Debt (Tables)

3 Months Ended

Mar. 31, 2012

Debt Disclosure [Abstract]

Schedule of Short-term Debt

	As of	As of
	March 31, 2012	December 31, 2011
	(In $ millions)
Short-term borrowings and current installments of long-term debt - third party and affiliates
Current installments of long-term debt	39	38
Short-term borrowings, including amounts due to affiliates	116	106
Total	155	144

The Company's weighted average interest rate on short-term borrowings, including amounts due to affiliates, was 4.0% as of March 31, 2012 compared to 4.3% as of December 31, 2011.

Schedule of Long-term Debt

	As of		As of
	March 31, 2012		December 31, 2011
	(In $ millions)
Long-term debt
Senior credit facilities
Term C loan facility due 2016	1,391		1,386
Senior unsecured notes due 2018, interest rate of 6.625%	600		600
Senior unsecured notes due 2021, interest rate of 5.875%	400		400
Pollution control and industrial revenue bonds, interest rates ranging from 5.7% to 6.7%, due at various dates through 2030	182		182
Obligations under capital leases due at various dates through 2054	248		248
Other bank obligations, interest rates ranging from 6.3% to 6.7%, due at various dates through 2017	93		95
Subtotal	2,914		2,911
Current installments of long-term debt	(39	)	(38	)
Total	2,875		2,873

Schedule of Estimated Net Leverage Ratio and Estimated Margin

The margin may increase or decrease 0.25% based on the following:

	Estimated Margin as of		Estimated Margin		Estimated Total Net Leverage Ratio as of
			Decreases .25%	Increases .25%
	March 31, 2012		If the Estimated Total Net Leverage is:		March 31, 2012
Credit-linked revolving facility	1.50	%	not applicable	> 2.25:1.00	1.56
Term C	2.75	%	< = 1.75:1.00	> 2.25:1.00	1.56

The margin for borrowings under the revolving credit facility is currently 2.5% above LIBOR or EURIBOR, as applicable, subject to increase or reduction in certain circumstances based on changes in the Company’s corporate credit ratings. Term loan borrowings under the Amended Credit Agreement are subject to amortization at 1% of the initial principal amount per annum, payable quarterly. In addition, the Company pays quarterly commitment fees on the unused portions of the revolving credit facility and credit-linked revolving facility of 0.25% and 1.50% per annum, respectively.

Schedule of First Lien Senior Secured Leverage Ratios and Borrowing Capacity

The Company’s first lien senior secured leverage ratios and the borrowing capacity under the revolving credit facility are as follows:

	As of March 31, 2012
			Estimate, if Fully	Borrowing
	Maximum	Estimate	Drawn	Capacity
				(In $ millions)
First lien senior secured leverage ratios	3.90 to 1.00	1.07 to 1.00	1.52 to 1.00	600

Schedule of Balances Available for Borrowing Under the Revolving Credit Facility and the Credit-linked Revolving Facility

The balances available for borrowing are as follows:

	As of
	March 31, 2012
	(In $ millions)
Revolving credit facility
Borrowings outstanding	—
Letters of credit issued	—
Available for borrowing	600
Credit-linked revolving facility
Letters of credit issued	74
Available for borrowing	154