Graco 2012 Annual Report Download - page 76
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70
FOOTNOTE 8
Other Accrued Liabilities
Other accrued liabilities included the following as of December 31, (in millions):
2012 2011
Customer accruals $ 269.8 $ 250.7
Accruals for manufacturing, marketing and freight expenses 91.6 105.1
Accrued self-insurance liabilities 56.9 66.8
Accrued pension, defined contribution and other postretirement benefits 45.8 54.6
Accrued contingencies, primarily legal, environmental and warranty 38.3 37.2
Accrued restructuring (See Footnote 4) 41.3 33.0
Other 114.3 146.1
Other accrued liabilities $ 658.0 $ 693.5
Customer accruals are promotional allowances and rebates, including cooperative advertising, given to customers in exchange for
their selling efforts and volume purchased. The self-insurance accrual is primarily casualty liabilities such as workers’
compensation, general and product liability and auto liability and is estimated based upon historical loss experience combined
with actuarial evaluation methods, review of significant individual files and the application of risk transfer programs.
FOOTNOTE 9
Debt
The following is a summary of outstanding debt as of December 31, (in millions):
2012 2011
Medium-term notes $ 1,703.9 $ 1,632.3
Convertible notes 0.1 0.1
Junior convertible subordinated debentures — 436.7
Receivables facility 200.0 100.0
Other debt 14.4 7.7
Total debt 1,918.4 2,176.8
Short-term debt (210.7)(103.6)
Current portion of long-term debt (1.2)(263.9)
Long-term debt $ 1,706.5 $ 1,809.3
During 2012 and 2011, the Company’s average commercial paper obligations outstanding were $163.6 million and $80.0 million,
respectively, at average interest rates, including fees and commissions, of 2.7% and 2.2%, respectively.
The aggregate maturities of debt outstanding, based on the earliest date the obligation may become due, are as follows as of
December 31, 2012 (in millions):
2013 2014 2015 2016 2017 Thereafter Total
$ 211.9 $ — $ 250.0 $ — $ 350.0 $ 1,106.5 $ 1,918.4