v2.4.0.6
Debt Obligations (Tables)
 3 Months Ended
Mar. 31, 2013
Debt Disclosure [Abstract]  
Changes in Debt Obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2012

 

Additions

 

Payments, Conversions, Accretion and Other

 

March 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

2.50% convertible senior notes due August 15, 2013(1)

 

$
91 

 

$

 -

 

$
1 

 

$
92 

4.00% senior unsecured notes due January 15, 2015 (net of discount)(2)

 

 
399 

 

 

 -

 

 

 -

 

 
399 

5.55% senior unsecured notes due January 15, 2020 (net of discount)(2)

 

 
598 

 

 

 -

 

 

 -

 

 
598 

5.25% senior unsecured notes due January 16, 2018 (net of discount)(2)

 

 
368 

 

 

 -

 

 

 -

 

 
368 

$1.2 billion senior unsecured five-year credit facility(3):

 

 

 

 

 

 

 

 

 

 

 

 

$450 million senior unsecured term loan facility credit agreement due September 19, 2016 (average interest rate of 1.58% for the period January 1, 2013 through March 31, 2013)

 

 
394 

 

 

 -

 

 
(11)

 

 
383 

$750 million revolving credit commitment due September 19, 2016 (average interest rate of 1.38% for the period January 1, 2013 through March 31, 2013)

 

 
126 

 

 

 -

 

 

 -

 

 
126 

Total debt obligations

 

 
1,976 

 

 

 -

 

 
(10)

 

 
1,966 

Less current portion

 

 
(136)

 

 

 -

 

 
(1)

 

 
(137)

Total long-term debt obligations

 

$
1,840 

 

$

 -

 

$
(11)

 

$
1,829 

 

(1)     See “2.50% Convertible Senior Notes” below for further discussion.

(2)     See “Senior Unsecured Notes” below for further discussion.

(3)     See “2011 Credit Facility” below for further discussion.

Changes in Liability and Equity Components of Convertible Senior Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liability Component

 

Equity Component

 

 

Principal Balance

 

Unamortized Debt Discount

 

Net Carrying Amount

 

Gross Equity Component

 

Deferred Taxes

 

Net Equity Component

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in millions)

December 31, 2012

 

$
93 

 

$
2 

 

$
91 

 

$
71 

 

$
32 

 

$
39 

Accretion of debt discount

 

 

 -

 

 
(1)

 

 
1 

 

 

 -

 

 

 -

 

 

 -

March 31, 2013

 

$
93 

 

$
1 

 

$
92 

 

$
71 

 

$
32 

 

$
39 

 

Interest Expense Recognized on Convertible Senior Notes in Condensed Consolidated Statements of Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

(in millions)

Components of interest expense recognized on the 2013 Convertible Notes

 

 

 

 

 

 

Accretion of debt discount

 

$
1 

 

$
1 

Contractual interest

 

 
1 

 

 
1 

Total interest expense recognized on the 2013 Convertible Notes

 

$
2 

 

$
2