Indebtedness (Tables)

12 Months Ended

Dec. 31, 2012

Debt Disclosure [Abstract]

Short-Term Borrowings

At December 31, 2012 and 2011, PMI’s short-term borrowings and related average interest rates consisted of the following:

	December 31, 2012				December 31, 2011
(in millions)	Amount Outstanding		Average Year-End Rate		Amount Outstanding		Average Year-End Rate
Commercial paper	$	1,972	0.2	%	$	1,264	0.1	%
Bank loans	447		6.6		247		7.7
	$	2,419			$	1,511

Long-Term Debt

At December 31, 2012 and 2011, PMI’s long-term debt consisted of the following:

(in millions)	2012		2011
U.S. dollar notes, 1.125% to 6.875% (average interest rate 4.462%), due through 2042	$	14,702	$	11,269
Foreign currency obligations:
Euro notes, 2.125% to 5.875% (average interest rate 4.227%), due through 2024	3,724		3,533
Swiss franc notes, 1.000% to 3.250% (average interest rate 1.984%), due through 2021	1,579		1,719
Other (average interest rate 2.378%), due through 2024	415		513
	20,420		17,034
Less current portion of long-term debt	2,781		2,206
	$	17,639	$	14,828

Debt Offerings During the Current Period

PMI’s debt offerings in 2012 were as follows:

(in millions)
Type		Face Value		Interest Rate	Issuance	Maturity
U.S. dollar notes	(a)	$	700	4.500%	March 2012	March 2042
U.S. dollar notes	(a)	$	550	1.625%	March 2012	March 2017
Euro notes	(b)	€750 (approximately $951)		2.125%	May 2012	May 2019
Euro notes	(b)	€600 (approximately $761)		2.875%	May 2012	May 2024
U.S. dollar notes	(c)	$	750	1.125%	August 2012	August 2017
U.S. dollar notes	(c)	$	750	2.500%	August 2012	August 2022
U.S. dollar notes	(c)	$	750	3.875%	August 2012	August 2042
Swiss franc notes	(d)	CHF 325 (approximately $334)		1.000%	September 2012	September 2020

^(a) Interest on these notes is payable semiannually, and the first payment was made in September 2012.

^(b) Interest on these notes is payable annually beginning in May 2013.

^(c) Interest on these notes is payable semiannually beginning in February 2013.

^(d) Interest on these notes is payable annually beginning in September 2013

Aggregate Maturities of Long-Term Debt

Aggregate maturities of long-term debt are as follows:

(in millions)
2013	$	2,781
2014	1,256
2015	995
2016	2,597
2017	1,302
2018-2022	7,026
2023-2027	940
Thereafter	3,701
	20,598
Debt discounts	(178		)
Total long-term debt	$	20,420

Credit Facilities

At December 31, 2012, PMI’s committed credit facilities and commercial paper outstanding were as follows:

Type (in billions of dollars)	Committed Credit Facilities		Commercial Paper
Multi-year revolving credit, expiring March 31, 2015	$	2.5
Multi-year revolving credit, expiring October 25, 2016	3.5
Total facilities	$	6.0
Commercial paper outstanding			$	2.0