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Debt and Credit Agreements
6 Months Ended
Jun. 27, 2014
Debt Disclosure [Abstract]  
Debt and Credit Agreements
Debt and Credit Agreements

Total activity related to long-term debt as of the end of second quarter 2014 is shown in the table below. For fair value information related to the Company's long-term debt, see Note 9, Fair Value Measurements.
(Dollars in millions)
Current Portion
Long-term Portion
Total
Long-term debt as of December 2013
$
533

$
9,022

$
9,555

2014 activity:
 
 
 
Long-term debt repaid
(244
)

(244
)
Reclassifications
610

(610
)

Discount, premium and other activity

(2
)
(2
)
Long-term debt as of second quarter 2014
$
899

$
8,410

$
9,309


NOTE 7.    Debt and Credit Agreements, continued

Credit Facility
CSX has a $1 billion unsecured, revolving credit facility backed by a diverse syndicate of banks. This facility expires in September 2016. As of the date of this filing, the Company has no outstanding balances under this facility. The facility allows borrowings at floating (LIBOR-based) interest rates, plus a spread, depending upon CSX's senior unsecured debt ratings. LIBOR is the London Interbank Offered Rate which is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds. As of second quarter 2014, CSX was in compliance with all covenant requirements under this facility.

Receivables Securitization Facility
The Company's $250 million receivables securitization facility has a three-year term expiring in June 2017. The purpose of this facility is to provide an alternative to commercial paper and a low cost source of short-term liquidity. As of the date of this filing, the Company has no outstanding balances under this facility.