Debt (Tables)

9 Months Ended

Sep. 30, 2011

Debt [Abstract]

Debt

	September 30,			December 31,
	2011			2010
Short-term loans	$	17		$	1
Current maturities of long-term debt and other		1,251			10
Current deferred gain on interest rate swaps		43			—
Current unamortized discounts and debt issuance costs		(6	)		—
Short-term borrowings and current maturities of long-term debt		1,305			11
Non-current maturities of long-term debt		1,855			1,257
Non-current capital leases		16			60
Deferred gain on interest rate swaps		—			45
Unamortized discounts and debt issuance costs(a)		(3	)		(8	)
Long-term debt		1,868			1,354
Total debt	$	3,173		$	1,365

(a) Debt issuance costs of $15 associated with the September 2011 issuance for Exelis and Xylem have been presented within Other Assets as of September 30, 2011.

Summary of outstanding debt

				September 30,				December 31,
				2011				2010
	Interest			Carrying		Fair		Carrying		Fair
	Rate			Value		Value		Value		Value
MATURITY DATE:
May 2014		4.90	%	$	500	$	534	$	500	$	538
September 2016 (Xylem)		3.55	%		600		611		—		—
October 2016 (Exelis)		4.25	%		250		254		—		—
May 2019		6.125	%		500		572		500		553
October 2021 (Xylem)		4.875	%		600		604		—		—
October 2021 (Exelis)		5.55	%		400		406		—		—
November 2025		7.40	%		250		338		250		311
August 2048		(b	)		1		1		1		1
December 2010 - 2014		4.70	%		—		—		66		69
Various 2011 - 2022		(c	)		38		40		11		11
				$	3,139	$	3,360	$	1,328	$	1,483

(b)	Variable rate debt with an interest rate of 0.07% as of September 30, 2011 and 0.19% as of December 31, 2010.
(c)	Includes individually immaterial short-term loans, notes, bonds and capital leases. The weighted average interest rate was 3.73% and 4.86% at September 30, 2011 and December 31, 2010, respectively.