Debt and Capital Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2014

Debt and Capital Lease Obligations [Abstract]

Debt and capital lease obligations

Debt, at stated values, and capital lease obligations consisted of the following (in millions):

	Final Maturity	December 31,
		2014			2013
Bank credit facilities	Various	$	—		$	—
Senior Notes:
4.5%	2015	400			400
4.75%	2014	—			200
6.125%	2017	750			750
6.125%	2020	850			850
6.625%	2037	1,500			1,500
6.75%	2037	24			24
7.2%	2017	200			200
7.45%	2097	100			100
7.5%	2032	750			750
8.75%	2030	200			200
9.375%	2019	750			750
10.5%	2039	250			250
Debentures:
7.65%	2026	100			100
8.75%	2015	75			75
Gulf Opportunity Zone Revenue Bonds, Series 2010, 4.0%	2040	300			300
Accounts receivable sales facility	2015	100			100
Other debt	2015	26			—
Net unamortized discount, including fair value adjustments		(21		)	(24		)
Total debt		6,354			6,525
Capital lease obligations, including unamortized fair value adjustments		32			39
Total debt and capital lease obligations		6,386			6,564
Less current portion		(606		)	(303		)
Debt and capital lease obligations, less current portion		$	5,780		$	6,261

Outstanding letters of credit under committed lines of credit

We had outstanding letters of credit under our committed lines of credit as follows (in millions):

				Amounts Outstanding
	Borrowing Capacity		Expiration	December 31,
				2014		2013
Letter of credit facilities	$	550	June 2015	$	56	$	278
Revolver	$	3,000	November 2018	$	54	$	59
VLP Revolver	$	300	December 2018	$	—	$	—
Canadian Revolver	C$	50	November 2015	C$	10	C$	10

Changes in accounts receivable sales facility

Changes in the amounts outstanding under our accounts receivable sales facility were as follows (in millions):

	Year Ended December 31,
	2014		2013		2012
Balance as of beginning of year	$	100	$	100	$	250
Proceeds from the sale of receivables	—		—		1,500
Repayments	—		—		(1,650		)
Balance as of end of year	$	100	$	100	$	100

Principal payments on debt and future minimum rentals on capital lease obligations

Principal payments on our debt obligations and future minimum rentals on capital lease obligations as of December 31, 2014 were as follows (in millions):

	Debt			Capital Lease Obligations
2015	$	601		$	8
2016	—			8
2017	950			6
2018	—			6
2019	750			6
Thereafter	4,074			18
Net unamortized discount and fair value adjustments	(21		)	1
Less interest expense	—			(21		)
Total	$	6,354		$	32