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Debt (Tables)
 6 Months Ended
Jun. 30, 2011
Debt Table [Abstract]  
Schedule of Debt

TWC's debt as of June 30, 2011 and December 31, 2010 was as follows (in millions):

                 Outstanding Balance as of
                 June 30, December 31,
              Maturity 2011 2010
                      
Revolving credit facility2013 $ — $ —
Commercial paper program2013   —   —
Senior notes and debentures(a)(b)(c)2012-2040   24,165   23,118
Capital leases    18   3
Total debt    24,183   23,121
Less: Current maturities    (261)   —
Total long-term debt  $ 23,922 $ 23,121

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  • Outstanding balance amounts as of June 30, 2011 and December 31, 2010 include an unamortized fair value adjustment of $84 million and $91 million, respectively, primarily consisting of the fair value adjustment recognized as a result of the 2001 merger of America Online, Inc. (now known as AOL Inc.) and Time Warner Inc. (now known as Historic TW Inc.) and exclude an unamortized discount of $145 million and $149 million, respectively. In addition, outstanding balance amounts include fair value adjustments for the portion of senior notes and debentures being hedged using interest rate swaps as discussed in Note 6 below.
  • Outstanding balance amount as of June 30, 2011 includes £623 million of 5.750% notes due 2031 valued at $999 million using the exchange rate at that date.
  • The weighted-average effective interest rate for senior notes and debentures as of June 30, 2011 is 6.041% and includes the effects of interest rate swaps and cross-currency swaps.