DEBT

Long-Term Debt

Long-term debt at June 30, 2016 and December 31, 2015 consisted of the following:



	June 30, 2016			December 31, 2015

3.20% Senior Notes due April 2016	$	—		$	150
2.70% Senior Notes due April 2019	300			300
4.75% Senior Notes due January 2020	528			522
2.50% Senior Notes due March 2020	299			299
4.70% Senior Notes due April 2021	567			554
4.25% Senior Notes due April 2024	326			313
3.50% Senior Notes due March 2025	614			601
3.45% Senior Notes due June 2026	499			—
6.95% Senior Notes due July 2037	174			247
5.75% Senior Notes due January 2040	244			368
4.70% Senior Notes due March 2045	300			300
Other	17			22
Debt issuance costs	(26		)	(25		)
Total long-term debt	3,842			3,651
Less: Current portion of long-term debt	7			159
Total long-term debt, net of current portion	$	3,835		$	3,492

2016 Senior Notes Offering

In May 2016, the Company completed a $500 million senior notes offering (the “2016 Senior Notes”). The offering consisted of $500 million in aggregate principal of 3.45% senior notes due June 2026, 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. The senior notes do not have a sinking fund requirement. The Company incurred $4 million of costs associated with the 2016 Senior Notes, which is included as a reduction to the carrying amount of long-term debt and is being amortized over the term of the related debt.

The net proceeds from the 2016 Senior Notes were used to repay outstanding indebtedness under the senior unsecured revolving credit facility and the secured receivables credit facility and for general corporate purposes.

Retirement of Debt

In March 2016, the Company completed a cash tender offer to purchase up to $200 million aggregate principal amount of its 6.95% Senior Notes due July 2037 ("Senior Notes due 2037") and 5.75% Senior Notes due January 2040 ("Senior Notes due 2040"). The Company purchased $73 million of its Senior Notes due 2037 and $127 million of its Senior Notes due 2040.

In March 2015, the Company completed a cash tender offer to purchase up to $250 million aggregate principal amount of its Senior Notes due 2037 and Senior Notes due 2040. The Company purchased $176 million of its Senior Notes due 2037 and $74 million of its Senior Notes due 2040. In April 2015, the Company redeemed all of its 5.45% Senior Notes due November 2015, $150 million of its 3.20% Senior Notes due April 2016 and all of its 6.40% Senior Notes due July 2017.

For the three months ended June 30, 2015, the Company recorded a loss on retirement of debt, principally comprised of premiums paid, of $65 million in other expense, net. The Company recorded a loss on retirement of debt, principally comprised of premiums paid, of $48 million and $144 million in other expense, net for the six months ended June 30, 2016 and 2015, respectively.

Maturities of Long-Term Debt

As of June 30, 2016, long-term debt matures as follows:



Year Ending December 31,
Remainder of 2016	$	4
2017	6
2018	4
2019	302
2020	801
2021	550
Thereafter	2,125
Total maturities of long-term debt	3,792
Unamortized discount	(14		)
Debt issuance costs	(26		)
Fair value basis adjustments attributable to hedged debt	90
Total long-term debt	3,842
Less: Current portion of long-term debt	7
Total long-term debt, net of current portion	$	3,835

For further discussion regarding the Company's debt, see Note 13 to the consolidated financial statements in the Company's 2015 Annual Report on Form 10-K.