DEBT

Short-term borrowings and current portion of long-term debt at December 31, 2012 and 2011 consisted of the following:



	2012			2011

Secured Receivables Credit Facility	$	—		$	85,000
Current portion of long-term debt	9,404			569,395

Total short-term borrowings and current portion of long-term debt	$	9,404		$	654,395

Short-term weighted average interest rates	0.98		%	1.42		%

Long-term debt at December 31, 2012 and 2011 consisted of the following:



	2012		2011

Term Loan due May 2012	$	—	$	560,000
Floating Rate Senior Notes due March 2014	200,000		200,000
5.45% Senior Notes due November 2015	499,171		499,387
3.20% Senior Notes due April 2016	311,478		310,622
6.40% Senior Notes due July 2017	374,640		374,561
4.75% Senior Notes due January 2020	543,678		539,688
4.70% Senior Notes due April 2021	547,104		549,152
6.95% Senior Notes due July 2037	421,154		420,997
5.75% Senior Notes due January 2040	438,742		438,323
Other	27,610		47,187

Total long-term debt	3,363,577		3,939,917
Less: current portion of long-term debt	9,404		569,395

Total long-term debt, net of current portion	$	3,354,173	$	3,370,522

Secured Receivables Credit Facility

The Company has a $525 million secured receivables credit facility (the “Secured Receivables Credit Facility”) that is supported by back-up facilities provided on a committed basis by two banks in the amounts of $275 million and $250 million, which mature on December 6, 2013. Interest on the Secured Receivables Credit Facility is based on rates that are intended to approximate commercial paper rates for highly-rated issuers. At December 31, 2012 and 2011, the Company's borrowing rate under the Secured Receivables Credit Facility was 0.97% and 1.02%, respectively. Borrowings under the Secured Receivables Credit Facility are collateralized by certain domestic receivables.

Senior Unsecured Revolving Credit Facility

In September 2011, the Company entered into a $750 million senior unsecured revolving credit facility (the “Credit Facility”) which replaced the Company's then existing $750 million senior unsecured revolving credit facility that was scheduled to mature in May 2012. Under the Credit Facility, the Company can issue letters of credit totaling $150 million, which reduce the available borrowing capacity. At December 31, 2012, letters of credit totaling $0.3 million were issued under the Credit Facility. Interest on the Credit Facility, which matures in September 2016, is based on certain published rates plus an applicable margin that will vary over a range from 75 basis points to 175 basis points based on changes in the Company's public debt ratings. At the option of the Company, it may elect to lock into LIBOR-based interest rates for periods up to six months. Interest on any outstanding amounts not covered under LIBOR-based interest rate contracts is based on an alternate base rate, which is calculated by reference to the prime rate, the federal funds rate or an adjusted LIBOR rate. At both December 31, 2012 and 2011, the Company's borrowing rate for LIBOR-based loans under the Credit Facility was LIBOR plus 1.125%. The Credit Facility contains various covenants, including the maintenance of certain financial ratios, which could impact the Company's ability to, among other things, incur additional indebtedness. At both December 31, 2012 and 2011, there were no outstanding borrowings under the Company's senior unsecured revolving credit facility.

2011 Senior Notes Offering

In March 2011, the Company completed a $1.25 billion senior notes offering (the “2011 Senior Notes”) that was sold in four tranches: (a) $200 million aggregate principal amount of three-month LIBOR plus 0.85% floating rate senior notes due March 24, 2014, (b) $300 million aggregate principal amount of 3.20% senior notes due April 1, 2016, (c) $550 million aggregate principal amount of 4.70% senior notes due April 1, 2021, and (d) $200 million aggregate principal amount of 5.75% senior notes due January 30, 2040. The Senior Notes due 2040 were a reopening of the $250 million aggregate principal amount of 5.75% senior notes due 2040 that were originally issued on November 17, 2009. The three-month LIBOR on the floating rate senior notes at December 31, 2012 and 2011 was 0.31% and 0.58%, respectively. These senior notes are unsecured obligations of the Company and rank equally with the Company's other senior unsecured obligations. None of the Company's senior notes have a sinking fund requirement.

The Company used $750 million of the net proceeds from the 2011 Senior Notes to fund the purchase price and related transaction costs associated with its acquisition of Athena, which closed on April 4, 2011 (see Note 5), and $485 million of the net proceeds, together with $90 million of cash on hand, to repay outstanding indebtedness under the Company's senior unsecured revolving credit facility and its secured receivables credit facility.

Term Loan due 2012

The Term Loan due 2012 matured on May 31, 2012 and required principal repayments of $280 million on both March 31, 2012 and May 31, 2012. Interest under the Term Loan due 2012 was based on certain published rates plus an applicable margin that varied over a range from 40 basis points to 125 basis points based on changes in the Company's public debt ratings. Interest on any outstanding amounts not covered under LIBOR-based interest rate contracts was based on an alternate base rate, which was calculated by reference to the prime rate or federal funds rate. As of December 31, 2011, the Company's borrowing rate for LIBOR-based loans was LIBOR plus 0.40%.

Fair Value Hedges

As further discussed in Note 13, the Company has hedged the risk of changes in fair value attributable to the variability in interest rates on a portion of certain senior notes through the use of interest rate swaps, which have been designated as fair value hedges. The carrying value of these senior notes have been increased (decreased) for changes in fair value of the related hedges and the amortization of the terminated hedges as of December 31, 2012 and 2011 as follows:



	Notional Amount Hedged		2012			2011

5.45% Senior Notes due November 2015	$	200,000	$	(376	)	$	—
3.20% Senior Notes due April 2016	200,000		11,659			10,858
4.75% Senior Notes due January 2020	350,000		48,912			45,662
4.70% Senior Notes due April 2021	200,000		(2,140		)	—

			$	58,055		$	56,520

Maturities of Long-Term Debt

As of December 31, 2012, long-term debt maturing in each of the years subsequent to December 31, 2013 is as follows:



Year Ending December 31,
2014	$	208,994
2015	506,446
2016	302,190
2017	375,564
2018	12
Thereafter	1,925,000

Total maturities of long-term debt	3,318,206
Unamortized discount	(22,088		)
Fair value basis adjustments attributable to hedged debt	58,055

Total long-term debt, net of current portion	$	3,354,173