Note 4: Borrowings and Lines of Credit

6 Months Ended

Jun. 30, 2011

Notes to Condensed Consolidated Financial Statements [Abstract]

Note 4: Borrowings and Lines of Credit

Note 4: Borrowings and Lines of Credit

(Dollars in millions)	June 30, 2011		December 31, 2010
Commercial paper	$	1,060	$	-
Other borrowings		210		116
Total short-term borrowings	$	1,270	$	116

At June 30,2011, we had committed credit agreements from banks permitting aggregate borrowings of up to $3.0 billion under a $1.6billion revolving credit agreement and a $1.4billion multicurrency revolving credit agreement, both of which are available for general funding purposes, including acquisitions. As of June 30, 2011, there were no borrowings under either of these revolving credit agreements, which expire in November 2014 and December 2014, respectively. The undrawn portions under both of these agreements are also available to serve as backup facilities for the issuance of commercial paper. We generally use our commercial paper borrowings for general corporate purposes, including the funding of potential acquisitions and repurchases of our common stock.

Long-term debt consisted of the following:

(Dollars in millions)	June 30, 2011		December 31, 2010
6.100% notes due 2012*	$	500	$	500
4.875% notes due 2015*		1,200		1,200
5.375% notes due 2017*		1,000		1,000
6.125% notes due 2019*		1,250		1,250
8.875% notes due 2019		272		272
4.500% notes due 2020*		1,250		1,250
8.750% notes due 2021		250		250
6.700% notes due 2028		400		400
7.500% notes due 2029*		550		550
5.400% notes due 2035*		600		600
6.050% notes due 2036*		600		600
6.125% notes due 2038*		1,000		1,000
5.700% notes due 2040*		1,000		1,000
Project financing obligations		117		141
Other (including capitalized leases)		139		160
Total long-term debt		10,128		10,173
Less current portion		(636)		(163)
Long-term debt, net of current portion	$	9,492	$	10,010
* We may redeem some or all of these series of notes at any time at a redemption price in U.S. dollars equal to the greater of 100% of the principal amount outstanding of the applicable series of notes to be redeemed, or the sum of the present values of the remaining scheduled payments of principal and interest on the applicable series of notes to be redeemed. The discounts applied on such redemptions are based on a semiannual calculation at an adjusted treasury rate plus 10-50 basis points, depending on the particular series. The redemption price will also include interest accrued to the date of redemption on the principal balance of the notes being redeemed.

We have an existing universal shelf registration statement filed with the Securities and Exchange Commission (SEC) for an indeterminate amount of equity and debt securities for future issuance, subject to our internal limitations on the amount of equity and debt to be issued under this shelf registration statement.