Note 4. Debt

Short-Term Debt

We have a debt financing program of up to $3.0 billion through the issuance of commercial paper. Net proceeds from this program are used for general corporate purposes. As of September 30, 2011, we had $750 million of commercial paper outstanding recorded as short-term debt, with a weighted-average interest rate of 0.1% that matures at various dates through November 2011. The estimated fair value of the commercial paper approximates its carrying value. In conjunction with this program, we have a $3.0 billion revolving credit facility expiring in July 2016. The interest rate for the credit facility is determined based on a formula using certain market rates. As of September 30, 2011, we were in compliance with the financial covenant in the credit facility. No amounts were outstanding under the credit facility as of September 30, 2011.

Additionally, as of September 30, 2011, we had $468 million outstanding under a secured promissory note with an interest rate of 1.0% that matures in December 2011. Proceeds of this note were used for the acquisition of an office building in New York City. The estimated fair value of the promissory note approximates its carrying value.

Long-Term Debt

In May 2011, we issued $3.0 billion of unsecured senior notes in three tranches as described in the table below (collectively the Notes) (in millions).


	Outstanding Balance as of September 30, 2011
1.25% Notes due on May 19, 2014	$	1,000
2.125% Notes due on May 19, 2016		1,000
3.625% Notes due on May 19, 2021		1,000
Unamortized discount for Notes above		(14	)

Total	$	2,986

Interest on the Notes is payable semi-annually in arrears on May 19 and November 19 of each year. We may redeem the Notes at any time in whole or from time to time in part at specified redemption prices. We are not subject to any financial covenants under the Notes. We used the net proceeds from the issuance of the Notes to repay a portion of our outstanding commercial paper and for general corporate purposes. The total estimated fair value of our long-term debt was approximately $3.1 billion, which is based on quoted prices for our publicly-traded debt as of September 30, 2011.