Debt

Short-term debt

As of December 31, 2015, we had no borrowings against our unsecured revolving credit facility (as amended, the "Credit Facility"), as described below, or under our U.S. commercial paper program that is backed by the Credit Facility.

Revolving Credit Facility

In May 2015, we amended our $2.5 billion Credit Facility to increase by $500 million to a total of $3 billion and extended the maturity date by an additional year such that the Credit Facility now matures in May 2020. The amendment additionally provides us the ability to request two one-year extensions to the maturity date and an option to increase the commitment amount by up to an additional $500 million, subject to the consent of any increasing lenders. The sub-facilities for swing-line loans and letters of credit remain unchanged allowing up to an aggregate amount of $100 million and $500 million, respectively. Fees on the unused commitment of each lender, as well as the borrowing options under the Credit Facility, remain unchanged.

The Credit Facility includes a covenant requiring that our ratio of total debt to total capitalization not exceed 65% as of the last day of each fiscal quarter. If an event of default occurs, the lenders holding more than half of the commitments may terminate the commitments under the Credit Facility and require the immediate repayment of all outstanding borrowings and the cash collateralization of all outstanding letters of credit under the Credit Facility. As of December 31, 2015, we were in compliance with this covenant with a debt-to-capitalization ratio of 28%.

Long-term debt

The following table details our long-term debt:



	December 31,
(In millions)	2015			2014
Senior unsecured notes:
0.900% notes due 2015	$	—		$	1,000
6.000% notes due 2017^(a)	682			682
5.900% notes due 2018^(a)	854			854
7.500% notes due 2019^(a)	228			228
2.700% notes due 2020^(a)	600			—
2.800% notes due 2022^(a)	1,000			1,000
9.375% notes due 2022 ^(b)	32			32
Series A notes due 2022 ^(b)	3			3
8.500% notes due 2023 ^(b)	70			70
8.125% notes due 2023 ^(b)	131			131
3.850% notes due 2025^(a)	900			—
6.800% notes due 2032^(a)	550			550
6.600% notes due 2037^(a)	750			750
5.200% notes due 2045^(a)	500			—
Capital leases:
Capital lease obligation of consolidated subsidiary due 2016 – 2049	9			9
Other obligations:
4.550% promissory note, semi-annual payments due 2015	—			68
5.125% obligation relating to revenue bonds due 2037	1,000			1,000
Total^(b)	7,309			6,377
Unamortized discount	(10		)	(8		)
Fair value adjustments^(c)	17			22
Unamortized debt issuance cost^(d)	(39		)	(28		)
Amounts due within one year	(1		)	(1,068		)
Total long-term debt	$	7,276		$	5,295


^(a)	These notes contain a make-whole provision allowing us to repay the debt at a premium to market price.


^(b)	In the event of a change in control, as defined in the related agreements, debt obligations totaling $236 million at December 31, 2015 may be declared immediately due and payable.


^(c)	See Notes 15 and 16 for information on interest rate swaps.


^(d)	After the adoption of the debt issuance costs standard, these costs are now reflected as a direct reduction from the associated debt liability in our consolidated balance sheets. See Note 2 for information.

Debt Issuance On June 10, 2015, we issued $2 billion aggregate principal amount of unsecured senior notes which consist of the following series:

•$600 million of 2.70% senior notes due June 1, 2020

•$900 million of 3.85% senior notes due June 1, 2025

•$500 million of 5.20% senior notes due June 1, 2045

Interest on each series of senior notes is payable semi-annually beginning December 1, 2015. We may redeem some or all of the senior notes at any time at the applicable redemption price, plus accrued interest, if any. The aggregate net proceeds were used to repay our $1 billion 0.90% senior notes that matured in November 2015, and the remainder for general corporate purposes. As of December 31, 2015, we were in compliance with the covenants under the indenture governing the senior notes.

The following table shows future long-term debt payments:



(In millions)
2016	$	1
2017	682
2018	854
2019	228
2020	600
Thereafter	4,944
Total long-term debt, including current portion	$	7,309