Debt and Capital Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2015

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,
		2015			2014
Bank credit facilities	Various	$	175		$	—
Senior Notes:
3.65%	2025	600			—
4.5%	2015	—			400
4.9%	2045	650			—
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
Gulf Opportunity Zone Revenue Bonds, Series 2010, 4.0%	2040	300			300
Accounts receivable sales facility	2016	100			100
Other debt	2016	17			26
Net unamortized discount, including fair value adjustments		(24		)	(21		)
Total debt		7,292			6,354
Capital lease obligations, including unamortized fair value adjustments		85			32
Total debt and capital lease obligations		7,377			6,386
Less current portion		(127		)	(606		)
Debt and capital lease obligations, less current portion		$	7,250		$	5,780

Summary of credit facilities

Summary of Credit Facilities

We had outstanding borrowings and letters of credit issued under our credit facilities as follows (in millions):

				December 31, 2015
	Facility Amount		Maturity Date	Borrowings		Letters of Credit		Available
Committed facilities:
Revolver	$	3,000	November 2020	$	—	$	57	$	2,943
VLP Revolver	$	750	November 2020	$	175	$	—	$	575
Canadian Revolver	C$	50	November 2016	C$	—	C$	10	C$	40
Accounts receivable sales facility	$	1,400	July 2016	$	100	$	—	$	992
Letter of credit facilities	$	275	June 2016 and November 2016	$	—	$	9	$	266
Uncommitted facilities:
Letter of credit facilities	$	775	N/A	$	—	$	87	$	688

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, 2015 were as follows (in millions):

	Debt			Capital Lease Obligations
2016	$	117		$	17
2017	950			16
2018	—			16
2019	750			16
2020	1,025			14
Thereafter	4,474			43
Net unamortized discount and fair value adjustments	(24		)	—
Less interest expense	—			(37		)
Total	$	7,292		$	85