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Debt | 12 Months Ended
--- | ---
Dec. 31, 2014
Debt Disclosure [Abstract] |
Debt | Debt
|  |  | December 31,
| Interest rate |  | 2014 |  | 2013
Notes due March 2015 | 5.0% |  | $ | 274,879 |  |  | $ | 274,879 |
Notes due January 2016 | 4.75% |  | 370,914 |  |  | 370,914 |
Notes due September 2017 | 5.75% |  | 385,109 |  |  | 500,000 |
Notes due March 2018 | 5.6% |  | 250,000 |  |  | 250,000 |
Notes due May 2018 | 4.75% |  | 350,000 |  |  | 350,000 |
Notes due March 2019 | 6.25% |  | 300,000 |  |  | 300,000 |
Notes due November 2022 | 5.25% |  | 110,000 |  |  | 110,000 |
Notes due March 2024 | 4.625% |  | 500,000 |  |  | — |
State of CT DECD loan due November 2024 | 2.0% |  | 16,000 |  |  | — |
Notes due January 2037 | 5.25% |  | 115,041 |  |  | 500,000 |
Notes due March 2043 | 6.7% |  | 425,000 |  |  | 425,000 |
Term loans | Variable |  | 130,000 |  |  | 230,000 |
Principal amount |  |  | 3,226,943 |  |  | 3,310,793 |
Less: unamortized discount |  |  | 6,653 |  |  | 5,158 |
Plus: unamortized interest rate swap proceeds |  |  | 31,716 |  |  | 40,660 |
Total debt |  |  | 3,252,006 |  |  | 3,346,295 |
Less: current portion long-term debt |  |  | 324,879 |  |  | — |
Long-term debt |  |  | $ | 2,927,127 |  |  | $ | 3,346,295 |
During the first quarter of 2014, we completed a cash tender offer (the Tender Offer) for a portion of the 5.75% Notes due 2017 and the 5.25% Notes due 2037 (the Subject Notes). Holders who validly tendered their notes received the principal amount of the notes tendered, all accrued and unpaid interest and a premium amount. An aggregate $500 million of the Subject Notes were tendered. We incurred expenses of $62 million, consisting of the call premium, the write-off of unamortized costs and bank transaction fees. To fund the Tender Offer, also in the first quarter of 2014, we issued $500 million of 4.625% fixed rate 10-year notes. Interest is payable in March and September. The notes mature in March 2024, but may be redeemed, at any time, in whole or in part, at our option, at par plus accrued interest. If the notes are redeemed prior to December 15, 2023, the redemption price will be equal to the sum of 100% of the principal amount, accrued and unpaid interest and a make-whole payment. Net proceeds from the issuance of the notes were $493 million. In October 2014, we received a loan from the State of Connecticut Department of Economic and Community Development (CT DECD). The loan consists of a $15 million development loan and $1 million jobs-training grant that is subject to refund if certain conditions are not met. The loan requires monthly interest payments through November 2020 and principal and interest payments from December 2020 through maturity in November 2024. The 5.25% Notes due November 2022 and 6.7% Notes due March 2043 may be redeemed, at our option, in whole or in part, at par plus accrued interest any time on or after November 2015 and March 2018, respectively. The 5.25% Notes due 2037 may be redeemed by bondholders, in whole or in part, at par plus accrued interest in January 2017. Term loans bear interest at the applicable London Interbank Offered Rate plus 2.25% or Prime Rate plus 1.25%, at our option. Interest is payable and resets quarterly and the loans mature in 2015 and 2016. In 2014, we repaid $100 million of the term loans. At December 31, 2014, the weighted-average interest rate of the term loans was 2.48%. There were no outstanding commercial paper borrowings at December 31, 2014 or 2013. As of December 31, 2014, we had not drawn upon our $1.0 billion credit facility. The credit facility was renewed in January 2015 and expires in January 2020. Annual maturities of outstanding debt at December 31, 2014 are as follows:
2015 | $ | 324,879 |
2016 | 450,914 |
2017 | 385,109 |
2018 | 600,000 |
2019 | 300,000 |
Thereafter | 1,166,041 |
Total | $ | 3,226,943 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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