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Debt | 9 Months Ended
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Sep. 30, 2012
Debt | 7. Debt Debt consists of (in millions):
|  | September 30, |  |  | 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 |
Revolving Credit Facility, expires September 28, 2017 |  |  | 1,015 |  |  |  | — |
Other |  |  | 13 |  |  |  | 9 |
Total debt |  |  | 1,529 |  |  |  | 510 |
Less current portion |  |  | 354 |  |  |  | 351 |
Long-term debt |  | $ | 1,175 |  |  | $ | 159 |
New Revolving Credit Facility On September 28, 2012, the Company entered into a new five-year unsecured revolving credit facility with a syndicate of financial institutions. This new credit facility replaced early the Company’s previous $2.0 billion revolving credit facility and provides for aggregate multicurrency borrowings up to $3.5 billion. In addition, the Company has an accordion option to increase aggregate borrowing availability by an additional $1.0 billion, subject to obtaining additional or increased lender commitments from members of the syndication. Interest under the new credit facility is based upon LIBOR, NIBOR or EURIBOR plus 0.875% subject to a ratings-based grid, or the prime rate. The terms of the new credit facility provide for a financial covenant regarding maximum debt to capitalization. At September 30, 2012, the Company was in compliance with the financial covenant under the new credit facility. At September 30, 2012, there were $1,015 million in borrowings, and there were $913 million in outstanding letters of credit issued, resulting in $1,572 million of funds available under the new credit facility. The Company also had $1,944 million of additional outstanding letters of credit at September 30, 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. The fair value of the Company’s debt is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those or similar instruments. At September 30, 2012, the carrying value of the Company’s debt approximated its fair value.

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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 Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 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 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. + Details
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