Computer Associates 2013 Annual Report Download - page 89

Download and view the complete annual report

Please find page 89 of the 2013 Computer Associates 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.

Page out of 114

  • 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

Note 7 — Deferred Revenue
The current and noncurrent components of ‘‘Deferred revenue (billed or collected)’’ at March 31, 2013 and March 31, 2012
were as follows:
AT MARCH 31,
(in millions) 2013 2012
Current:
Subscription and maintenance $ 2,307 $ 2,479
Professional services 154 162
Software fees and other 21 17
Total deferred revenue (billed or collected) — current $ 2,482 $ 2,658
Noncurrent:
Subscription and maintenance $ 940 $ 935
Professional services 33 35
Software fees and other 22
Total deferred revenue (billed or collected) — noncurrent $ 975 $ 972
Total deferred revenue (billed or collected) $ 3,457 $ 3,630
Note 8 — Debt
At March 31, 2013 and 2012, the Company’s debt obligations consisted of the following:
AT MARCH 31,
(in millions) 2013 2012
Revolving credit facility due August 2016 $ — $ —
5.375% Notes due November 2019 750 750
6.125% Notes due December 2014, net of unamortized premium from fair value hedge of $19 and $27 519 527
Other indebtedness, primarily capital leases 26 29
Unamortized discount for Notes (5) (5)
Total debt outstanding $ 1,290 $ 1,301
Less the current portion (16) (14)
Total long-term debt portion $ 1,274 $ 1,287
Interest expense for fiscal years 2013, 2012 and 2011 was $64 million, $64 million and $68 million, respectively.
The maturities of outstanding debt are as follows:
YEAR ENDED MARCH 31,
(in millions) 2014 2015 2016 2017 2018 THEREAFTER
Amount due $ 16 $ 523 $ 3 $ 2 $ 1 $ 745
Revolving Credit Facility: In April 2011, the Company repaid the outstanding balance of $250 million on the revolving credit
facility that was due August 2012. In August 2011, the Company replaced the revolving credit facility due August 2012 with
a new revolving credit facility due August 2016.
The maximum committed amount available under the revolving credit facility due August 2016 is $1 billion. The facility also
provides the Company with an option to increase the available credit by an amount up to $500 million. This option is
subject to certain conditions and the agreement of the facility lenders.
Advances under the revolving credit facility due August 2016 bear interest at a rate dependent on the Company’s credit
ratings at the time of such borrowings and are calculated according to a Base Rate or a Eurocurrency Rate, as the case may
be, plus an applicable margin. The Company must also pay facility commitment fees quarterly on the full revolving credit
commitment at rates dependent on the Company’s credit ratings.
73