DEBT

Long-term debt at March 31, 2015 and December 31, 2014 consisted of the following:



	March 31, 2015		December 31, 2014

5.45% Senior Notes due November 2015	$	500	$	500
3.20% Senior Notes due April 2016	304		304
6.40% Senior Notes due July 2017	375		375
2.70% Senior Notes due April 2019	300		300
4.75% Senior Notes due January 2020	526		524
2.50% Senior Notes due March 2020	299		—
4.70% Senior Notes due April 2021	557		549
4.25% Senior Notes due April 2024	318		311
3.50% Senior Notes due March 2025	602		—
6.95% Senior Notes due July 2037	246		421
5.75% Senior Notes due January 2040	368		439
4.70% Senior Notes due March 2045	300		—
Other	36		39

Total long-term debt	4,731		3,762
Less: current portion of long-term debt	1,043		518

Total long-term debt, net of current portion	$	3,688	$	3,244

2015 Senior Notes Offering

In March 2015, the Company completed a $1.2 billion senior notes offering (the “2015 Senior Notes”) that was sold in three tranches: (a) $300 million aggregate principal amount of 2.50% senior notes due March 2020, issued at a discount of $1 million; (b) $600 million aggregate principal amount of 3.50% senior notes due March 2025; and (c) $300 million aggregate principal amount of 4.70% senior notes due March 2045. 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 $11 million of costs associated with the 2015 Senior Notes, which is included in other assets and is being amortized over the term of the related debt.

Retirement of Debt

In March 2015, the Company commenced a cash tender offer to purchase up to $250 million aggregate principal amount of its 6.95% Senior Notes due July 2037 and 5.75% Senior Notes due January 2040. The Company repurchased $176 million of its 6.95% Senior Notes due July 2037 and $74 million of its 5.75% Senior Notes due January 2040. For the three months ended March 31, 2015, the Company recorded a loss on retirement of debt in other (expense) income, net of $79 million, principally comprised of premiums paid under the cash tender offer.

Current Portion of Long-Term Debt

In March 2015, the Company issued redemption notices to retire all of the 5.45% Senior Notes due November 2015, $150 million of the 3.2% Senior Notes due April 2016 and all of the 6.4% Senior Notes due July 2017. As a result, these senior notes are included in current portion of long-term debt at March 31, 2015. The redemption of these senior notes was completed in April 2015. For further details regarding the redemption, see Note 15.

At December 31, 2014, current portion of long-term debt was principally comprised of the 5.45% Senior Notes due November 2015.

Maturities of Long-Term Debt

As of March 31, 2015, long-term debt matures as follows:



Year Ending December 31,
Remainder of 2015	$	1,043
2016	158
2017	6
2018	3
2019	301
2020	800
Thereafter	2,375

Total maturities of long-term debt	4,686
Unamortized discount	(18		)
Fair value basis adjustments attributable to hedged debt	63

Total long-term debt	4,731
Current portion of long-term debt	1,043

Total long-term debt, net of current portion	$	3,688

For further discussion regarding the Company's debt, see Note 13 to the consolidated financial statements in the Company's 2014 Annual Report on Form 10-K.