| Summary of Debt Obligations |
The following table
summarizes the Company’s debt obligations. (Interest rates
and debt amounts reflected in the table include the effects of
interest rate swaps.)
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Interest rates(1)
December 31 |
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Amounts outstanding
December 31 |
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millions of U.S. Dollars |
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Maturity dates |
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2011 |
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2010 |
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2011 |
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2010 |
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Fixed
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5.1 |
% |
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5.4 |
% |
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$ |
6,039.3 |
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$ |
5,318.0 |
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Floating
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2.0 |
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3.0 |
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1,399.9 |
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1,390.0 |
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Total U.S. Dollars
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2012-2040 |
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7,439.2 |
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6,708.0 |
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Fixed
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4.5 |
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4.8 |
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1,167.0 |
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737.5 |
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Floating
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2.8 |
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2.2 |
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719.0 |
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753.4 |
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Total Euro
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2012-2021 |
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1,886.0 |
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1,490.9 |
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Fixed
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2.9 |
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2.1 |
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162.4 |
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338.7 |
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Floating
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0.6 |
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0.5 |
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1,039.4 |
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985.4 |
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Total Japanese Yen
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2013-2030 |
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1,201.8 |
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1,324.1 |
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Total British Pounds
Sterling-Fixed
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2020-2032 |
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6.0 |
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6.0 |
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697.8 |
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700.7 |
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Fixed
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2.8 |
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2.5 |
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495.8 |
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451.6 |
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Floating
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5.6 |
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4.1 |
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723.9 |
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752.6 |
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Total other currencies(2)
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2012-2021 |
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1,219.7 |
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1,204.2 |
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Debt obligations before fair value
adjustments(3)
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12,444.5 |
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11,427.9 |
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Fair value adjustments(4)
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55.9 |
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77.4 |
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Total debt obligations(5)
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$ |
12,500.4 |
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$ |
11,505.3 |
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| (1) |
Weighted-average effective rate, computed on a
semi-annual basis. |
| (2) |
Primarily consists of Swiss Francs, Chinese Renminbi
and Korean Won. |
| (3) |
Aggregate maturities for 2011 debt balances, before
fair value adjustments, were as follows (in millions):
2012–$366.6; 2013–$1,026.0; 2014–$737.9;
2015–$656.3; 2016–$2,158.6; Thereafter–$7,499.1.
These amounts include a reclassification of short-term obligations
totaling $1.5 billion to long-term obligations as they are
supported by a long-term line of credit agreement expiring in
November 2016. |
| (4) |
The carrying value of underlying items in fair value
hedges, in this case debt obligations, are adjusted for fair value
changes to the extent they are attributable to the risk designated
as being hedged. The related hedging instrument is also recorded at
fair value in prepaid expenses and other current assets,
miscellaneous other assets or other long-term liabilities. A
portion ($0.5 million) of the adjustments at December 31, 2011
related to interest rate swaps that were terminated in December
2002 and will amortize as a reduction of interest expense over the
remaining life of the debt. |
| (5) |
Includes notes payable, current maturities of long-term
debt and long-term debt included on the Consolidated balance sheet.
The increase in debt obligations from December 31, 2010 to
December 31, 2011 was primarily due to net issuances of $1.0
billion. |
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