DEBT

Long-term debt at June 30, 2014 and December 31, 2013 consisted of the following:



	June 30, 2014		December 31, 2013

Floating Rate Senior Notes due March 2014	$	—	$	200
5.45% Senior Notes due November 2015	500		500
3.20% Senior Notes due April 2016	306		307
6.40% Senior Notes due July 2017	375		375
2.70% Senior Notes due April 2019	300		—
4.75% Senior Notes due January 2020	525		520
4.70% Senior Notes due April 2021	544		533
4.25% Senior Notes due April 2024	304		—
6.95% Senior Notes due July 2037	421		421
5.75% Senior Notes due January 2040	439		439
Other	49		37

Total long-term debt	3,763		3,332
Less: current portion of long-term debt	25		212

Total long-term debt, net of current portion	$	3,738	$	3,120

2014 Senior Notes Offering

In March 2014, the Company completed a $600 million senior notes offering (the “2014 Senior Notes”) that was sold in two tranches: (a) $300 million aggregate principal amount of 2.70% senior notes due April 2019; and (b) $300 million aggregate principal amount of 4.25% senior notes due April 2024, issued at a discount of $1 million. These senior notes are unsecured obligations of the Company and rank equally with the Company's other senior unsecured obligations. None of the Company's senior notes have a sinking fund requirement.

The Company incurred $5 million of costs associated with the 2014 Senior Notes, which is included in other assets and is being amortized over the term of the related debt.

Senior Unsecured Revolving Credit Facility

In April 2014, the Company amended and restated the agreement for the $750 million senior unsecured revolving credit facility (the “Credit Facility”) entered into in September 2011. The amended and restated Credit Facility matures in April 2019. Under the Credit Facility, the Company can issue letters of credit totaling $150 million. At June 30, 2014, letters of credit totaling less than $1 million were issued under the Credit Facility. Interest on the Credit Facility is based on certain published rates plus an applicable margin that will vary over a range from 75 basis points to 163 basis points based on changes in the Company's public debt ratings. At the option of the Company, it may elect to lock into LIBOR-based interest rates for periods up to six months. Interest on any outstanding amounts not covered under LIBOR-based interest rate contracts is based on an alternate base rate, which is calculated by reference to the prime rate, the federal funds rate or an adjusted LIBOR rate. At both June 30, 2014 and December 31, 2013, the Company's borrowing rate for LIBOR-based loans under the Credit Facility was LIBOR plus 1.125%. The Credit Facility contains various covenants, including the maintenance of certain financial ratios, which could impact the Company's ability to, among other things, incur additional indebtedness. At both June 30, 2014 and December 31, 2013, there were no outstanding borrowings under the Company’s senior unsecured revolving credit facility.

Maturities of Long-Term Debt

As of June 30, 2014, long-term debt matures as follows:



Year Ending December 31,
Remainder of 2014	$	9
2015	521
2016	309
2017	382
2018	3
2019	301
Thereafter	2,225

Total maturities of long-term debt	3,750
Unamortized discount	(21		)
Fair value basis adjustments attributable to hedged debt	34

Total long-term debt	3,763
Current portion of long-term debt	25

Total long-term debt, net of current portion	$	3,738

For further discussion regarding the Company's debt, see Note 13 to the consolidated financial statements in the Company's 2013 Annual Report on Form 10-K.