LONG-TERM DEBT

Credit Facility

The company maintains an unsecured credit facility in an aggregate principal amount of $1.775 billion (the Credit Agreement). The Credit Agreement contains customary terms and conditions, including covenants restricting the company's ability to sell all or substantially all of its assets, merge or consolidate with another entity or undertake other fundamental changes and incur liens. The company also cannot permit the ratio of its debt to capitalization (as set forth in the Credit Agreement) to exceed 65 percent. At December 31, 2014, the company was in compliance with all covenants under the Credit Agreement and there was no balance outstanding under this facility.

Issuance and Redemption

During the second quarter of 2013, the company issued $2.85 billion of unsecured senior notes (the Notes). The company used a portion of the net proceeds to redeem $850 million of unsecured senior notes due in 2014 and 2015.

Long-term debt consists of the following:



$ in millions		December 31
$ in millions		2014		2013
Fixed-rate notes and debentures, maturing in	Interest rate
2016	7.75%	107		107
2018	1.75% - 6.75%	1,050		1,050
2019	5.05%	500		500
2021	3.50%	700		700
2023	3.25%	1,050		1,050
2026	7.75% - 7.88%	527		527
2031	7.75%	466		466
2040	5.05%	300		300
2043	4.75%	950		950
Capital leases	Various	33		35
Other	Various	245		245
Total long-term debt		5,928		5,930
Less: current portion		3		2
Long-term debt, net of current portion		$	5,925	$	5,928

Indentures underlying long-term debt issued by the company or its subsidiaries contain various restrictions with respect to the issuer, including one or more restrictions relating to limitations on liens, sale-leaseback arrangements and funded debt of subsidiaries. The majority of these fixed rate notes and debentures are subject to redemption at the company’s discretion at any time prior to maturity in whole or in part at the principal amount plus any make-whole premium and accrued and unpaid interest. Interest on these fixed rate notes and debentures are payable semi-annually in arrears.

Total interest payments, net of interest received, were $281 million, $234 million, and $200 million for the years ended December 31, 2014, 2013 and 2012, respectively.

Maturities of long-term debt as of December 31, 2014, are as follows:



$ in millions
Year Ending December 31
2015	$	3
2016	110
2017	3
2018	1,053
2019	504
Thereafter	4,252
Total principal payments	5,925
Unamortized premium on long-term debt, net of discount	3
Total long-term debt	$	5,928

The premium on long-term debt primarily represents non-cash fair market value adjustments resulting from acquisitions, which are amortized over the life of the related debt.