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