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Debt | 9 Months Ended
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Sep. 30, 2012
Debt |
Debt |
3. Debt The following table summarizes the long-term debt of the Company:
|  | September 30, |  | December 31, |  | September 30, |
|  | 2012 |  | 2011 |  | 2011 |
Secured Credit Agreement: |  |  |  |  |  |  |
Revolving Credit Facility: |  |  |  |  |  |  |
Revolving Loans |  | $ | — |  | $ | — |  | $ | 30 |
Term Loans: |  |  |  |  |  |  |
Term Loan A (119 million AUD at September 30, 2012) |  | 125 |  | 173 |  | 166 |
Term Loan B |  | 548 |  | 600 |  | 600 |
Term Loan C (110 million CAD at September 30, 2012) |  | 113 |  | 114 |  | 112 |
Term Loan D (€134 million at September 30, 2012) |  | 173 |  | 182 |  | 191 |
Senior Notes: |  |  |  |  |  |  |
3.00%, Exchangeable, due 2015 |  | 637 |  | 624 |  | 620 |
7.375%, due 2016 |  | 590 |  | 588 |  | 587 |
6.875%, due 2017 (€300 million) |  | 388 |  | 388 |  | 406 |
6.75%, due 2020 (€500 million) |  | 647 |  | 647 |  | 677 |
Senior Debentures: |  |  |  |  |  |  |
7.80%, due 2018 |  | 250 |  | 250 |  | 250 |
Other |  | 103 |  | 137 |  | 154 |
Total long-term debt |  | 3,574 |  | 3,703 |  | 3,793 |
Less amounts due within one year |  | 37 |  | 76 |  | 50 |
Long-term debt |  | $ | 3,537 |  | $ | 3,627 |  | $ | 3,743 |
On May 19, 2011, the Company’s subsidiary borrowers entered into the Secured Credit Agreement (the “Agreement”). At September 30, 2012, the Agreement included a $900 million revolving credit facility, a 119 million Australian dollar term loan, a $548 million term loan, a 110 million Canadian dollar term loan, and a €134 million term loan, each of which has a final maturity date of May 19, 2016. At September 30, 2012, the Company’s subsidiary borrowers had unused credit of $807 million available under the Agreement. The weighted average interest rate on borrowings outstanding under the Agreement at September 30, 2012 was 2.52%. The Company has a €240 million European accounts receivable securitization program, which extends through September 2016, subject to annual renewal of backup credit lines. Information related to the Company’s accounts receivable securitization program is as follows:
|  | September 30, |  | December 31, |  | September 30, |
|  | 2012 |  | 2011 |  | 2011 |
Balance (included in short-term loans) |  | $ | 276 |  | $ | 281 |  | $ | 233 |
Weighted average interest rate |  | 1.13 | % | 2.41 | % | 1.87 | %
The carrying amounts reported for the accounts receivable securitization programs, and certain long-term debt obligations subject to frequently redetermined interest rates, approximate fair value. Fair values for the Company’s significant fixed rate debt obligations are based on published market quotations, and are classified as Level 1 in the fair value hierarchy. Fair values at September 30, 2012 of the Company’s significant fixed rate debt obligations are as follows:
|  |  |  | Indicated |  |  |
|  | Principal |  | Market |  | Fair |
|  | Amount |  | Price |  | Value |
Senior Notes: |  |  |  |  |  |  |
3.00%, Exchangeable, due 2015 |  | $ | 690 |  | 98.36 |  | $ | 679 |
7.375%, due 2016 |  | 600 |  | 114.63 |  | 688 |
6.875%, due 2017 (€300 million) |  | 388 |  | 103.00 |  | 400 |
6.75%, due 2020 (€500 million) |  | 647 |  | 111.38 |  | 721 |
Senior Debentures: |  |  |  |  |  |  |
7.80%, due 2018 |  | 250 |  | 115.63 |  | 289 |

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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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