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Debt | 9 Months Ended
--- | ---
Sep. 30, 2014
Debt Disclosure [Abstract] |
Debt |
8. | Debt
Debt consists of (in millions):
|  | September 30, |  |  | December 31, |
|  | 2014 |  |  | 2013 |
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 |  |  | 1,396 |  |  |  | 1,396 |
Senior Notes, interest at 3.95% payable semiannually, principal due on December 1, 2042 |  |  | 1,096 |  |  |  | 1,096 |
Other |  |  | 3 |  |  |  | 7 |
Total debt |  |  | 3,146 |  |  |  | 3,150 |
Less current portion |  |  | 151 |  |  |  | 1 |
Long-term debt |  | $ | 2,995 |  |  | $ | 3,149 |
The Company has a $3.5 billion, five-year unsecured revolving credit facility which expires September 28, 2018. The Company also has a commercial paper program that is supported by its revolving credit facility. At September 30, 2014, the Company had no commercial paper borrowings and no borrowings against its revolving credit facility. Funds available under the Company’s revolving credit facility were $2,427 million due to $1,073 million in outstanding letters of credit issued under the facility. Interest under this multicurrency facility is based upon LIBOR, NIBOR or EURIBOR plus 0.875% subject to a ratings-based grid, or the U.S. prime rate. The credit facility contains a financial covenant regarding maximum debt to capitalization and the Company was in compliance at September 30, 2014. The Company also had $3,212 million of additional outstanding letters of credit at September 30, 2014, primarily in Norway, that are under various bilateral committed letter of credit facilities. Other letters of credit are issued as bid bonds, advanced payment 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, 2014 and December 31, 2013, the fair value of the Company’s unsecured Senior Notes approximated $3,023 million and $2,896 million, respectively. At both September 30, 2014 and December 31, 2013, the carrying value of the Company’s unsecured Senior Notes approximated $3,143 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 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: 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 3: 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 + Details
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