Borrowings and Credit Arrangements (Tables)

12 Months Ended

Dec. 31, 2014

Borrowings and Credit Arrangements (Tables) [Abstract]

Terms of senior notes [Table Text Block]

Our senior notes consist of the following as of December 31, 2014:

	Amount (in millions)		Issuance Date	Maturity Date	Semi-annual Coupon Rate
November 2015 Notes	$	400	November 2005	November 2015	5.500%
June 2016 Notes	600		June 2006	June 2016	6.400%
January 2017 Notes	250		November 2004	January 2017	5.125%
October 2018 Notes	600		August 2013	October 2018	2.650%
January 2020 Notes	850		December 2009	January 2020	6.000%
October 2023 Notes	450		August 2013	October 2023	4.125%
November 2035 Notes	350		November 2005	November 2035	6.250%
January 2040 Notes	300		December 2009	January 2040	7.375%
	$	3,800

Schedule of debt maturities

The debt maturity schedule for the significant components of our debt obligations as of December 31, 2014 is as follows:

(in millions)	2015		2016		2017		2018		2019		Thereafter		Total
Senior notes	$	400	$	600	$	250	$	600	$	—	$	1,950	$	3,800
Term loan	—		80		80		240		—		—		400
	$	400	$	680	$	330	$	840	$	—	$	1,950	$	4,200

Note: The table above does not include unamortized discounts associated with our senior notes, or amounts related to interest rate contracts used to hedge the fair value of certain of our senior notes.

Summary of term loan and revolving credit facility agreement compliance with debt covenants

Our revolving credit facility agreement in place as of December 31, 2014 requires that we maintain certain financial covenants, as follows:

	Covenant Requirement	Actual as of December 31, 2014
Maximum leverage ratio (1)	3.5 times	2.4 times
Minimum interest coverage ratio (2)	3.0 times	8.2 times

(1) Ratio of total debt to consolidated EBITDA, as defined by the credit agreement, for the preceding four consecutive fiscal quarters.

(2) Ratio of consolidated EBITDA, as defined by the credit agreement, to interest expense for the preceding four consecutive fiscal quarters.