DuPont 2009 Annual Report Download - page 83

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E. I. du Pont de Nemours and Company
Notes to the Consolidated Financial Statements (continued)
(Dollars in millions, except per share)
18. LONG-TERM BORROWINGS AND CAPITAL LEASE OBLIGATIONS
December 31, 2009 2008
U.S. dollar:
Industrial development bonds due 2026, 20291$50$50
Medium-term notes due 2013 – 20412426 432
5.75% notes due 20093-200
5.88% notes due 20093-401
6.88% notes due 20093,4 -894
4.125% notes due 20103,4 911 936
4.75% notes due 2012 400 400
5.00% notes due 2013 749 749
5.00% notes due 2013 744 743
5.875% notes due 2014 996 995
4.875% notes due 2014 498 497
3.25% notes due 20154986 -
4.75% notes due 2015 399 -
5.25% notes due 2016 598 598
6.00% notes due 201851,445 1,463
5.75% notes due 2019 498 -
4.625% notes due 2020 996 -
6.50% debentures due 2028 299 299
5.60% notes due 2036 395 395
Other loans (average interest rate of 4.2 percent)337 24
Foreign currency denominated loans:
Euro loans (average interest rate of 2.0 percent)334
Other loans (various currencies)372 114
10,502 9,194
Less short-term portion of long-term debt 981 1,563
9,521 7,631
Capital lease obligations 77
Total $ 9,528 $7,638
1Average interest rates on fixed rate industrial development bonds for December 31, 2009 and 2008, were 6.0 percent.
2Average interest rates on medium-term notes at December 31, 2009 and 2008, were 3.3 percent and 4.0 percent, respectively.
3Includes long-term debt due within one year.
4The company has outstanding interest rate swap agreements with notional amounts totaling $1,900. Over the remaining terms of the notes
and debentures, the company will receive fixed payments equivalent to the underlying debt and pay floating payments based on USD
LIBOR. The fair value of the swaps was an asset of $0 and $43 at December 31, 2009 and 2008, respectively.
5During 2008, the interest rate swap agreement associated with these notes was terminated. The gain will be amortized over the remaining
life of the bond, resulting in an effective yield of 3.85 percent.
The increase in total debt for 2009 is mainly due to the issuance of $1,000 of 3.25% Senior Notes due 2015, $400 of
4.75% Senior Notes due 2015, $500 of 5.75% Senior Notes due 2019, and $1,000 of 4.625% Senior Notes due 2020.
Maturities of long-term borrowings are $5, $404, $1,738 and $1,494 for the years 2011, 2012, 2013 and 2014,
respectively, and $5,880 thereafter.
The estimated fair value of the company’s long-term borrowings, including interest rate financial instruments, based on
quoted market prices for the same or similar issues or on current rates offered to the company for debt of the same
remaining maturities was $10,100 and $7,700 at December 31, 2009 and 2008, respectively.
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