14.Borrowings

Long-term debt including unamortized debt discounts and premiums, where applicable, consists of the following:


December 31,		2015		2014
Senior Notes	$	2,565	$	1,567
Medium-Term Notes, Series A		250		249
Finance lease obligation		75		83
Total long-term debt	$	2,890	$	1,899

CSC has a universal automatic shelf registration statement (Shelf Registration Statement) on file with the SEC, which enables CSC to issue debt, equity, and other securities.

The Senior Notes outstanding at December 31, 2015, have maturities ranging from 2018 to 2026 and bear interest at a weighted-average rate of 3.03% with interest payable semi-annually.

On November 13, 2015, CSC issued $350 million aggregate principal amount of Senior Notes that mature in 2026. The Senior Notes have a fixed interest rate of 3.450% with interest payable semi-annually.

On March 10, 2015, CSC issued $625 million aggregate principal amount of Senior Notes that mature in 2018 and $375 million aggregate principal amount of Senior Notes that mature in 2025. The Senior Notes due 2018 and 2025 have a fixed interest rate of 1.50% and 3.00%, respectively, with interest payable semi-annually.

The Medium-Term Notes, Series A (Medium-Term Notes) outstanding at December 31, 2015, mature in 2017 and have a fixed interest rate of 6.375% with interest payable semi-annually.

Schwab has a finance lease obligation related to an office building and land under a 20-year lease. The remaining finance lease obligation of $75 million at December 31, 2015, is being reduced by a portion of the lease payments over the remaining lease term of nine years.

Annual maturities on long-term debt outstanding at December 31, 2015, are as follows:


2016	$	7
2017		258
2018		908
2019		8
2020		709
Thereafter		1,016
Total maturities		2,906
Unamortized discount, net		(16)
Total long-term debt	$	2,890

CSC has authorization from its Board of Directors to issue Commercial Paper Notes not to exceed $1.5 billion. Management has set a current limit for the commercial paper program not to exceed the amount of the committed, unsecured credit facility, which was $750 million at December 31, 2015. The maturities of the Commercial Paper Notes may vary, but are not to exceed 270 days from the date of issue. The commercial paper is not redeemable prior to maturity and cannot be voluntarily prepaid. The proceeds of the commercial paper program are to be used for general corporate purposes. There were no borrowings of Commercial Paper Notes outstanding at December 31, 2015 or 2014.

CSC maintains a $750 million committed, unsecured credit facility with a group of banks, which is scheduled to expire in June 2016. This facility replaced a similar facility that expired in June 2015. The funds under this facility are available for general corporate purposes. The financial covenants require Schwab to maintain a minimum net capital ratio, as defined, Schwab Bank to be well capitalized, as defined, and CSC to maintain a minimum level of stockholders’ equity, adjusted to exclude accumulated other comprehensive income. At December 31, 2015, the minimum level of stockholders’ equity required under this facility was $8.9 billion (CSC’s stockholders’ equity, excluding accumulated other comprehensive income, at December 31, 2015, was $13.5 billion). There were no borrowings outstanding under these facilities at December 31, 2015 or 2014.

To manage short-term liquidity, Schwab maintains uncommitted, unsecured bank credit lines with several banks. There were no borrowings outstanding under these lines at December 31, 2015 or 2014.

To partially satisfy the margin requirement of client option transactions with the Options Clearing Corporation, the broker-dealer subsidiaries have unsecured standby LOCs with several banks in favor of the Options Clearing Corporation aggregating $295 million at December 31, 2015. There were no funds drawn under any of these LOCs at December 31, 2015 or 2014. In connection with its securities lending activities, the Company is required to provide collateral to certain brokerage clients. The collateral requirements were satisfied by providing cash as collateral.