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Debt | 3 Months Ended
--- | ---
Mar. 31, 2012
Debt [Abstract] |
Debt | 7. Debt Debt consists of (in millions):
|  | March 31, |  |  | December 31, |
|  | 2012 |  |  | 2011 |
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 |  |  |  | 150 |
Senior Notes, interest at 6.125% payable semiannually, principal due on August 15, 2015 |  |  | 151 |  |  |  | 151 |
Other |  |  | 9 |  |  |  | 9 |
Total debt |  |  | 510 |  |  |  | 510 |
Less current portion |  |  | 351 |  |  |  | 351 |
Long-term debt |  | $ | 159 |  |  | $ | 159 |
Revolving Credit Facilities The Company has a $2 billion, five-year revolving credit facility which expires April 21, 2013. At March 31, 2012 there were no borrowings against the credit facility, and there were $985 million in outstanding letters of credit issued under the credit facility, resulting in $1,015 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 March 31, 2012. The Company also had $1,893 million of additional outstanding letters of credit at March 31, 2012, 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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