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NOTES PAYABLE | 3 Months Ended
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Mar. 31, 2012
Notes to Financial Statements [Abstract] |
NOTES PAYABLE | NOTES PAYABLE A summary of notes payable follows:
(In millions) | March 31, 2012 |  | December 31, 2011 |
8.50% senior notes due May 2019 | $ | 850 |  |  | $ | 850 |  |
6.45% senior notes due August 2040 | 448 |  | (1) | 448 |  | (1)
6.90% senior notes due December 2039 | 396 |  | (2) | 396 |  | (2)
3.45% senior notes due August 2015 | 300 |  |  | 300 |  |
2.65% senior notes due February 2017 | 400 |  |  | 0 |  |
4.00% senior notes due February 2022 | 349 |  | (3) | 0 |  |
Yen-denominated Uridashi notes: |  |  |  |
2.26% notes due September 2016 (principal amount 8 billion yen) | 97 |  |  | 103 |  |
Yen-denominated Samurai notes: |  |  |  |
1.47% notes due July 2014 (principal amount 28.7 billion yen) | 349 |  |  | 369 |  |
1.87% notes due June 2012 (principal amount 26.6 billion yen) | 324 |  |  | 342 |  |
1.84% notes due July 2016 (principal amount 15.8 billion yen) | 192 |  |  | 203 |  |
Variable interest rate notes due July 2014 (1.35% in 2012 and 1.34% in 2011, principal amount 5.5 billion yen) | 67 |  |  | 71 |  |
Yen-denominated loans: |  |  |  |
3.60% loan due July 2015 (principal amount 10 billion yen) | 122 |  |  | 129 |  |
3.00% loan due August 2015 (principal amount 5 billion yen) | 61 |  |  | 64 |  |
Capitalized lease obligations payable through 2022 | 9 |  |  | 10 |  |
Total notes payable | $ | 3,964 |  |  | $ | 3,285 |  |
(1) $450 issuance net of a $2 underwriting discount that is being amortized over the life of the notes (2) $400 issuance net of a $4 underwriting discount that is being amortized over the life of the notes (3) $350 issuance net of a $1 underwriting discount that is being amortized over the life of the notes In February 2012, the Parent Company issued two series of senior notes totaling $750 million through a U.S. public debt offering. The first series, which totaled $400 million, bears interest at a fixed rate of 2.65% per annum, payable semi-annually, and has a five-year maturity. The second series, which totaled $350 million, bears interest at a fixed rate of 4.00% per annum, payable semi-annually, and has a ten-year maturity. We have entered into cross-currency swaps to reduce interest expense by converting the dollar-denominated principal and interest on the senior notes we issued into yen-denominated obligations. By entering into these cross-currency swaps, we economically converted our $400 million liability into a 30.9 billion yen liability and reduced the interest rate on this debt from 2.65% in dollars to 1.22% in yen, and we economically converted our $350 million liability into a 27.0 billion yen liability and reduced the interest rate on this debt from 4.00% in dollars to 2.07% in yen. We have no restrictive financial covenants related to our notes payable. We were in compliance with all of the covenants of our notes payable at March 31, 2012. No events of default or defaults occurred during the three-month period ended March 31, 2012. For additional information, see Notes 4 and 8 of the Notes to the Consolidated Financial Statements in our annual report to shareholders for the year ended December 31, 2011.

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- Definition The entire disclosure for debt and capital lease obligations can be reported. 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. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References No definition available. + Details
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