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Debt and Commitments

12 Months Ended

Dec. 31, 2011

Debt and Commitments [Abstract]

DEBT AND COMMITMENTS

15. DEBT AND COMMITMENTS

[a] The Company’s long-term debt, which is substantially uncollateralized, consists of the following:

			0000001				0000001
		2011				2010
Bank term debt at a weighted average interest rate of approximately 9.8% [2010 - 16.2%], denominated primarily in Brazilian real and Chinese renminbi		$	11			$	6
Government loans at a weighted average interest rate of approximately 5.8% [2010 - 2.0%], denominated primarily in euros and Brazilian real			18				14
Other			42				46
			71				66
Less due within one year			25				19
		$	46			$	47

[b] Future principal repayments on long-term debt are estimated to be as follows:

			0000000
2012		$	25
2013			14
2014			9
2015			4
2016			3
Thereafter			16
		$	71

[c] On July 8, 2011, the Company entered into a new four-year revolving credit facility in the amount of $2.25 billion. The facility, which matures on July 8, 2015, replaces a $2.0 billion revolving credit facility that was set to expire on July 31, 2012. The facility includes a $100 million Asian tranche and a tranche for Canada, U.S., and Europe, which is fully transferable between jurisdictions and can be drawn in U.S. dollars, Canadian dollars or euros.

[d] Interest (income) expense, net includes:

			111111				111111				111111
		2011				2010				2009
Interest expense
Current		$	16			$	9			$	10
Long-term			3				2				16
			19				11				26
Interest income			(25	)			(22	)			(19)
Interest (income) expense, net		$	(6	)		$	(11	)		$	7

[e] Interest paid in cash was $19 million for the year ended December 31, 2011 [2010 - $11 million; 2009 - $26 million].

[f] At December 31, 2011, the Company had commitments under operating leases requiring annual rental payments as follows:

			0000000
		Total
2012		$	281
2013			262
2014			238
2015			219
2016			202
Thereafter			406
		$	1,608

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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.

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