Kraft 2014 Annual Report Download - page 51
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Restructuring Costs Liability:
At December 27, 2014, the restructuring costs liability balance within other current liabilities was as follows:
Note 6. Debt
Borrowing Arrangements:
On May 29, 2014, we entered into a new $3.0 billion five-year senior unsecured revolving credit facility that expires on May 29,
2019 unless extended. The credit facility enables us to borrow up to $3.0 billion , which may be increased by up to $1.0 billion in the
aggregate with the agreement of the lenders providing any increased commitments. All committed borrowings under the facility
bear interest at a variable annual rate based on the London Inter-Bank Offered Rate or a defined base rate, at our election, plus an
applicable margin based on the ratings of our long-term senior unsecured indebtedness. The credit facility requires us to maintain a
minimum total shareholders’ equity (excluding accumulated other comprehensive income or losses and any income or losses
recognized in connection with “mark-to-market” accounting in respect of pension and other retirement plans) of at least $2.4 billion
and also contains customary representations, covenants, and events of default. At December 27, 2014 and for the year ended
December 27, 2014, no amounts were drawn on this credit facility. The credit facility replaced our $3.0 billion five-year credit
agreement dated as of May 18, 2012.
Long-Term Debt:
Our long-term debt consists of the following at December 27, 2014 and December 28, 2013:
46
Severance
and Related
Costs
(in millions)
Liability balance, December 28, 2013 $19
Restructuring costs (1 )
Cash spent on restructuring costs (12 )
Foreign exchange (1 )
Liability balance, December 27, 2014 $ 5
December 27,
2014 December 28,
2013 Maturity Date Fixed Interest
Rate Payment Period
(in millions)
Senior unsecured notes $1,000 $1,000 June 4, 2015 1.625 % Semiannually
Senior unsecured notes 400 400 June 15, 2015 7.550 % Semiannually
Senior unsecured notes 1,000 1,000 June 5, 2017 2.250 % Semiannually
Senior unsecured notes 1,035 1,035
A
ugust 23, 2018 6.125 % Semiannually
Senior unsecured notes 900 900 February 10, 2020 5.375 % Semiannually
Senior unsecured notes 2,000 2,000 June 6, 2022 3.500 % Semiannually
Senior unsecured notes 878 878 January 26, 2039 6.875 % Semiannually
Senior unsecured notes 787 787 February 9, 2040 6.500 % Semiannually
Senior unsecured notes 2,000 2,000 June 4, 2042 5.000 % Semiannually
Capital lease obligations 30 31
Other 2 (51 )
Total debt 10,032 9,980
Current portion of long-term debt (1,405 ) (4 )
Total long-term debt $ 8,627 $ 9,976