Autodesk 2012 Annual Report Download - page 140

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During the fiscal year ended January 31, 2011, the Company acquired two entities, neither of which were individually
material, for total consideration of $13.5 million.
6. Deferred Compensation
At January 31, 2012, Autodesk had marketable securities totaling $447.2 million, of which $31.5 million related to
investments in debt and equity securities that are held in a rabbi trust under non-qualified deferred compensation plans. The
total related deferred compensation liability was $31.5 million at January 31, 2012, of which $3.2 million was classified as
current and $28.3 million was classified as non-current liabilities. The value of debt and equity securities held in the rabbi trust
at January 31, 2011 was $31.3 million. The total related deferred compensation liability at January 31, 2011 was $31.3 million,
of which $3.4 million was classified as current and $27.9 million was classified as non-current liabilities. The current and non-
current portions of the liability are recorded in the Consolidated Balance Sheets under “Accrued compensation” and “Other
liabilities,” respectively.
7. Borrowing Arrangements
During the fiscal year ended January 31, 2012, Autodesk entered into a credit agreement that provides for a $400.0
million unsecured revolving credit facility, with an option to request an increase in the amount of the credit facility by up to an
additional $100.0 million. In connection with the execution of this new credit agreement, Autodesk terminated a $250.0 million
U.S. line of credit facility on May 26, 2011 that would have expired in August 2012. The new credit agreement contains
customary covenants that could restrict the imposition of liens on Autodesk's assets, and restrict the Company's ability to incur
additional indebtedness or make dispositions of assets if Autodesk fails to maintain the financial covenants. At January 31,
2012 and January 31, 2011, Autodesk had no outstanding borrowings on either its prior or current line of credit. The new
facility expires in May 2016.
8 Commitments and Contingencies
Lease commitments
Autodesk leases office space and computer equipment under non-cancellable operating lease agreements that expire at
various dates through 2023. The leases generally provide that Autodesk pay taxes, insurance and maintenance expenses related
to the leased assets. Certain of these lease arrangements contain escalation clauses whereby monthly rent increases over time.
At January 31, 2012, the aggregate future minimum lease payments required were as follows:
2013
2014
2015
2016
2017
Thereafter
Less: Sublease income
$ 50.8
41.4
34.9
30.0
23.9
59.9
240.9
3.3
$ 237.6
Rent expense related to these operating leases recognized on a straight-line basis over the lease period, was as follows:
Rent expense
Fiscal Year Ended January 31,
2012
$ 53.0
2011
$ 52.1
2010
$ 56.8
Purchase commitments
In the normal course of business, Autodesk enters into various purchase commitments for goods or services. Total non-
cancellable purchase commitments as of January 31, 2012 were approximately $53.5 million for periods through fiscal 2015.
These purchase commitments primarily result from contracts for the acquisition of IT infrastructure, marketing and software
72
development services.