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DEBT | 9 Months Ended
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Sep. 30, 2015
Debt Instruments [Abstract] |
DEBT | DEBT Long-Term Debt Long-term debt at September 30, 2015 and December 31, 2014 consisted of the following:
| September 30, 2015 |  | December 31, 2014
Secured Receivables Credit Facility (0.93% at September 30, 2015) | $ | 60 |  |  | $ | — |
5.45% Senior Notes due November 2015 | — |  |  | 500 |
3.20% Senior Notes due April 2016 | 151 |  |  | 304 |
6.40% Senior Notes due July 2017 | — |  |  | 375 |
2.70% Senior Notes due April 2019 | 300 |  |  | 300 |
4.75% Senior Notes due January 2020 | 527 |  |  | 524 |
2.50% Senior Notes due March 2020 | 299 |  |  | — |
4.70% Senior Notes due April 2021 | 561 |  |  | 549 |
4.25% Senior Notes due April 2024 | 318 |  |  | 311 |
3.50% Senior Notes due March 2025 | 603 |  |  | — |
6.95% Senior Notes due July 2037 | 246 |  |  | 421 |
5.75% Senior Notes due January 2040 | 368 |  |  | 439 |
4.70% Senior Notes due March 2045 | 300 |  |  | — |
Other | 24 |  |  | 39 |
Debt issuance costs | (26 | ) |  | (20 | )
Total long-term debt | 3,731 |  |  | 3,742 |
Less: Current portion of long-term debt | 160 |  |  | 518 |
Total long-term debt, net of current portion | $ | 3,571 |  |  | $ | 3,224 |
Current Portion of Long-Term Debt At September 30, 2015, current portion of long-term debt was principally comprised of the 3.20% Senior Notes due April 2016. At December 31, 2014, current portion of long-term debt was principally comprised of the 5.45% Senior Notes due November 2015. 2015 Senior Notes Offering In March 2015, the Company completed a $1.2 billion senior notes offering (the “2015 Senior Notes”) that was sold in three tranches: (a) $300 million aggregate principal amount of 2.50% senior notes due March 2020, issued at a discount of $1 million; (b) $600 million aggregate principal amount of 3.50% senior notes due March 2025; and (c) $300 million aggregate principal amount of 4.70% senior notes due March 2045. These senior notes are unsecured obligations of the Company and rank equally with the Company's other senior unsecured obligations. None of the Company's senior notes have a sinking fund requirement. The Company incurred $11 million of costs associated with the 2015 Senior Notes, which is included as a reduction to the carrying amount of long-term debt and is being amortized over the term of the related debt. Retirement of Debt In March 2015, the Company commenced a cash tender offer to purchase up to $250 million aggregate principal amount of its 6.95% Senior Notes due July 2037 and 5.75% Senior Notes due January 2040 using a portion of the proceeds from the 2015 Senior Notes. The Company repurchased $176 million of its 6.95% Senior Notes due July 2037 and $74 million of its 5.75% Senior Notes due January 2040. In April 2015, the Company redeemed all of the 5.45% Senior Notes due November 2015, $150 million of the 3.2% Senior Notes due April 2016 and all of the 6.4% Senior Notes due July 2017 with the remaining proceeds from the 2015 Senior Notes. For the nine months ended September 30, 2015, the Company recorded a loss on retirement of debt in other (expense) income, net of $144 million, principally comprised of premiums paid in connection with these transactions. Maturities of Long-Term Debt As of September 30, 2015, long-term debt matures as follows:
Year Ending December 31, |
Remainder of 2015 | $ | 3 |
2016 | 219 |
2017 | 6 |
2018 | 4 |
2019 | 302 |
2020 | 801 |
Thereafter | 2,375 |
Total maturities of long-term debt | 3,710 |
Unamortized discount | (17 | )
Debt issuance costs | (26 | )
Fair value basis adjustments attributable to hedged debt | 64 |
Total long-term debt | 3,731 |
Less: Current portion of long-term debt | 160 |
Total long-term debt, net of current portion | $ | 3,571 |
For further discussion regarding the Company's debt, see Note 13 to the consolidated financial statements in the Company's 2014 Annual Report on Form 10-K.

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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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