Note 9. Long-Term Debt

Our debt consists of the following:



	December 31, 2014					December 31, 2013
(millions, except percentages)	Debt			Interest Rate		Debt			Interest Rate
Credit Facility, due October 3, 2018	$	—		—		$	—		—
Capital Lease and Other Obligations	413			—		359			—
5.25% Senior Notes, due April 15, 2014 ⁽¹⁾	—			—		200			5.25	%
8.25% Senior Notes, due March 1, 2019	1,000			8.25	%	1,000			8.25	%
4.15% Senior Notes, due December 15, 2021	1,000			4.15	%	1,000			4.15	%
7.25% Senior Notes, due October 15, 2023	100			7.25	%	100			7.25	%
3.90% Senior Notes, due November 15, 2024	650			3.90	%	—			—
8.00% Senior Notes, due April 1, 2027	250			8.00	%	250			8.00	%
6.00% Senior Notes, due March 1, 2041	850			6.00	%	850			6.00	%
5.25% Senior Notes, due November 15, 2043	1,000			5.25	%	1,000			5.25	%
5.05% Senior Notes, due November 15, 2044	850			5.05	%	—			—
7.25% Senior Debentures, due August 1, 2097	84			7.25	%	84			7.25	%
Total	6,197					4,843
Unamortized Discount	(26		)			(19		)
Total Debt, Net of Discount	6,171					4,824
Less Amounts Due Within One Year
Current Portion of Long Term Debt, Net of Discount	—					(200		)
Capital Lease and Other Obligations	(68		)			(58		)
Long-Term Debt Due After One Year	$	6,103				$	4,566


⁽¹⁾	We repaid the senior notes on their due date.

All of our long-term debt is senior unsecured debt and is, therefore, pari passu with respect to the payment of both principal and interest. The indenture documents of each of our notes provide that we may prepay the instruments by creating a defeasance trust. The defeasance provisions require that the trust be funded with securities sufficient, in the opinion of a nationally recognized accounting firm, to pay all scheduled principal and interest due under the respective agreements. Interest on each of these issues is payable semi-annually. Debt issuance costs of approximately $50 million remain and are being amortized to expense over the life of the related debt issues and are included in current and long-term assets based on their related debt terms.

Credit Facility On October 3, 2013, we amended our $4.0 billion Credit Facility to extend the maturity date to October 3, 2018. We periodically borrow amounts for working capital purposes.

Our Credit Facility (i) provides for facility fee rates that range from 12.5 basis points to 30 basis points per year depending upon our credit rating, (ii) includes sub-facilities for short-term loans and letters of credit up to an aggregate amount of $500 million under each sub-facility and (iii) provides for interest rates that are based upon the Eurodollar rate plus a margin that ranges from 100 basis points to 145 basis points depending upon our credit rating.

The Credit Agreement requires that our total debt to capitalization ratio (as defined in the Credit Agreement), expressed as a percentage, not exceed 65% at any time. A violation of this covenant could result in a default under the Credit Agreement, which would permit the participating banks to restrict our ability to access the Credit Facility and require the immediate repayment of any outstanding advances under the Credit Facility. As of December 31, 2014, we were in compliance with our debt covenants.

The Credit Facility is available for general corporate purposes. Certain lenders that are a party to the Credit Agreement have in the past performed, and may in the future from time to time perform, investment banking, financial advisory, lending or commercial banking services for us for which they have received, and may in the future receive, customary compensation and reimbursement of expenses.

2014 Debt Offering On November 7, 2014, we closed an offering of $650 million senior unsecured 3.90% notes due November 15, 2024 and $850 million senior unsecured 5.05% notes due November 15, 2044, receiving aggregate net proceeds of almost $1.5 billion. Both notes pay interest semiannually, with total debt issuance costs of approximately $15 million being amortized to expense over the terms of the notes. Approximately $1.1 billion of the net proceeds were used to repay outstanding indebtedness under our Credit Facility and the balance of the proceeds has been used for general corporate purposes.

2013 Debt Offering On November 8, 2013, we closed an offering of $1.0 billion senior unsecured notes receiving net proceeds of $985 million, after deducting discount and underwriting fees. The notes are due November 15, 2043, and pay interest semi-annually at 5.25%. Total debt issuance costs of approximately $6 million were incurred and are being amortized to expense over the term of the notes. Approximately $900 million of the net proceeds were used to repay outstanding indebtedness under our Credit Facility and the balance of the proceeds has been used for general corporate purposes.

Capital Lease and Other Obligations The amounts of the capital lease obligations are based on the discounted present value of future minimum lease payments, and therefore do not reflect future cash lease payments. Amounts due within one year equal the amount by which the capital lease obligations are expected to be reduced during the next 12 months. See Note 17. Commitments and Contingencies for future capital lease payments.

Annual Debt Maturities Annual maturities of outstanding debt, excluding capital lease payments, are as follows:



(millions)	Debt Principal Payments
December 31, 2014
2015	$	—
2016	—
2017	—
2018	—
2019	1,000
Thereafter	4,784
Total	$	5,784