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2015 Annual Report | 45
(9) Long-Term Debt
The details of long-term debt follow:
2014 2015
5.0% notes due December 2014 $ 250 —
4.125% notes due April 2015 250 —
4.75% notes due October 2015 250 250
5.125% notes due December 2016 250 250
5.375% notes due October 2017 250 250
5.25% notes due October 2018 400 400
5.0% notes due April 2019 250 250
4.875% notes due October 2019 500 500
4.25% notes due November 2020 300 300
2.625% notes December due 2021 — 500
2.625% notes due February 2023 500 500
3.15% notes due June 2025 — 500
6.0% notes due August 2032 250 250
6.125% notes due April 2039 250 250
5.25% notes due November 2039 300 300
Other 81 80
Long-term debt 4,081 4,580
Less: Current maturities 522 291
Total, net $3,559 4,289
Long-term debt maturing during each of the four years after 2016 is $265, $271, $652 and $501, respectively. Total
interest paid on all debt was approximately $196, $210 and $226 in 2015, 2014 and 2013, respectively. During
the year, the Company repaid $250 of 5.0% notes that matured in December 2014 and $250 of 4.125% notes that
matured in April 2015. In 2014, the Company repaid $250 of 5.625% notes that matured in November 2013.
The Company maintains a universal shelf registration statement on file with the SEC under which it can issue debt
securities, preferred stock, common stock, warrants, share purchase contracts or share purchase units without a
predetermined limit. Securities can be sold in one or more separate offerings with the size, price and terms to be
determined at the time of sale.
(10) Retirement Plans
Retirement plans expense includes the following components:
U.S. PLANS NON-U.S. PLANS
2013 2014 2015 2013 2014 2015
Defined benefit plans:
Service cost (benefits earned during the period) $ 70 59 69 31 32 37
Interest cost 167 182 182 46 53 46
Expected return on plan assets (280) (286) (303) (50) (58) (58)
Net amortization and other 226 153 174 18 18 20
Net periodic pension expense 183 108 122 45 45 45
Defined contribution plans 113 119 111 63 59 61
Total retirement plans expense $ 296 227 233 108 104 106
The increase in net periodic pension expense in 2015 is attributable to higher service costs and amortization
compared to the prior year. The decline in net periodic pension expense in 2014 is attributable to a higher interest
rate assumption than in 2013 and favorable pension asset investment performance. For defined contribution
plans, the Company makes cash contributions based on plan requirements, which are expensed as incurred. The
Company has one small business that participates in multiemployer pension plans. Such participation is insignificant
individually and in total. Cash contributed was inconsequential in all years. The Company could potentially incur
immaterial liabilities upon withdrawal from these plans, although it has no intention to do so. Additionally, as with