(10) DEBT

The components of debt as of June 30, 2014 and December 31, 2013 consisted of the following:


	June 30,		December 31,
	2014		2013
	(in millions)
Short-term debt:
7.15% Senior Notes due 2018	$	1	$	1
Total short-term debt		1		1

Long-term debt:
Variable rate (1.50% and 1.64% at June 30, 2014 and December 31, 2013, respectively) Credit Facility, expires December 2018		171		283
7.35% Senior Notes due 2017		15		15
7.125% Senior Notes due 2017		25		25
7.15% Senior Notes due 2018		28		28
7.5% Senior Notes due 2018		600		600
4.10% Senior Notes due 2022		1,000		1,000
Unamortized discount		(1)		(1)
Total long-term debt		1,838		1,950

Total debt	$	1,839	$	1,951

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 up to $2.0 billion. The Credit Facility has a maturity date of 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 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 137.5 basis points over the current 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 June 30, 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.