Annual report pursuant to Section 13 and 15(d)

DEBT AND FINANCING ARRANGEMENTS (Tables)

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DEBT AND FINANCING ARRANGEMENTS (Tables)
12 Months Ended
Dec. 31, 2011
Carrying Value of Debt Obligations

The carrying value of our debt obligations, as of December 31, consists of the following (in millions):

 

     Maturity    2011     2010  

Commercial paper

   2012    $ —        $ 341   

4.50% senior notes

   2013      1,778        1,815   

3.875% senior notes

   2014      1,050        1,061   

5.50% senior notes

   2018      841        795   

5.125% senior notes

   2019      1,119        1,032   

8.375% debentures

   2020      504        453   

3.125% senior notes

   2021      1,641        1,464   

8.375% debentures

   2030      284        284   

6.20% senior notes

   2038      1,480        1,480   

4.875% senior notes

   2040      489        488   

Floating rate senior notes

   2049 – 2053      376        386   

Capital lease obligations

   2012 – 3004      469        160   

Facility notes and bonds

   2015 – 2036      320        320   

Pound Sterling notes

   2031 / 2050      777        764   

Other debt

   2012      —          3   
     

 

 

   

 

 

 

Total debt

        11,128        10,846   

Less current maturities

        (33     (355
     

 

 

   

 

 

 

Long-term debt

      $ 11,095      $ 10,491   
     

 

 

   

 

 

 
Recorded Value of Aircraft Subject to Capital Leases

The recorded value of our property, plant and equipment subject to capital leases is as follows as of December 31 (in millions):

 

     2011     2010  

Vehicles

   $ 35      $ —     

Aircraft

     2,282        2,466   

Buildings

     24        —     

Plant Equipment

     2        —     

Technology Equipment

     1        —     

Accumulated amortization

     (457     (628
  

 

 

   

 

 

 
   $ 1,887      $ 1,838   
  

 

 

   

 

 

 
Aggregate Minimum Lease Payments , Annual Principal Payments and Amounts Expected to be Spent for Purchase Commitments

The following table sets forth the aggregate minimum lease payments under capital and operating leases, the aggregate annual principal payments due under our long-term debt, and the aggregate amounts expected to be spent for purchase commitments (in millions).

 

Year

   Capital
Leases
    Operating
Leases
     Debt
Principal
     Purchase
Commitments
 

2012

   $ 59      $ 329       $ —         $ 517   

2013

     56        257         1,750         453   

2014

     51        192         1,000         32   

2015

     50        140         100         16   

2016

     48        97         —           34   

After 2016

     474        393         7,366         —     
  

 

 

   

 

 

    

 

 

    

 

 

 

Total

     738      $ 1,408       $ 10,216       $ 1,052   
    

 

 

    

 

 

    

 

 

 

Less: imputed interest

     (269        
  

 

 

         

Present value of minimum capitalized lease payments

     469           

Less: current portion

     (33        
  

 

 

         

Long-term capitalized lease obligations

   $ 436