(7) Debt

Notes payable and long-term debt consists of the following:


	March 31, 2012					December 31, 2011

	Outstanding		Weighted Average Rate			Outstanding		Weighted Average Rate

Notes payable
Commercial paper ⁽¹⁾	$	414		0.2	%	$	221		0.1	%
$200.0 European revolving credit facility,
due March 13, 2014 ⁽²⁾
Sigma-Aldrich Korea limited credit facility,		—		—			—		—
due June 30, 2012 ⁽³⁾		—		—			—		—
Sigma-Aldrich Japan credit facility ⁽⁴⁾		—		—			—		—
Other short-term credit facilities ⁽⁵⁾		—		—			—		—

Total notes payable		414		0.2	%	$	221		0.1	%
Plus - current maturities of long-term debt		—		—			—		—

Total notes payable and current maturities of long-term debt	$	414		0.2	%	$	221		0.1	%


Long-term debt
Senior notes, due November 1, 2020 ⁽⁶⁾		300		3.4	%		300		3.4	%

Total		300		3.4	%		300		3.4	%
Less - current maturities		—		—			—		—

Total long-term debt	$	300		3.4	%	$	300		3.4	%

(1)

The Company has a $450 five-year revolving credit facility with a syndicate of banks in the U.S. that supports the Company's commercial paper program. The facility matures on December 11, 2012. At March 31, 2012 and December 31, 2011, the Company did not have any borrowings outstanding under this facility. The syndicated facility contains financial covenants that require the maintenance of consolidated net worth of at least $750 and a ratio of consolidated debt to total capitalization of no more than 55.0 percent. The Company's consolidated net worth and total consolidated debt as a percentage of total capitalization, as defined in the underlying credit agreement, were $2,177 and 24.7 percent, respectively, at March 31, 2012.

(2)

Facility contains financial covenants that require the maintenance of consolidated net worth of at least $750 and a ratio of consolidated debt to total capitalization of no more than 55.0 percent. The Company's consolidated net worth and consolidated debt as a percentage of total capitalization, as defined in the underlying credit agreement, were $2,177 and 24.7 percent, respectively, at March 31, 2012.

(3)	There were no outstanding borrowings under this facility which has a total commitment of 20 billion Korean Won ($18) at March 31, 2012.

(4)	Sigma-Aldrich Japan has two credit facilities having a total commitment of 2 billion Japanese Yen ($24) with one facility due April 28, 2012 and the other representing a line of credit with no expiration. There were no borrowings under the facilities at March 31, 2012.

(5)	There were no borrowings under these facilities at March 31, 2012 which have total commitments in U.S. Dollar equivalents of $3.

(6)

The Company has $300 of 3.375 percent Senior Notes due November 1, 2020. Interest on the notes is payable May 1 and November 1 of each year. The notes may be redeemed, in whole or in part at the Company's option, at any time at specific redemption prices plus accrued interest. The notes may be redeemed, in whole or in part at the Company's option, three months prior to the maturity date at a redemption price equal to 100 percent of the principal amount plus accrued interest.

The Company has provided guarantees to certain subsidiaries for any outstanding borrowings from the European revolving credit facility and the short-term credit facilities of the wholly-owned Korean and Japanese subsidiaries. At March 31, 2012, there were no existing events of default that would require the Company to honor these guarantees.

Total interest expense incurred on short-term and long-term debt, net of amounts capitalized, was $2 and $3 for the three months ended March 31, 2012 and 2011, respectively.

The fair value of long-term debt, including current maturities, as calculated using the aggregate cash flows from principal and interest payments over the life of the debt and based upon a discounted cash flow analysis using current market interest rates, was approximately $298 and $311 at March 31, 2012 and December 31, 2011, respectively.

As of March 31, 2012, the Company has sufficient net worth to allow for borrowing the full capacity under each facility without any restriction related to compliance with the respective debt covenants.