DEBT

Long-term debt at December 31, 2015 and 2014 consisted of the following:



	2015			2014

5.45% Senior Notes due November 2015	$	—		$	500
3.20% Senior Notes due April 2016	150			304
6.40% Senior Notes due July 2017	—			375
2.70% Senior Notes due April 2019	300			300
4.75% Senior Notes due January 2020	522			524
2.50% Senior Notes due March 2020	299			—
4.70% Senior Notes due April 2021	554			549
4.25% Senior Notes due April 2024	313			311
3.50% Senior Notes due March 2025	601			—
6.95% Senior Notes due July 2037	247			421
5.75% Senior Notes due January 2040	368			439
4.70% Senior Notes due March 2045	300			—
Other	22			39
Debt issuance costs	(25		)	(20		)
Total long-term debt	3,651			3,742
Less: Current portion of long-term debt	159			518
Total long-term debt, net of current portion	$	3,492		$	3,224

Secured Receivables Credit Facility

In October 2015, the Company amended and restated the agreement for the $525 million secured receivables credit facility (the “Secured Receivables Credit Facility”) entered into in December 2014, increasing the borrowing capacity under the facility to $600 million. The amended and restated Secured Receivables Credit Facility matures in October 2017. Under the Secured Receivables Credit Facility, the Company can issue letters of credit totaling $100 million (see Note 17). Issued letters of credit reduce the available borrowing capacity under the facility. Interest on the borrowings under the Secured Receivables Credit Facility is based on rates that are intended to approximate commercial paper rates for highly-rated issuers plus a spread. At December 31, 2015 and 2014, the Company's borrowing rate under the Secured Receivables Credit Facility was 0.96% and 0.86%, respectively. Borrowings under the Secured Receivables Credit Facility are collateralized by certain domestic receivables. At both December 31, 2015 and 2014, there were no outstanding borrowings under the Secured Receivables Credit Facility.

Senior Unsecured Revolving Credit Facility

In April 2014, the Company amended and restated the agreement for the $750 million senior unsecured revolving credit facility (the “Credit Facility” or "Senior Unsecured Revolving Credit Facility") entered into in September 2011. The amended and restated Credit Facility matures in April 2019. Under the Credit Facility, the Company can issue letters of credit totaling $150 million (see Note 17). Issued letters of credit reduce the available borrowing capacity under the facility. Interest on the Credit Facility is based on certain published rates plus an applicable margin that will vary over a range from 75 basis points to 163 basis points based on changes in the Company's public debt ratings. At the option of the Company, it may elect to lock into LIBOR-based interest rates for periods up to six months. Interest on any outstanding amounts not covered under LIBOR-based interest rate contracts is based on an alternate base rate, which is calculated by reference to the prime rate, the federal funds rate or an adjusted LIBOR rate. At both December 31, 2015 and 2014, the Company's borrowing rate for LIBOR-based loans under the Credit Facility was LIBOR plus 1.125%. The Credit Facility contains various covenants, including the maintenance of certain financial ratios, which could impact the Company's ability to, among other things, incur additional indebtedness. At both December 31, 2015 and 2014, there were no outstanding borrowings under the Credit Facility.

Senior Notes Offerings

In March 2015, the Company completed a $1.2 billion senior notes offering (the “2015 Senior Notes”) that was sold in three tranches: (a) $300 million aggregate principal amount of 2.50% senior notes due March 2020, issued at a discount of $1 million; (b) $600 million aggregate principal amount of 3.50% senior notes due March 2025; and (c) $300 million aggregate principal amount of 4.70% senior notes due March 2045. The Company incurred $11 million of costs associated with the 2015 Senior Notes, which is included as a reduction to the carrying amount of long-term debt and is being amortized over the term of the related debt.

In March 2014, the Company completed a $600 million senior notes offering (the “2014 Senior Notes”) that was sold in two tranches: (a) $300 million aggregate principal amount of 2.70% senior notes due April 2019; and (b) $300 million aggregate principal amount of 4.25% senior notes due April 2024, issued at a discount of $1 million. The Company incurred $5 million of costs associated with the 2014 Senior Notes, which is included as a reduction to the carrying amount of long-term debt and is being amortized over the term of the related debt.

All of the senior notes are unsecured obligations of the Company and rank equally with the Company's other senior unsecured obligations. None of the Company's senior notes have a sinking fund requirement.

Retirement of Debt

In March 2015, the Company commenced a cash tender offer to purchase up to $250 million aggregate principal amount of its 6.95% Senior Notes due July 2037 and 5.75% Senior Notes due January 2040 using a portion of the proceeds from the 2015 Senior Notes. The Company repurchased $176 million of its 6.95% Senior Notes due July 2037 and $74 million of its 5.75% Senior Notes due January 2040. In April 2015, the Company redeemed all of the 5.45% Senior Notes due November 2015, $150 million of the 3.2% Senior Notes due April 2016 and all of the 6.4% Senior Notes due July 2017 with the remaining proceeds from the 2015 Senior Notes. For the year ended December 31, 2015, the Company recorded a loss on retirement of debt in other (expense) income, net of $144 million, principally comprised of premiums paid in connection with these transactions.

Maturities of Long-Term Debt

As of December 31, 2015, long-term debt matures as follows:



Year Ending December 31,
2016	$	159
2017	6
2018	4
2019	302
2020	801
Thereafter	2,375
Total maturities of long-term debt	3,647
Unamortized discount	(16		)
Debt issuance costs	(25		)
Fair value basis adjustments attributable to hedged debt	45
Total long-term debt	3,651
Less: Current portion of long-term debt	159
Total long-term debt, net of current portion	$	3,492