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Debt | 9 Months Ended
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Sep. 30, 2015
Debt [Abstract] |
Debt | 1 2. Debt A summary of debt is as follows:
| September 30, 2015 |  | December 31, 2014
| (Millions)
Devon debt |  |  |  |  |
Commercial paper | $ | - |  | $ | 932
Floating rate due December 15, 2015 |  | 500 |  |  | 500
Floating rate due December 15, 2016 |  | 350 |  |  | 350
8.25% due July 1, 2018 |  | 125 |  |  | 125
2.25% due December 15, 2018 |  | 750 |  |  | 750
6.30% due January 15, 2019 |  | 700 |  |  | 700
4.00% due July 15, 2021 |  | 500 |  |  | 500
3.25% due May 15, 2022 |  | 1,000 |  |  | 1,000
7.50% due September 15, 2027 |  | 150 |  |  | 150
7.875% due September 30, 2031 |  | 1,250 |  |  | 1,250
7.95% due April 15, 2032 |  | 1,000 |  |  | 1,000
5.60% due July 15, 2041 |  | 1,250 |  |  | 1,250
4.75% due May 15, 2042 |  | 750 |  |  | 750
5.00% due June 15, 2045 |  | 750 |  |  | -
Net discount on debentures and notes |  | (27) |  |  | (18)
Total Devon debt |  | 9,048 |  |  | 9,239
EnLink debt |  |  |  |  |
Credit facilities |  | 175 |  |  | 237
2.70% due April 1, 2019 |  | 400 |  |  | 400
7.125% due June 1, 2022 |  | 163 |  |  | 163
4.40% due April 1, 2024 |  | 550 |  |  | 550
4.15% due June 1, 2025 |  | 750 |  |  | -
5.60% due April 1, 2044 |  | 350 |  |  | 350
5.05% due April 1, 2045 |  | 450 |  |  | 300
Net premium on debentures and notes |  | 14 |  |  | 23
Total EnLink debt |  | 2,852 |  |  | 2,023
Total debt |  | 11,900 |  |  | 11,262
Less amount classified as short-term debt (1) |  | 500 |  |  | 1,432
Total long-term debt | $ | 11,400 |  | $ | 9,830
____________________________
| (1) |  | Short-term debt as of September 30, 2015 consists of $500 million floating rate due on December 15, 2015. Short-term debt as of December 31, 2014 consists of $932 million of commercial paper and $500 million floating rate due on December 15, 2015.
Long-Term Debt In June 2015, Devon issued $750 million of 5.0% senior notes that are unsecured and unsubordinated obligations. Devon intends to use the net proceeds to repay the aggregate principal amount of the floating rate senior notes due 2015 when they mature on December 15, 2015. Pending that use, part of the net proceeds have been used to repay a portion of outstanding commercial paper balances. Commercial Paper During the nine months ended September 30, 2015, Devon reduced commercial paper borrowings by $932 million. As of September 30, 2015, Devon had no outstanding commercial paper borrowings. Credit Lines Devon has a $3.0 billion syndicated, unsecured revolving line of credit (the “Senior Credit Facility”). As of September 30, 2015, there were no borrowings under the Senior Credit Facility. The Senior Credit Facility contains only one material financial covenant. This covenant requires Devon’s ratio of total funded debt to total capitalization, as defined in the credit agreement, to be no greater than 65%. Under the terms of the credit agreement, total capitalization is adjusted to add back noncash financial write-downs such as full cost ceiling impairments or goodwill impairments. As of September 30, 2015, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 21.9%. EnLink Debt All of EnLink’s and the General Partner’s debt is non-recourse to Devon. EnLink has a $1.5 billion unsecured revolving credit facility. As of September 30, 2015, there were $2.8 million in outstanding letters of credit and $175 million in outstanding borrowings at an average rate of 1.46% under the $1.5 billion credit facility. The General Partner has a $250 million secured revolving credit facility. As of September 30, 2015, the General Partner had no outstanding borrowings under the $250 million credit facility. EnLink and the General Partner were in compliance with all financial covenants in their respective credit facilities as of September 30, 2015. In May 2015, EnLink issued $900 million principal amount of unsecured senior notes, consisting of $750 million principal amount of its 4.15% senior notes due 2025 and an additional $150 million principal amount of its 5.05% senior notes due 2045. EnLink used the net proceeds to repay outstanding borrowings under its revolving credit facility, for capital expenditures and for general operations.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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