Debt

Short-term debt

As of December 31, 2014, we had no borrowings against our revolving credit facility, as described below, or under our U.S. commercial paper program that is backed by the revolving credit facility.

Long-term debt

In May 2014, we amended our $2.5 billion unsecured revolving credit facility (the "Credit Facility"), including an extension of the maturity to May 2019. Terms of this amended Credit Facility include the ability to request two one-year extensions, an option to increase the commitment amount by up to an additional $1.0 billion, subject to the consent of any increasing lenders, and sub-facilities for swing-line loans and letters of credit up to an aggregate amount of $100 million and $500 million. Fees on the unused commitment of each lender range from 8 basis points to 22.5 basis points depending on our credit ratings. Borrowings under the Credit Facility bear interest, at our option, at either (a) an adjusted LIBOR rate plus a margin ranging from 87.5 basis points to 150 basis points depending on our credit ratings or (b) the Base Rate plus a margin ranging from 0 basis points to 50 basis points depending on our credit ratings. Base Rate is defined as a per annum rate equal to the greatest of (a) the prime rate, (b) the federal funds rate plus one-half of one percent or (c) LIBOR for a one-month interest period plus 1 percent.

The Credit Facility contains a covenant that requires our ratio of total debt to total capitalization not to exceed 65 percent as of the last day of each fiscal quarter. If an event of default occurs, the lenders holding more than half of the commitments may terminate the commitments under the Credit Facility and require the immediate repayment of all outstanding borrowings and the cash collateralization of all outstanding letters of credit under the Credit Facility. We are in compliance with this covenant as of December 31, 2014.

The following table details our long-term debt:



	December 31,
(In millions)	2014			2013
Senior unsecured notes:
0.900% notes due 2015^(a)	$	1,000		$	1,000
6.000% notes due 2017^(a)	682			682
5.900% notes due 2018^(a)	854			854
7.500% notes due 2019^(a)	228			228
2.800% notes due 2022^(a)	1,000			1,000
9.375% notes due 2022	32			32
Series A notes due 2022	3			3
8.500% notes due 2023	70			70
8.125% notes due 2023	131			131
6.800% notes due 2032^(a)	550			550
6.600% notes due 2037	750			750
Capital leases:
Capital lease obligation of consolidated subsidiary due 2015 – 2049	9			10
Other obligations:
4.550% promissory note, semi-annual payments due 2015	68			136
5.125% obligation relating to revenue bonds due 2037	1,000			1,000
Total^(b)	6,377			6,446
Unamortized discount	(8		)	(9		)
Fair value adjustments^(c)	22			25
Amounts due within one year	(1,068		)	(68		)
Total long-term debt	$	5,323		$	6,394


^(a)	These notes contain a make-whole provision allowing us to repay the debt at a premium to market price.


^(b)	In the event of a change in control, as defined in the related agreements, debt obligations totaling $236 million at December 31, 2014 may be declared immediately due and payable.


^(c)	See Notes 14 and 15 for information on interest rate swaps.

The following table shows future long-term debt payments:



(In millions)
2015	$	1,068
2016	—
2017	682
2018	854
2019	228
Thereafter	3,545
Total long-term debt, including current portion	$	6,377