Member] | Stock Options [Member] | Time-based Restricted Stock Units (TRSUs) [Member] | Performance Share Units (PSUs) [Member] | Maximum [Member] | ||||||
Time-based Restricted Stock Units (TRSUs) [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock granted under equity plan | ' | ' | ' | 160,000 | 1,900,000 | ' | ' | ' | ' | ' | 0 | ' |
Stock vesting period | ' | ' | ' | 30-Apr-16 | 30-Apr-15 | ' | ' | ' | ' | ' | ' | ' |
Number of performance shares authorized for grant | ' | ' | ' | ' | ' | ' | 916,996 | 513,187 | 733,605 | 6,000,000 | ' | 2,400,000 |
Stock units vested | ' | ' | 3,066,827 | ' | ' | 2,400,000 | ' | ' | ' | ' | ' | ' |
Compensation cost | ' | ' | ' | ' | ' | $9 | ' | ' | ' | ' | ' | ' |
Discount on market price of share for purchase of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' |
Weighted-average exercise price of options granted | $9.38 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining weighted average expected in years | '2 years 9 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options vested | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercisable | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity compensation expense | 30 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense offset by a decrease due to net share settlements | 23 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future equity-based compensation expense | $23 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EquityBased_Compensation_Summa
Equity-Based Compensation - Summary of Company's RSUs and Stock Options (Detail) (USD $) | 6 Months Ended | 9 Months Ended |
Jun. 30, 2014 | Sep. 30, 2014 | |
Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Beginning Balance, Number of Options | 160,000 | 160,000 |
Granted at fair market value, Number of Options | ' | 160,000 |
Vesting of restricted share units, Number of Options | ' | ' |
Forfeited/cancelled, Number of Options | ' | ' |
Ending Balance, Number of Options | ' | 320,000 |
Beginning Balance, Weighted Average Grant Date Fair Value | $1.50 | $1.50 |
Granted at fair market value, Weighted Average Grant Date Fair Value | $20 | $13.63 |
Vesting of restricted share units, Weighted Average Grant Date Fair Value | ' | ' |
Forfeited/cancelled, Weighted Average Grant Date Fair Value | ' | ' |
Ending Balance, Weighted Average Grant Date Fair Value | ' | $7.63 |
Restricted Share Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Beginning Balance, Number of Shares | 3,344,000 | 3,344,000 |
Granted at fair market value, Number of Shares | ' | 1,912,000 |
Vesting of restricted share units, Number of Shares | ' | -3,066,827 |
Forfeited/cancelled, Number of Shares | ' | -303,068 |
Ending Balance, Number of Shares | ' | 1,886,105 |
Beginning Balance, Weighted Average Grant Date Fair Value | $4.88 | $4.88 |
Granted at fair market value, Weighted Average Grant Date Fair Value | ' | $19.50 |
Vesting of restricted share units, Weighted Average Grant Date Fair Value | ' | $4.82 |
Forfeited/cancelled, Weighted Average Grant Date Fair Value | ' | $5.26 |
Tax withholding for equity awards, Weighted Average Grant Date Fair Value | ' | ' |
Ending Balance, Weighted Average Grant Date Fair Value | ' | $19.69 |
EquityBased_Compensation_Sched
Equity-Based Compensation - Schedule of Employee Options Grant Estimated Weighted-Average Assumptions (Detail) (Options [Member], USD $) | 6 Months Ended | 9 Months Ended |
Jun. 30, 2014 | Sep. 30, 2014 | |
Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Fair value of common share | $20 | $13.63 |
Expected term from grant date (in years) | '3 years | ' |
Risk free interest rate | 0.80% | ' |
Expected volatility | 60.00% | ' |
Dividend yield | 0.00% | ' |
Earnings_Per_Share_Computation
Earnings Per Share - Computation of Basic and Diluted Earnings (Loss) per Shares (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator - Basic and Diluted EPS: | ' | ' | ' | ' |
Net income (loss) attributable to the Company | $154 | ($27) | $129 | ($156) |
Denominator - Basic EPS: | ' | ' | ' | ' |
Weighted average common shares outstanding | 88,254,078 | 60,513,727 | 73,701,371 | 40,366,596 |
Income (loss) per share | $1.75 | ($0.45) | $1.75 | ($3.87) |
Denominator - Diluted EPS: | ' | ' | ' | ' |
Number of shares used for Basic EPS | 88,254,078 | 60,513,727 | 73,701,371 | 40,366,596 |
Weighted average common shares outstanding | 90,464,651 | 60,513,727 | 76,073,381 | 40,366,596 |
Income (loss) per share | $1.71 | ($0.45) | $1.70 | ($3.87) |
Restricted Share Units [Member] | ' | ' | ' | ' |
Denominator - Diluted EPS: | ' | ' | ' | ' |
Weighted average effect of dilutive securities | 2,119,936 | ' | 2,327,658 | ' |
Stock Options [Member] | ' | ' | ' | ' |
Denominator - Diluted EPS: | ' | ' | ' | ' |
Weighted average effect of dilutive securities | 90,637 | ' | 44,352 | ' |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (Restricted Stock Units and Stock Option [Member]) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Restricted Stock Units and Stock Option [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Common share equivalents excluded from the calculation of diluted earnings per share | 3.5 | 3.5 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |
Sep. 30, 2014 | Nov. 04, 2014 | Nov. 04, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ' | ' | ' |
Dividend declared date | 4-Nov-14 | ' | ' |
Dividend declared per share | ' | ' | $0.08 |
Dividend payable date | ' | 18-Dec-14 | ' |
Dividend payable record date | ' | 4-Dec-14 | ' |