IBM 1997 Annual Report Download - page 60

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58
notes to consolidated financial statements
International Business Machines Corporation
and Subsidiary Companies
GDebt
Short-term debt
(Dollars in millions)
At December 31: 1997 1996
Commercial paper $4,583 $6,069
Short-term loans 5,699 3,966
Long-term debt: Current maturities 2,948 2,922
__________________ __________________
Total $13,230 $12,957
The weighted-average interest rates for commercial paper at December 31, 1997 and 1996, were approximately 5.8 percent
and 5.6 percent, respectively. The weighted-average interest rates for short-term loans at December 31, 1997 and
1996, were approximately 5.5 percent and 5.7 percent, respectively.
Long-term debt
(Dollars in millions)
At December 31: Maturities 1997 1996
U.S. Dollars:
Debentures:
6.22% 2027 $500 $–
7.0% 2025 600 600
7.0% 2045 150 150
7.125% 2096 850 850
7.5% 2013 550 550
8.375% 2019 750 750
Notes: 6.8% average 1998-2007 2,674 3,199
Medium-term note program: 6.0% average 1998-2009 4,472 1,851
Other: 6.3% average 1998-2012 1,319 330
__________________ __________________
11,865 8,280
Other currencies (average interest rate at
December 31, 1997, in parentheses):
Japanese yen (3.1%) 1998-2014 3,944 4,028
Canadian dollars (5.7%) 1998-2003 407 5
French francs (8.0%) 1998-2002 13 282
German deutschmarks (4.9%) 1998-2000 111 25
Other (8.7%) 1998-2017 335 207
__________________ __________________
16,675 12,827
Less: Net unamortized discount 31 33
__________________ __________________
16,644 12,794
Less: Current maturities 2,948 2,922
__________________ __________________
Total $13,696 $9,872
Annual maturities in millions of dollars on long-term debt outstanding at December 31, 1997, are as follows: 1998,
$2,948; 1999, $2,766; 2000, $4,213; 2001, $1,021; 2002, $1,338; 2003 and beyond, $4,389.