Kodak 2005 Annual Report Download - page 89
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87
NOTE 8: ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES
(in millions) 2005 2004
Accounts payable, trade $ 996 $ 868
Accrued employment-related liabilities 950 872
Accrued advertising and promotional expenses 683 762
Deferred revenue 350 226
Accrued restructuring liabilities 309 355
Other 899 813
Total $ 4,187 $ 3,896
The other component above consists of other miscellaneous current liabilities that, individually, are less than 5% of the total current liabilities
component within the Consolidated Statement of Financial Position, and therefore, have been aggregated in accordance with Regulation S-X.
NOTE 9: SHORT-TERM BORROWINGS AND LONG-TERM DEBT
SHORT-TERM BORROWINGS
The Company’s short-term borrowings at December 31, 2005 and 2004 were as follows:
(in millions) 2005 2004
Current portion of long-term debt $ 706 $ 400
Short-term bank borrowings 113 69
Total $ 819 $ 469
The weighted-average interest rates for short-term bank borrowings outstanding at December 31, 2005 and 2004 were 5.82% and
5.02%, respectively.
As of December 31, 2005, the Company and its subsidiaries, on a consolidated basis, maintained $1,132 million in committed bank lines of credit and
$773 million in uncommitted bank lines of credit to ensure continued access to short-term borrowing capacity.
The Company has other committed and uncommitted lines of credit at December 31, 2005 totaling $132 million and $773 million, respectively.
These lines primarily support borrowing needs of the Company’s subsidiaries, which include term loans, overdraft coverage, letters of credit and
revolving credit lines. Interest rates and other terms of borrowing under these lines of credit vary from country to country, depending on local market
conditions. Total outstanding borrowings against these other committed and uncommitted lines of credit at December 31, 2005 were $34 million and
$65 million, respectively. These outstanding borrowings are refl ected in the short-term borrowings in the accompanying Consolidated Statement of
Financial Position at December 31, 2005.
Accounts Receivable Securitization Program
The Company’s $200 million Accounts Receivable Securitization Program was terminated on October 18, 2005 when the Company closed on
$2.7 billion of Secured Credit Facilities under the new Secured Credit Agreement and associated Canadian Security Agreement.