(10) DEBT

The components of debt as of March 31, 2014 and December 31, 2013 consisted of the following:


	March 31,		December 31,
	2014		2013
	(in thousands)
Short-term debt:
7.15% Senior Notes due 2018	$	1,200	$	1,200
Total short-term debt		1,200		1,200

Long-term debt:
Variable rate (1.62% and 1.64% at March 31, 2014 and December 31, 2013, respectively) Credit Facility, expires December 2018		160,200		282,900
7.35% Senior Notes due 2017		15,000		15,000
7.125% Senior Notes due 2017		25,000		25,000
7.15% Senior Notes due 2018		28,200		28,200
7.5% Senior Notes due 2018		600,000		600,000
4.10% Senior Notes due 2022		1,000,000		1,000,000
Unamortized discount		(974)		(1,004)
Total long-term debt		1,827,426		1,950,096
Total debt	$	1,828,626	$	1,951,296

Credit Facility

On December 16, 2013, the Company entered into a Credit Agreement (“Credit Facility”), which exchanged our previous revolving credit facility. Under the Credit Facility, we have a borrowing capacity of $2.0 billion. The Credit Facility has a maturity date in December 2018 and options for two one-year extensions with participating lender approval. The amount available under the Credit Facility may be increased by $500.0 million upon the Company’s agreement with its participating lenders. The interest rate on the Credit Facility is calculated based upon our credit rating and is currently 150 basis points over the current LIBOR. The borrowing rate on our previous revolving credit facility was 200 basis points over LIBOR. The Credit Facility is unsecured and is not guaranteed by any subsidiaries of the Company. The Credit Facility contains covenants that impose certain restrictions on the Company, including a financial covenant whereby the Company may not issue total debt in excess of 60% of its total adjusted book capital. This financial covenant with respect to capitalization percentages excludes the effects of any full cost ceiling impairments (after December 31, 2011), certain hedging activities and our pension and other postretirement liabilities. As of March 31, 2014, the Company was in compliance with the covenants of its Credit Facility and other debt agreements. Although the Company believes all of the lenders under the Credit Facility have the ability to provide funds, it cannot predict whether each will be able to meet its obligation under the facility.