| 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 |
|
|