Debt and Credit Agreements

6 Months Ended

Jun. 24, 2016

Total activity related to long-term debt as of the end of second quarter 2016 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 2015 ^(a)	$	20	$	10,515		$	10,535
2016 activity:
Reclassifications	612		(612		)	—
Discount and premium activity	—		(2		)	(2		)
Debt issue cost activity	—		4			4
Long-term debt as of second quarter 2016	$	632	$	9,905		$	10,537

(a) Long-term debt as of December 2015 includes debt issue costs of $168 million that were reclassed from long-term assets to long-term debt on the consolidated balance sheet as a result of ASU, Interest - Imputation of Interest, which became effective for CSX during first quarter 2016.

Credit Facility

CSX has a $1 billion unsecured, revolving credit facility backed by a diverse syndicate of banks. This facility expires in May 2020, and 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 2016, CSX was in compliance with all covenant requirements under this facility.

Receivables Securitization Facility

The Company has a receivables securitization facility with a three-year term scheduled to expire in June 2017, however, the Company intends to renew and modify this facility before the end of 2016. The purpose of this facility is to provide an alternative to commercial paper and a low cost source of short-term liquidity of up to $250 million, depending on eligible receivables balances. As of the date of this filing, the Company has no outstanding balances under this facility.