(8) DEBT

The components of debt as of December 31, 2013 and 2012 consisted of the following:


	2013		2012
	(in thousands)
Short-term debt:
7.15% Senior Notes due 2018	$	1,200	$	1,200
Total short-term debt (1)		1,200		1,200

Long-term debt:
Variable rate (1.64% and 2.20% at December 31, 2013 and December 31, 2012, respectively) Credit Facility, expires December 2018		282,900		–
7.35% Senior Notes due 2017		15,000		15,000
7.125% Senior Notes due 2017		25,000		25,000
7.15% Senior Notes due 2018		28,200		29,400
7.5% Senior Notes due 2018		600,000		600,000
4.10% Senior Notes due 2022		1,000,000		1,000,000
Unamortized discount		(1,004)		(1,127)
Total long-term debt		1,950,096		1,668,273

Total debt	$	1,951,296	$	1,669,473

(1) Short-term debt is included in Other current liabilities.

The following is a summary of scheduled long-term debt maturities by year as of December 31, 2013 (in thousands):


2015		1,200
2016		1,200
2017		41,200
2018		907,500
Thereafter		1,000,000
	$	1,951,100

Credit Facility

On December 16, 2013, the Company entered into a Credit Agreement (“Credit Facility”), that exchanged our previous revolving credit facility. Under the Credit Facility, we have a borrowing capacity of $2.0 billion. The Credit Facility has a maturity date of December 2018 and options for two one-year extensions with participating lender approval. The amount available under the Credit Facility may be increased by $500.0 million upon the Company’s agreement with its participating lenders. The interest rate on the Credit Facility is calculated based upon our credit rating and is currently 150 basis points over the current London Interbank Offered Rate, or LIBOR. The borrowing rate on our previous revolving credit facility was 200 basis points over LIBOR as of December 31, 2012 and throughout 2013 until it was exchanged. The Credit Facility is unsecured and is not guaranteed by any subsidiaries of the Company. Contemporaneously with the execution of the Credit Agreement, on December 16, 2013, the Company obtained subsidiary guarantee releases under the 7.15%, 7.5%, 7.35%, 7.125% and 4.10% Senior Notes and our former credit facility. The Credit Facility contains covenants which impose certain restrictions on the Company, including a financial covenant whereby the Company may not issue total debt in excess of 60% of its total adjusted book capital. This financial covenant with respect to capitalization percentages excludes the noncontrolling interest in equity, the effects of non-cash entries that result from any full cost ceiling impairments (beginning in the year ended December 31, 2011), certain hedging activities and our pension and other postretirement liabilities. As of December 31, 2013, the Company was in compliance with the covenants of its Credit Facility and other debt agreements. Although the Company believes all of the lenders under the Credit Facility have the ability to provide funds, it cannot predict whether each will be able to meet its obligation under the facility.