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DEBT | 12 Months Ended
--- | ---
Dec. 31, 2014
DEBT |
DEBT | K. DEBT
|  | (In Millions) |
|  | At December 31 |
|  | 2014 |  | 2013 |
Notes and debentures: |  |  |  |  |  |  |
4.8%, due June 15, 2015 |  | $ | 500 |  | $ | 500 |
6.125%, due Oct. 3, 2016 |  |  | 1,000 |  |  | 1,000 |
5.85%, due March 15, 2017 |  |  | 300 |  |  | 300 |
6.625%, due April 15, 2018 |  |  | 114 |  |  | 114 |
7.125%, due March 15, 2020 |  |  | 500 |  |  | 500 |
5.95%, due March 15, 2022 |  |  | 400 |  |  | 400 |
7.75%, due Aug. 1, 2029 |  |  | 296 |  |  | 296 |
6.5%, due Aug. 15, 2032 |  |  | 300 |  |  | 300 |
Other |  |  | 14 |  |  | 17 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  |  | 3,424 |  |  | 3,427 |
Less: Current portion |  |  | 505 |  |  | 6 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total long-term debt |  | $ | 2,919 |  | $ | 3,421 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
All of the notes and debentures above are senior indebtedness and, other than the 6.625% notes due 2018 and the 7.75% notes due 2029, are redeemable at our option. On March 28, 2013, we entered into a Credit Agreement (the "Credit Agreement") with a bank group, with an aggregate commitment of $1.25 billion and a maturity date of March 28, 2018. The Credit Agreement provides for an unsecured revolving credit facility available to us and one of our foreign subsidiaries, in U.S. dollars, European euros and certain other currencies. Borrowings under the revolver denominated in euros are limited to $500 million, equivalent. We can also borrow swingline loans up to $150 million and obtain letters of credit of up to $250 million; any outstanding Letters of Credit, under the Credit Agreement, reduce our borrowing capacity. At December 31, 2014, we had $75 million of outstanding and unused Letters of Credit, reducing our borrowing capacity by such amount. Revolving credit loans bear interest under the Credit Agreement, at our option, at (A) a rate per annum equal to the greater of (i) the prime rate, (ii) the Federal Funds effective rate plus 0.50% and (iii) LIBOR plus 1.0% (the "Alternative Base Rate"); plus an applicable margin based upon our then applicable corporate credit ratings; or (B) LIBOR plus an applicable margin based upon our then applicable corporate credit ratings. The foreign currency revolving credit loans bear interest at a rate equal to LIBOR plus an applicable margin based upon our then applicable corporate credit ratings. The Credit Agreement contains financial covenants requiring us to maintain (A) a maximum debt to total capitalization ratio, as adjusted for certain items, of 65 percent, and (B) a minimum interest coverage ratio, as adjusted for certain items, equal to or greater than 2.5 to 1.0. The debt to total capitalization ratio allows the add-back, if incurred, of up to the first $250 million of certain non-cash charges, including goodwill and other intangible asset impairment charges, occurring from and after January 1, 2012 that would negatively impact shareholders' equity. Based on the limitations of the debt to total capitalization ratio covenant in the Credit Agreement, at December 31, 2014, we had additional borrowing capacity, subject to availability, of up to $1.2 billion. Additionally, at December 31, 2014, we could absorb a reduction to shareholders' equity of approximately $747 million and remain in compliance with the debt to total capitalization covenant. In order for us to borrow under the Credit Agreement, there must not be any default in our covenants in the new Credit Agreement (i.e., in addition to the two financial covenants, principally limitations on subsidiary debt, negative pledge restrictions, legal compliance requirements and maintenance of properties and insurance) and our representations and warranties in the Credit Agreement must be true in all material respects on the date of borrowing (i.e., principally no material adverse change or litigation likely to result in a material adverse change, since December 31, 2012, in each case, no material ERISA or environmental non-compliance and no material tax deficiency). At December 31, 2014 and 2013, we were in compliance with all covenants and no borrowings have been made under the Credit Agreement. At December 31, 2014, the debt maturities during each of the next five years were as follows: 2015 – $505 million; 2016 – $1,001 million; 2017 – $300 million; 2018 – $115 million and 2019 – $1 million. Interest paid was $220 million, $232 million and $269 million in 2014, 2013 and 2012, respectively.

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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 SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: 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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