Avon 2011 Annual Report Download - page 73

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NOTE 4. Inventories
Inventories at December 31 consisted of the following:
2011 2010
Raw materials $ 361.7 $ 371.6
Finished goods 799.6 781.3
Total $1,161.3 $1,152.9
NOTE 5. Debt and Other Financing
Debt
Debt at December 31 consisted of the following:
2011 2010
Debt maturing within one year:
Notes payable $ 832.4 $ 214.1
Current portion of long-term debt 16.9 513.5
Total $ 849.3 $ 727.6
Long-term debt:
5.125% Notes, due January 2011 $ – $ 500.0
4.80% Notes, due March 2013 249.9 249.8
4.625% Notes, due May 2013 121.3 118.7
5.625% Notes, due March 2014 498.8 498.3
Other, payable through 2015 with interest from .93% to
12.6% 77.5 80.7
2.60% Senior Notes, Series A, due November 2015 142.0 142.0
5.75% Notes, due March 2018 249.5 249.4
4.20% Notes, due July 2018 249.5 249.4
6.50% Notes, due March 2019 346.9 346.4
4.03% Senior Notes, Series B, due November 2020 290.0 290.0
4.18% Senior Notes, Series C, due November 2022 103.0 103.0
Total long-term debt 2,328.4 2,827.7
Adjustments for debt with fair value hedges 147.6 94.4
Less current portion (16.9) (513.5)
Total $2,459.1 $2,408.6
Notes payable included short-term borrowings of international subsidiaries at average annual interest rates of approximately 10.9% at
December 31, 2011, and 5.6% at December 31, 2010. Total notes payable include $17.4 of bank overdrafts at December 31, 2011, and
$58.2 at December 31, 2010.
Other long-term debt, payable through 2015, included obligations under capital leases of $19.0 at December 31, 2011, and $15.2 at
December 31, 2010, which primarily relate to leases of automobiles and equipment. In addition, other long-term debt, payable through
2015, at December 31, 2011 and 2010, included financing lease obligations entered into in 2009 for $58.5 and $65.5, respectively, which
primarily relates to the sale and leaseback of equipment and software in one of our distribution facilities in North America.
Adjustments for debt with fair value hedges include adjustments to reflect net unrealized gains of $147.6 and $94.4 at December 31, 2011,
and 2010, respectively. See Note 8, Financial Instruments and Risk Management.
A V O N 2011 F-13