Short-Term Borrowings and Capital Lease Obligations

12 Months Ended

Dec. 31, 2012

Short Term Borrowings And Capital Lease Obligations [Abstract]

Short-Term Borrowings and Capital Lease Obligations

SHORT-TERM BORROWINGS AND CAPITAL LEASE OBLIGATIONS

December 31,	2012		2011
Commercial paper	$	—	$	390
Other loans-various currencies	20		15
Long-term debt payable within one year	1,252		410
Capital lease obligations	3		2
	$	1,275	$	817

The estimated fair value of the company's short-term borrowings, including interest rate financial instruments, was determined using level 2 inputs within the fair value hierarchy, as described in Note 1 to the Consolidated Financial Statements. Based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities, the fair value of the company's short-term borrowings was $1,300 and $830 at December 31, 2012 and 2011, respectively.

Unused bank credit lines were approximately $4,300 and $4,400 at December 31, 2012 and 2011, respectively. These lines are available to support short-term liquidity needs and general corporate purposes including letters of credit. Outstanding letters of credit were $503 and $354 at December 31, 2012 and 2011, respectively. These letters of credit support commitments made in the ordinary course of business.

The weighted-average interest rate on short-term borrowings outstanding at December 31, 2012 and 2011 was 4.8% and 2.6%, respectively. The increase in the interest rate for 2012 was primarily due to long-term debt maturing within one year.