Annual report pursuant to Section 13 and 15(d)

DEBT AND BORROWING ARRANGEMENTS (Tables)

v2.4.0.6
DEBT AND BORROWING ARRANGEMENTS (Tables)
12 Months Ended
Dec. 31, 2011
Debt and Borrowing Arrangements Disclosure [Abstract]  
Components of long-term debt
The Company's long-term debt consisted of the following (in millions, except average rate data):
 
December 31, 2011
 
December 31, 2010
 
Amount

 
Average
Rate 1

 
Amount

 
Average
Rate1

U.S. dollar notes due 2012–2093
$
12,270

 
1.9
%
 
$
11,195

 
1.8
%
U.S. dollar debentures due 2012–2098
2,482

 
4.0

 
2,946

 
3.9

U.S. dollar zero coupon notes due 20202
130

 
8.4

 
222

 
8.4

U.K. pound sterling notes due 2016 and 2021

 

 
652

 
6.5

Other, due through 20983
584

 
4.8

 
404

 
5.0

Fair value adjustment4
231

 
N/A

 
(102
)
 
N/A

Total5,6
$
15,697

 
2.3
%
 
$
15,317

 
2.6
%
Less current portion
2,041

 
 

 
1,276

 
 

Long-term debt
$
13,656

 
 

 
$
14,041

 
 

1 
These rates represent the weighted-average effective interest rate on the balances outstanding as of year end, as adjusted for the effects of interest rate swap agreements as well as fair value adjustments, if applicable. Refer to Note 5 for a more detailed discussion on interest rate management.
2 
This amount is shown net of unamortized discounts of $41 million and $81 million as of December 31, 2011 and 2010, respectively.
3 
As of December 31, 2011, the amount shown includes $372 million of debt instruments that are due through 2020.
4 
Refer to Note 5 for additional information about our fair value hedging strategy.
5 
As of December 31, 2011 and 2010, the fair value of our long-term debt, including the current portion, was $16,360 million and $16,218 million, respectively. The fair value of our long-term debt is estimated based on quoted prices for those or similar instruments.
6 
The above notes and debentures include various restrictions, none of which is presently significant to our Company.
Schedule of Maturities of Long-term Debt
Maturities of long-term debt for the five years succeeding December 31, 2011, are as follows (in millions):
 
Maturities of
Long-Term Debt

2012
$
2,041

2013
1,515

2014
1,690

2015
1,462

2016
1,707