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LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2012
Schedule of Long-Term Debt

A summary of long-term debt at December 31, including related interest rates at December 31, 2012, follows (dollars in millions):

 

     2012      2011  

Senior secured asset-based revolving credit facility (effective interest rate of 1.7%)

    $ 1,470       $ 2,155   

Senior secured revolving credit facility

      —         —   

Senior secured term loan facilities (effective interest rate of 5.6%)

      5,958         7,425   

Senior secured first lien notes (effective interest rate of 7.1%)

      9,688         7,081   

Other senior secured debt (effective interest rate of 7.0%)

      423         350   
  

 

 

     

 

 

  

First lien debt

      17,539         17,011   

Senior secured second lien notes (effective interest rate of 11.0%)

      197         197   

Senior unsecured notes (effective interest rate of 7.1%)

      11,194         9,844   
  

 

 

     

 

 

  

Total debt (average life of 7.1 years, rates averaging 6.6%)

      28,930         27,052   

Less amounts due within one year

      1,435         1,407   
  

 

 

     

 

 

  
   $ 27,495       $ 25,645