DEBT

Debt consisted of the following:



December 31		2011		2012
Fixed-rate notes due:	Interest Rate
May 2013	4.250%	$	1,000	$	—
February 2014	5.250%	998		—
January 2015	1.375%	499		500
August 2015	5.375%	400		—
July 2016	2.250%	499		500
November 2017	1.000%	—		895
July 2021	3.875%	499		499
November 2022	2.250%	—		990
November 2042	3.600%	—		498
Other	Various	35		27
Total debt		3,930		3,909
Less current portion		23		1
Long-term debt		$	3,907	$	3,908

On November 6, 2012, we issued $2.4 billion of fixed-rate notes payable in increments of $900, $1 billion and $500 in November 2017, 2022 and 2042, respectively. In December 2012, we used the proceeds from these notes, together with cash on hand, to redeem an equal amount of previously-issued fixed-rate notes with a higher interest rate, lowering the weighted-average interest rate on our outstanding debt from 3.9 percent to 2.2 percent while extending the weighted-average maturity from 2.6 to 9.5 years. The loss of $123 on the redemption, largely representing make-whole amounts, was reported in other expense in the Consolidated Statements of Earnings (Loss).

The fixed-rate notes are fully and unconditionally guaranteed by several of our 100-percent-owned subsidiaries (see Note R for condensed consolidating financial statements). We have the option to redeem the notes prior to their maturity in whole or part for the principal plus any accrued but unpaid interest and applicable make-whole amounts.

The aggregate amounts of scheduled maturities of our debt for the next five years are as follows:



Year Ended December 31
2013	$	1
2014	—
2015	500
2016	500
2017	896
Thereafter	2,012
Total debt	$	3,909

On December 31, 2012, we had no commercial paper outstanding, but we maintain the ability to access the market. We have $2 billion in bank credit facilities that provide backup liquidity to our commercial paper program. These credit facilities include a $1 billion multi-year facility expiring in July 2013 and a $1 billion multi-year facility expiring in July 2016. These facilities are required by rating agencies to support our commercial paper issuances. We may renew or replace, in whole or in part, these credit facilities at or prior to their expiration. Our commercial paper issuances and the bank credit facilities are guaranteed by several of our 100-percent-owned subsidiaries.

Our financing arrangements contain a number of customary covenants and restrictions. We were in compliance with all material covenants on December 31, 2012.