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Debt

3 Months Ended

Mar. 31, 2013

Debt Disclosure [Abstract]

Debt

7. Debt

Debt consists of (in millions):

		March 31,				December 31,
		2013				2012
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				500
Senior Notes, interest at 2.6% payable semiannually, principal due on December 1, 2022			1,395				1,395
Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042			1,096				1,096
Revolving Credit Facility, expires September 28, 2017			1,200				—
Other			7				7
Total debt			4,349				3,149
Less current portion			—				1
Long-term debt		$	4,349			$	3,148

Revolving Credit Facility

The Company has a $3.5 billion, five-year unsecured revolving credit facility which expires September 28, 2017. At March 31, 2013 there were $1,200 million in outstanding borrowings against the credit facility, and there were $777 million in outstanding letters of credit issued under the credit facility, resulting in $1,523 million of funds available under this revolving credit facility. Interest under this multicurrency facility is based upon LIBOR, NIBOR or EURIBOR plus 0.875% 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, 2013.

The Company also had $2,325 million of additional outstanding letters of credit at March 31, 2013, 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 March 31, 2013 and December 31, 2012, the fair value of the Company’s unsecured Senior Notes approximated $3,102 million and $3,190 million, respectively. At March 31, 2013 and December 31, 2012, the carrying value of the Company’s unsecured Senior Notes approximated $3,142 million.

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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.

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