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NOTES PAYABLE | 3 Months Ended
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Mar. 31, 2013
Debt Disclosure [Abstract] |
NOTES PAYABLE | NOTES PAYABLE A summary of notes payable follows:
(In millions) | March 31, 2013 |  | December 31, 2012
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 |  | (1) |  |  | 396 |  | (1)
3.45% senior notes due August 2015 |  | 300 |  |  |  |  | 300 |  |
2.65% senior notes due February 2017 |  | 656 |  | (2) |  |  | 657 |  | (2)
4.00% senior notes due February 2022 |  | 349 |  | (1) |  |  | 349 |  | (1)
5.50% subordinated debentures due September 2052 |  | 500 |  |  |  |  | 500 |  |
Yen-denominated Uridashi notes: |  |  |  |  |  |  |
2.26% notes due September 2016 (principal amount 8 billion yen) |  | 85 |  |  |  |  | 92 |  |
Yen-denominated Samurai notes: |  |  |  |  |  |  |
1.47% notes due July 2014 (principal amount 28.7 billion yen) |  | 305 |  |  |  |  | 331 |  |
1.84% notes due July 2016 (principal amount 15.8 billion yen) |  | 168 |  |  |  |  | 182 |  |
Variable interest rate notes due July 2014 (1.32% in 2013 and 1.34% in 2012, principal amount 5.5 billion yen) |  | 59 |  |  |  |  | 64 |  |
Yen-denominated loans: |  |  |  |  |  |  |
3.60% loan due July 2015 (principal amount 10 billion yen) |  | 107 |  |  |  |  | 116 |  |
3.00% loan due August 2015 (principal amount 5 billion yen) |  | 53 |  |  |  |  | 58 |  |
Capitalized lease obligations payable through 2022 |  | 7 |  |  |  |  | 9 |  |
Total notes payable |  | $ | 4,283 |  |  |  |  | $ | 4,352 |  |
(1) Principal amount net of an underwriting discount that is being amortized over the life of the notes (2) Principal amount plus an issuance premium that is being amortized over the life of the notes On March 29, 2013, we terminated our senior unsecured revolving credit facility that was due to expire in June 2013, and the Parent Company and Aflac entered into a 5-year senior unsecured revolving credit facility agreement with a syndicate of financial institutions that provides for borrowings in the amount of 50 billion yen. This credit agreement provides for borrowings in Japanese yen or the equivalent of Japanese yen in U.S. dollars on a revolving basis. Borrowings will bear interest at LIBOR plus the applicable margin of 1.125%. In addition, the Parent Company and Aflac are required to pay a facility fee of .125% on the commitments. As of March 31, 2013, no borrowings were outstanding under our 50 billion yen revolving credit agreement. Borrowings under the credit agreement may be used for general corporate purposes, including a capital contingency plan for our Japanese operations. Borrowings under the financing agreement mature at the termination date of the credit agreement. The agreement requires compliance with certain financial covenants on a quarterly basis. This credit agreement will expire on the earlier of (a) March 29, 2018, or (b) the date of termination of the commitments upon an event of default as defined in the agreement. We were in compliance with all of the covenants of our notes payable and line of credit at March 31, 2013. No events of default or defaults occurred during the three-month period ended March 31, 2013. 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, 2012.

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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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- Details
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