Sears 2015 Annual Report Download - page 47

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We fund our peak sales season working capital needs through our domestic revolving credit facility and
commercial paper markets and secured short-term debt.
millions 2015 2014
Secured borrowings:
Maximum daily amount outstanding during the period . . . . . . . . . . . . . . . . . . . . . $876 $1,645
Average amount outstanding during the period. . . . . . . . . . . . . . . . . . . . . . . . . . . . 416 1,098
Amount outstanding at period-end . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 797 213
Weighted average interest rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2%2.8%
Unsecured commercial paper:
Maximum daily amount outstanding during the period . . . . . . . . . . . . . . . . . . . . . $104 $159
Average amount outstanding during the period. . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 37
Amount outstanding at period-end . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 2
Weighted average interest rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1%3.2%
Secured short-term loan:
Maximum daily amount outstanding during the period . . . . . . . . . . . . . . . . . . . . . $400 $400
Average amount outstanding during the period. . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 145
Amount outstanding at period-end . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 400
Weighted average interest rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0%5.0%
Information about our Domestic Credit Agreement, Senior Secured Notes, Senior Unsecured Notes, Debt
Repurchase Authorization, Unsecured Commercial Paper, Secured Short-Term Loan, and Wholly-owned Insurance
Subsidiary and Intercompany Securities is included in Note 3 of Notes to Consolidated Financial Statements.
Domestic Pension Plan Funding
Contributions to our pension plans remain a significant use of our cash on an annual basis. While the
Company's pension plan is frozen, and thus associates do not currently earn pension benefits, the Company has a
legacy pension obligation for past service performed by Kmart and Sears associates.€During 2015, we contributed
$299 million to our domestic pension plans. We estimate that the domestic pension contribution will be $318 million
in 2016 and approximately $416 million in 2017, though the ultimate amount of pension contributions could be
affected by changes in the applicable regulations, as well as financial market and investment performance.
47