Indebtedness (Tables)

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Long-Term Debt

At September 30, 2013 and December 31, 2012, PMI’s long-term debt consisted of the following:

(in millions)	September 30, 2013		December 31, 2012
U.S. dollar notes, 0.312% to 6.875% (average interest rate 4.198%), due through 2043	$	14,517	$	14,702
Foreign currency obligations:
Euro notes, 1.750% to 5.875% (average interest rate 3.339%), due through 2033	7,164		3,724
Swiss franc notes, 0.875% to 2.000% (average interest rate 1.240%), due through 2021	1,267		1,579
Other (average interest rate 3.629%), due through 2024	184		415
	23,132		20,420
Less current portion of long-term debt	1,255		2,781
	$	21,877	$	17,639

Debt Offerings During the Current Period

PMI's debt offerings in the first nine months of 2013 were as follows:

(in millions)
Type		Face Value	Interest Rate	Issuance	Maturity
U.S. dollar notes	(a)	$400	Floating	March 2013	February 2015
U.S. dollar notes	(b)	$600	2.625%	March 2013	March 2023
U.S. dollar notes	(b)	$850	4.125%	March 2013	March 2043
EURO notes	(c)	€1,250 (approximately $1,621)	1.750%	March 2013	March 2020
EURO notes	(c)	€750 (approximately $972)	2.750%	March 2013	March 2025
EURO notes	(d)	€500 (approximately $648)	3.125%	June 2013	June 2033
Swiss franc notes	(e)	CHF200 (approximately $217)	0.875%	March 2013	March 2019

^(a) Interest on these notes is payable quarterly in arrears beginning in May 2013. The notes will bear interest from date of issuance at a rate per annum, reset quarterly, equal to three month LIBOR plus 0.05%.

^(b) Interest on these notes is payable semiannually in arrears beginning in September 2013.

^(c) Interest on these notes is payable annually in arrears beginning in March 2014.

^(d) Interest on these notes is payable annually in arrears beginning in June 2014.

^(e) Interest on these notes is payable annually in arrears beginning in March 2014.

Credit Facilities

At September 30, 2013, PMI's total committed credit facilities were as follows:

(in billions)

Type	Committed Credit Facilities
364-day revolving credit, expiring February 11, 2014	$	2.0
Multi-year revolving credit, expiring March 31, 2015	2.5
Multi-year revolving credit, expiring October 25, 2016	3.5
Total facilities	$	8.0