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Debt and Credit Facilities (Tables)
 6 Months Ended
Jun. 30, 2016
Debt Disclosure [Abstract]  
Schedule of Debt
The following table provides maturity dates or ranges, year-to-date weighted average interest rates and amounts outstanding for our various debt securities and facilities for the periods presented. We fully and unconditionally guarantee all debt issued by Southern Company Gas Capital (whose name was changed from AGL Capital Corporation effective July 19, 2016) and the gas facility revenue bonds issued by Pivotal Utility. Substantially all of Nicor Gas' properties are subject to the lien of the indenture securing its first mortgage bonds. For additional information on our debt and credit facilities, see Note 9 to our consolidated financial statements and related notes included in Item 8 of our 2015 Form 10-K.
 
 
 
 
June 30, 2016
 
 
 
June 30, 2015
Dollars in millions
 
Year(s) due
 
Weighted average interest rate (1)
 
Outstanding
 
December 31, 2015
 
Weighted average interest rate (1)
 
Outstanding
Short-term debt
 
 
 
 
 
 
 
 
 
 
 
 
Commercial paper - Southern Company Gas Capital (2)
 
2016
 
0.8
%
 
$
20

 
$
471

 
0.5
%
 
$
269

Commercial paper - Nicor Gas (2)
 
2016
 
0.6

 
94

 
539

 
0.4

 
190

Total short-term debt
 
 
 
0.7
%
 
$
114

 
$
1,010

 
0.4
%
 
$
459

Current portion of long-term debt (3)
 
2016
 
4.6
%
 
$
575

 
$
545

 
4.6
%
 
$
125

Long-term debt - excluding current portion
 
 
 
 

 
 

 
 

 
 

 
 

Senior notes
 
2019-2043
 
4.9
%
 
$
2,650

 
$
2,455

 
5.0
%
 
$
2,625

First mortgage bonds
 
2019-2038
 
5.8

 
625

 
375

 
5.9

 
375

Gas facility revenue bonds
 
2022-2033
 
1.1

 
200

 
200

 
0.9

 
200

Medium-term notes
 
2017-2027
 
7.8

 
181

 
181

 
7.8

 
181

Total principal long-term debt
 
 
 
4.9
%
 
$
3,656

 
$
3,211

 
4.9
%
 
$
3,381

Unamortized fair value adjustment
 
n/a
 
n/a

 
$
63

 
$
68

 
n/a

 
$
74

Unamortized debt premium, net
 
n/a
 
n/a

 
14

 
16

 
n/a

 
16

Unamortized debt issuance costs
 
n/a
 
n/a

 
(24
)
 
(20
)
 
n/a

 
(19
)
Total non-principal long-term debt
 
n/a
 
n/a

 
$
53

 
$
64

 
n/a

 
$
71

Total long-term debt - excluding current portion
 
 
 
n/a

 
$
3,709

 
$
3,275

 
n/a

 
$
3,452

Total debt
 
 
 
n/a 

 
$
4,398

 
$
4,830

 
n/a

 
$
4,036

(1)
Interest rates are calculated based on the daily weighted average balance outstanding for the six months ended June 30, 2016 and 2015.
(2)
As of June 30, 2016, the effective interest rates on our commercial paper were 0.7% for Southern Company Gas Capital and 0.5% for Nicor Gas.
(3)
Balance as of June 30, 2016 includes $275 million of senior notes subject to potential prepayment in August 2016 due to a change of control provision.
Schedule of Capitalization
The following table contains our debt-to-capitalization ratios for the dates presented, which are below the maximum allowed.
 
 
Southern Company Gas
 
Nicor Gas
 
 
June 30, 2016
 
December 31, 2015
 
June 30, 2015
 
June 30, 2016
 
December 31, 2015
 
June 30, 2015
Debt covenants (1)
 
52
%
 
54
%
 
49
%
 
45
%
 
56
%
 
49
%
(1)
As defined in our credit facilities, these ratios include standby letters of credit and performance/surety bonds and exclude accumulated OCI items related to non-cash pension adjustments, welfare benefits liability adjustments and accounting for cash flow hedges.