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DEBT | 9 Months Ended
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Sep. 30, 2016
Debt Instruments [Abstract] |
DEBT | DEBT Long-Term Debt Long-term debt at September 30, 2016 and December 31, 2015 consisted of the following:
| September 30, 2016 |  | December 31, 2015
3.20% Senior Notes due April 2016 | $ | — |  |  | $ | 150 |
2.70% Senior Notes due April 2019 | 300 |  |  | 300 |
4.75% Senior Notes due January 2020 | 523 |  |  | 522 |
2.50% Senior Notes due March 2020 | 299 |  |  | 299 |
4.70% Senior Notes due April 2021 | 564 |  |  | 554 |
4.25% Senior Notes due April 2024 | 323 |  |  | 313 |
3.50% Senior Notes due March 2025 | 608 |  |  | 601 |
3.45% Senior Notes due June 2026 | 497 |  |  | — |
6.95% Senior Notes due July 2037 | 174 |  |  | 247 |
5.75% Senior Notes due January 2040 | 244 |  |  | 368 |
4.70% Senior Notes due March 2045 | 300 |  |  | 300 |
Other | 15 |  |  | 22 |
Debt issuance costs | (25 | ) |  | (25 | )
Total long-term debt | 3,822 |  |  | 3,651 |
Less: Current portion of long-term debt | 7 |  |  | 159 |
Total long-term debt, net of current portion | $ | 3,815 |  |  | $ | 3,492 |
2016 Senior Notes Offering In May 2016, the Company completed a $500 million senior notes offering (the “2016 Senior Notes”). The offering consisted of $500 million in aggregate principal of 3.45% senior notes due June 2026, issued at a discount of $1 million. These senior notes are unsecured obligations of the Company and rank equally with the Company's other senior unsecured obligations. The senior notes do not have a sinking fund requirement. The Company incurred $4 million of costs associated with the 2016 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. The net proceeds from the 2016 Senior Notes were used to repay outstanding indebtedness under the senior unsecured revolving credit facility and the secured receivables credit facility and for general corporate purposes. Retirement of Debt In March 2016, the Company completed a cash tender offer to purchase up to $200 million aggregate principal amount of its 6.95% Senior Notes due July 2037 ("Senior Notes due 2037") and 5.75% Senior Notes due January 2040 ("Senior Notes due 2040"). The Company purchased $73 million of its Senior Notes due 2037 and $127 million of its Senior Notes due 2040. In March 2015, the Company completed a cash tender offer to purchase up to $250 million aggregate principal amount of its Senior Notes due 2037 and Senior Notes due 2040. The Company purchased $176 million of its Senior Notes due 2037 and $74 million of its Senior Notes due 2040. In April 2015, the Company redeemed all of its 5.45% Senior Notes due November 2015, $150 million of its 3.20% Senior Notes due April 2016 and all of its 6.40% Senior Notes due July 2017. For the nine months ended September 30, 2016 and 2015, the Company recorded a loss on retirement of debt, principally comprised of premiums paid, of $48 million and $144 million, respectively, in other income (expense), net. Maturities of Long-Term Debt As of September 30, 2016, long-term debt matures as follows:
Year Ending December 31, |
Remainder of 2016 | $ | 2 |
2017 | 6 |
2018 | 4 |
2019 | 302 |
2020 | 801 |
2021 | 550 |
Thereafter | 2,125 |
Total maturities of long-term debt | 3,790 |
Unamortized discount | (13 | )
Debt issuance costs | (25 | )
Fair value basis adjustments attributable to hedged debt | 70 |
Total long-term debt | 3,822 |
Less: Current portion of long-term debt | 7 |
Total long-term debt, net of current portion | $ | 3,815 |
For further discussion regarding the Company's debt, see Note 13 to the consolidated financial statements in the Company's 2015 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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