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Debt
6 Months Ended
Jun. 30, 2014
Debt Disclosure [Abstract]  
Debt
Debt 
(in millions)
June 30,
2014
 
December 31,
2013
5.9% Senior Notes, due 2017 1
$
400

 
$
400

6.55% Senior Notes, due 2037 2
399

 
399

Long-term debt
$
799

 
$
799

1 
Interest payments are due semiannually on April 15 and October 15, and, as of June 30, 2014, the unamortized debt discount is less than $1 million.
2 
Interest payments are due semiannually on May 15 and November 15, and, as of June 30, 2014, the unamortized debt discount is approximately $1 million.

The fair value of our long-term debt borrowings was $861 million and $801 million as of June 30, 2014 and December 31, 2013, respectively, and was estimated based on quoted market prices.

Currently, we have the ability to borrow a total of $1.0 billion through our commercial paper program, which is supported by our $1.0 billion four-year credit agreement (our “credit facility”) that we entered into in June of 2013. This credit facility will terminate on June 19, 2017. As of June 30, 2014 and December 31, 2013, we had no outstanding commercial paper.

We pay a commitment fee of 20 to 45 basis points for our credit facility, depending on our indebtedness to cash flow ratio, whether or not amounts have been borrowed, and currently pay a commitment fee of 20 basis points. The interest rate on borrowings under our credit facility is, at our option, calculated using rates that are primarily based on either the prevailing London Inter-Bank Offer Rate, the prime rate determined by the administrative agent or the Federal Funds Rate. For certain borrowings under this credit facility, there is also a spread based on our indebtedness to cash flow ratio added to the applicable rate.

Our credit facility contains certain covenants. The only financial covenant requires that our indebtedness to cash flow ratio, as defined in our credit facility, is not greater than 3.25 to 1, and this covenant level has never been exceeded.