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Debt | 12 Months Ended
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Dec. 31, 2012
Debt | 9. Debt Debt consists of (in millions):
|  | December 31, |
|  | 2012 |  |  | 2011 |
Senior Notes, interest at 5.65% payable semiannually, principal due on November 15, 2012 |  | $ | — |  |  | $ | 200 |
Senior Notes, interest at 5.5% payable semiannually, principal due on November 19, 2012 |  |  | — |  |  |  | 150 |
Senior Notes, interest at 6.125% payable semiannually, principal due on August 15, 2015 |  |  | 151 |  |  |  | 151 |
Senior Notes, interest at 1.35% payable semiannually, principal due on December 1, 2017 |  |  | 500 |  |  |  | — |
Senior Notes, interest at 2.6% payable semiannually, principal due on December 1, 2022 |  |  | 1,395 |  |  |  | — |
Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042 |  |  | 1,096 |  |  |  | — |
Other |  |  | 7 |  |  |  | 9 |
Total debt |  |  | 3,149 |  |  |  | 510 |
Less current portion |  |  | 1 |  |  |  | 351 |
Long-term debt |  | $ | 3,148 |  |  | $ | 159 |
Principal payments of debt for years subsequent to 2012 are as follows (in millions):
2013 |  | $ | 1 |
2014 |  |  | 3 |
2015 |  |  | 151 |
2016 |  |  | — |
2017 |  |  | 500 |
Thereafter |  |  | 2,494 |
|  | $ | 3,149 |
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 December 31, 2012, the Company was in compliance with the financial covenant under the new credit facility. At December 31, 2012, there were no borrowings under the new $3.5 billion credit facility, however, there were $938 million in outstanding letters of credit issued, resulting in $2,562 million of funds available. The Company also had $2,254 million of additional outstanding letters of credit at December 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. Redemption of unsecured Senior Notes Due 2012 On November 15, 2012, the Company repaid $200 million of its 5.65% unsecured Senior Notes and $150 million of its 5.50% unsecured Senior Notes. Both series of unsecured Senior Notes were repaid using available cash balances. Issuance of unsecured Senior Notes Due 2017, 2022 and 2042 On November 20, 2012, the Company issued the following; $500 million of 1.35% unsecured Senior Notes due 2017, $1.4 billion of 2.60% unsecured Senior Notes due 2022 and $1.1 billion of 3.95% unsecured Senior Notes due 2042. The net proceeds were $2,969 million, after deducting $22 million in underwriting fees and a $9 million discount. Interest on each series of notes is due on June 1 and December 1 of each year, beginning on June 1, 2013. The Company may redeem some or all of the Senior Notes at any time at the applicable redemption, plus accrued interest, if any, to the redemption date. At December 31, 2012, the Company was in compliance with the covenants under the indenture governing the Senior Notes. 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 December 31, 2012 and 2011, the fair value of the Company’s unsecured Senior Notes approximated $3,190 million and $526 million, respectively. At December 31, 2012 and 2011, the carrying value of the Company’s unsecured Senior Notes approximated $3,142 million and $501 million, respectively.

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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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