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Debt | 12 Months Ended
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Dec. 31, 2012
Debt Disclosure [Abstract] |
Debt | Debt A summary of short-term and long-term debt outstanding is as follows:
(in millions) | December 31,
| 2012 |  | 2011
5.375% Senior Notes, due 2012 | $ | — |  |  | $ | 400 |
5.9% Senior Notes, due 2017 1 | 400 |  |  | 399 |
6.55% Senior Notes, due 2037 2 | 399 |  |  | 399 |
Commercial paper | 457 |  |  | — |
Total debt | 1,256 |  |  | 1,198 |
Less: short-term debt including current maturities | 457 |  |  | 400 |
Long-term debt | $ | 799 |  |  | $ | 798 |
1 | Interest payments are due semiannually on April 15 and October 15, and as of December 31, 2012, the unamortized debt discount is $0.5 million.
2 | Interest payments are due semiannually on May 15 and November 15, and as of December 31, 2012, the unamortized debt discount is $1.3 million.
On November 15, 2012, our $400 million, 5.375% Senior Notes matured and were fully repaid. Annual long-term debt maturities are scheduled as follows based on book values as of December 31, 2012: no amounts due from 2013-2016, approximately $400 million due in 2017 and approximately $399 million due thereafter. We have the ability to borrow a total of $1.2 billion through our commercial paper program, which is supported by our $1.2 billion three-year credit agreement (our “credit facility”) that will terminate on July 30, 2013. We pay a commitment fee of 15 to 35 basis points for our credit facility, depending on our credit rating, whether or not amounts have been borrowed and currently pay a commitment fee of 20 basis points. The interest rate on borrowings under our credit facility is, at our option, calculated using rates that are primarily based on either the prevailing London Inter-Bank Offer Rate, the prime rate determined by the administrative agent or the Federal funds rate. For certain borrowings under this credit facility there is also a spread based on our credit rating added to the applicable rate. In connection with the special dividend in the amount of $2.50 per share on our common stock we utilized our commercial paper program in December of 2012 and as a result, commercial paper borrowings outstanding as of December 31, 2012 totaled $457 million with an average interest rate and term of 0.48% and 28 days. See Note 9 – Equity for further discussion concerning the special dividend. As of December 31, 2012, we can borrow $743 million in additional funds through the commercial paper program. There were no outstanding commercial paper borrowings as of December 31, 2011. Our credit facility contains certain covenants. The only financial covenant requires that our indebtedness to cash flow ratio, as defined in our credit facility, is not greater than 4 to 1, and this covenant has never been exceeded. On February 7, 2013, Fitch Ratings downgraded our credit rating to BBB+ from A- and placed our ratings on Rating Watch Negative. On February 14, 2013, Moody's Investors Service downgraded our credit rating from A3 to Baa2 with negative outlook. There has been no change to our short-term / commercial paper ratings of F2 from Fitch Ratings and P-2 from Moody's Investors Service.

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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 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 Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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