Long-Term Debt

12 Months Ended

Dec. 31, 2011

Long-Term Debt

Long-Term Debt

NOTE 7 – LONG-TERM DEBT

During 2011, we issued $5.647 billion of medium-term notes, of which $4.228 billion were at fixed interest rates and $1.419 billion were at floating interest rates, primarily indexed to LIBOR.  At December 31, 2011, the outstanding medium-term notes had remaining maturities ranging up to 17 years.

Long-term debt outstanding as of December 31, was comprised of the following:

(Millions of dollars)	2011					2010					2009
	Balance			Avg. Rate		Balance			Avg. Rate		Balance			Avg. Rate
Medium-term notes	$	20,058			3.9%	$	17,690			4.6%	$	20,271			4.6%
Unamortized discount		(10	)				(9	)				(13	)
Medium-term notes, net		20,048					17,681					20,258
Bank borrowings		1,583			3.7%		1,603			3.8%		1,265			5.4%
Secured Borrowings		-					78			4.9%		-
Total	$	21,631				$	19,362				$	21,523

Long-term debt outstanding as of December 31, 2011, matures as follows:

(Millions of dollars)
2012	$	5,102
2013		5,816
2014		4,664
2015		987
2016		1,775
Thereafter		3,287
Total	$	21,631

The above table includes $220 million of medium-term notes that could be called by us at some point in the future at par value.