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Long Term Debt | 12 Months Ended
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Dec. 31, 2011
Debt [Abstract] |
Debt | 9. Debt Debt consists of (in millions):
|  | December 31, |
|  | 2011 |  |  | 2010 |
Senior Notes, interest at 6.5% payable semiannually,principal due on March 15, 2011 |  | $ | — |  |  | $ | 150 |
Senior Notes, interest at 7.25% payable semiannually,principal due on May 1, 2011 |  |  | — |  |  |  | 201 |
Senior Notes, interest at 5.65% payable semiannually,principal due on November 15, 2012 |  |  | 200 |  |  |  | 200 |
Senior Notes, interest at 5.5% payable semiannually,principal due on November 19, 2012 |  |  | 150 |  |  |  | 151 |
Senior Notes, interest at 6.125% payable semiannually,principal due on August 15, 2015 |  |  | 151 |  |  |  | 151 |
Other |  |  | 9 |  |  |  | 34 |
Total debt |  |  | 510 |  |  |  | 887 |
Less current portion |  |  | 351 |  |  |  | 373 |
Long-term debt |  | $ | 159 |  |  | $ | 514 |
Principal payments of debt for years subsequent to 2011 are as follows (in millions):
2012 |  | $ | 351 |
2013 |  |  | 2 |
2014 |  |  | 4 |
2015 |  |  | 152 |
2016 |  |  | 1 |
|  | $ | 510 |
Senior Notes On March 15, 2011, the Company repaid $150 million of its 6.5% unsecured Senior Notes using available cash balances and on May 1, 2011, the Company repaid $200 million of its 7.25% unsecured Senior Notes using available cash balances. The remaining Senior Notes contain reporting covenants, and the Company was in compliance at December 31, 2011. Revolving Credit Facility The Company has a $2 billion, five-year revolving credit facility which expires April 30, 2013. At December 31, 2011 there were no borrowings against the credit facility, and there were $862 million in outstanding letters of credit issued under the credit facility, resulting in $1,138 million of funds available under this revolving credit facility. Interest under this multicurrency facility is based upon LIBOR, NIBOR or EURIBOR plus 0.26% subject to a ratings-based grid, or the prime rate. The credit facility contains a financial covenant regarding maximum debt to capitalization and the Company was in compliance at December 31, 2011. The Company also had $1,863 million of additional outstanding letters of credit at December 31, 2011, primarily in Norway, that are under various bilateral committed letter of credit facilities. Other letters of credit are issued as bid bonds and performance bonds.

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- Definition The entire disclosure for 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 + Details
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