7) BANK FINANCING AND DEBT

The following table sets forth the Company’s debt.



	At			At
	September 30, 2015			December 31, 2014
Commercial paper		$	303		$	616
Senior debt (1.95% - 7.875% due 2016 - 2045) ^(a)		8,409			6,433
Obligations under capital leases		87			97
Total debt		8,799			7,146
Less commercial paper		303			616
Less current portion of long-term debt		20			20
Total long-term debt, net of current portion		$	8,476		$	6,510

(a) At September 30, 2015 and December 31, 2014, the senior debt balances included (i) a net unamortized discount of $46 million and $21 million, respectively, and (ii) an increase in the carrying value of the debt relating to previously settled fair value hedges of $4 million and $14 million, respectively. At September 30, 2015, the senior debt balances also included an increase in the carrying value of the debt relating to outstanding fair value hedges of $12 million. Such amount was minimal at December 31, 2014. The face value of the Company’s senior debt was $8.44 billion and $6.44 billion at September 30, 2015 and December 31, 2014, respectively.

During July 2015, the Company issued $800 million of 4.00% senior notes due 2026. During January 2015, the Company issued $600 million of 3.50% senior notes due 2025 and $600 million of 4.60% senior notes due 2045. The Company used the net proceeds from these issuances for general corporate purposes, including the repurchase of CBS Corp. Class B Common Stock and repayment of short-term borrowings, including commercial paper.

At September 30, 2015, the Company classified $200 million of debt maturing in January 2016 as long-term debt on the Consolidated Balance Sheet, reflecting its intent and ability to refinance this debt on a long-term basis.

Debt repurchases and early debt redemptions of $1.07 billion in 2014 resulted in a pre-tax loss on early extinguishment of debt of $352 million ($219 million, net of tax) for the three and nine months ended September 30, 2014.

Commercial Paper

The Company had outstanding commercial paper borrowings under its $2.5 billion commercial paper program of $303 million at September 30, 2015 and $616 million at December 31, 2014, each at a weighted average interest rate of 0.46% and with maturities of less than forty-five days.

Credit Facility

At September 30, 2015, the Company had a $2.5 billion revolving credit facility (the “Credit Facility”) which expires in December 2019. The Credit Facility requires the Company to maintain a maximum Consolidated Leverage Ratio of 4.5x at the end of each quarter as further described in the Credit Facility. At September 30, 2015, the Company’s Consolidated Leverage Ratio was approximately 2.7x.

The Consolidated Leverage Ratio is the ratio of the Company’s indebtedness from continuing operations, adjusted to exclude certain capital lease obligations, at the end of a quarter, to the Company’s Consolidated EBITDA for the trailing four consecutive quarters. Consolidated EBITDA is defined in the Credit Facility as operating income plus interest income and before depreciation, amortization and certain other noncash items.

The Credit Facility is used for general corporate purposes. At September 30, 2015, the Company had no borrowings outstanding under the Credit Facility and the remaining availability under the Credit Facility, net of outstanding letters of credit, was $2.49 billion.