3M 2012 Annual Report Download - page 82
Download and view the complete annual report
Please find page 82 of the 2012 3M annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72 -
73 -
74 -
75 -
76 -
77 -
78 -
79 -
80 -
81 -
82 -
83 -
84 -
85 -
86 -
87 -
88 -
89 -
90 -
91 -
92 -
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
 |
 |
76
NOTE 9. Long-Term Debt and Short-Term Borrowings
The following debt tables reflect interest rates, including the effects of interest rate swaps, as of December 31, 2012.
Long-term debt and short-term borrowings as of December 31 consisted of the following:
Long-Term Debt
Currency/
Effective
Final
(Millions)
Fixed vs.
Interest
Maturity
Description / 2012 Principal Amount
Floating
Rate
Date
2012
2011
Eurobond (775 million Euros)
Euro Fixed
4.30
%
2014
$
1,034
$
1,017
Medium-term note ($1 billion)
USD Fixed
1.62
%
2016
994
992
Medium-term note ($850 million)
USD Fixed
4.42
%
2013
850
849
30-year bond ($750 million)
USD Fixed
5.73
%
2037
747
747
Medium-term note ($650 million)
USD Fixed
1.10
%
2017
647
―
Medium-term note ($600 million)
USD Fixed
2.17
%
2022
592
―
Medium-term note
USD Fixed
―
%
―
―
500
Eurobond (250 million Euros)
Euro Floating
0.88
%
2014
349
347
30-year debenture ($330 million)
USD Fixed
6.01
%
2028
347
348
UK borrowing (66 million GBP)
GBP Floating
1.34
%
2015
106
―
Floating rate note ($97 million)
USD Floating
0.00
%
2041
97
97
Floating rate note ($59 million)
USD Floating
0.00
%
2044
59
59
Other borrowings
Various
0.36
%
2013-2040
80
91
Total long-term debt
$
5,902
$
5,047
Less: current portion of long-term debt
986
563
Long-term debt (excluding current portion)
$
4,916
$
4,484
Short-Term Borrowings and Current Portion of Long-Term Debt
Effective
(Millions)
Interest Rate
2012
2011
Current portion of long-term debt
3.83
%
$
986
$
563
U.S. dollar commercial paper
―
%
―
―
Other borrowings
4.70
%
99
119
Total short-term borrowings and current portion of long-term debt
$
1,085
$
682
The following weighted-average effective interest rate table reflects the combined effects of interest rate and currency
swaps at December 31, 2012 and 2011.
Weighted-Average Effective Interest Rate
Total
At December 31
2012
2011
Short-term
3.91
%
4.32
%
Long-term
3.16
%
3.76
%
Maturities of long-term debt for the five years subsequent to December 31, 2012 are as follows (in millions):
After
2013
2014
2015
2016
2017
2017
Total
$
986
$
1,481
$
107
$
994
$
648
$
1,686
$
5,902
Long-term debt payments due in 2013 and 2014 include floating rate notes totaling $132 million (classified as current
portion of long-term debt) and $97 million, respectively, as a result of put provisions associated with these debt
instruments.
The floating rate notes contain put provisions granting the holders the option to require 3M to repurchase the securities on
certain dates. Under the terms of the floating rate notes due in 2044, holders have an annual put feature. 3M would be
required to repurchase these securities at a discount to par ranging from 98 percent to 99 percent up until 2013, and at
100 percent of par value from 2014 and every anniversary thereafter until final maturity. Under the terms of the floating