v2.4.0.8
Credit Facilities and Long-Term Debt (Tables)
 6 Months Ended
Jun. 30, 2013
Debt Disclosure [Abstract]  
Schedule of Credit Facilities and Long-Term Debt
(in millions)
June 30,
2013
 
December 31,
2012
Short-term borrowings and current maturities of long-term debt
$
5

 
$
6

 
 
 
 
Long-term debt
 
 
 
3.550% Senior Notes due 2016 (a)
$
600

 
$
600

4.875% Senior Notes due 2021 (a)
600

 
600

Unamortized discount (b)
(1
)
 
(1
)
Long-term debt
$
1,199

 
$
1,199

Total debt
$
1,204

 
$
1,205

(a)
The fair value of our Senior Notes (as defined below) was determined using quoted prices in active markets for identical securities, which are considered Level 1 inputs. The fair value of our Senior Notes due 2016 was $632 million and $639 million as of June 30, 2013 and December 31, 2012, respectively. The fair value of our Senior Notes due 2021 was $636 million and $680 million as of June 30, 2013 and December 31, 2012, respectively.
(b)
The unamortized discount is recognized as a reduction in the carrying value of the Senior Notes (as defined below) in the Condensed Consolidated Balance Sheets and is being amortized to interest expense in our Condensed Consolidated Income Statements over the expected remaining terms of the Senior Notes.