Xerox 2013 Annual Report Download - page 111

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Long-term debt was as follows:
December 31,
Weighted Average
Interest Rates at
December 31, 2013(2) 2013 2012
Xerox Corporation
Senior Notes due 2013 —% $ —$400
Floating Rate Notes due 2013 —% — 600
Convertible Notes due 2014 9.00%919
Senior Notes due 2014 8.25%750 750
Floating Rate Notes due 2014 1.06%300 300
Senior Notes due 2015 4.29%1,000 1,000
Notes due 2016 7.20%250 250
Senior Notes due 2016 6.48%700 700
Senior Notes due 2017 6.83%500 500
Senior Notes due 2017 2.98%500 500
Notes due 2018 0.57%1 1
Senior Notes due 2018 6.37%1,000 1,000
Senior Notes due 2019 2.77%500 —
Senior Notes due 2019 5.66%650 650
Senior Notes due 2021 5.39%1,062 1,062
Senior Notes due 2039 6.78%350 350
Subtotal - Xerox Corporation $ 7,572 $8,082
Subsidiary Companies
Senior Notes due 2015 4.25%250 250
Borrowings secured by other assets 3.47%146 77
Other 0.35%6 1
Subtotal-Subsidiary Companies $ 402 $328
Principal Debt Balance 7,974 8,410
Unamortized discount (58)(63)
Fair value adjustments(1) 100 142
Less: current maturities (1,112) (1,042)
Total Long-term Debt $6,904 $7,447
_______________
(1) Fair value adjustments - during the period from 2004 to 2011, we early terminated several interest rate swaps that were designated as fair
value hedges of certain debt instruments. The associated net fair value adjustments to debt are being amortized to interest expense over
the remaining term of the related notes.
(2) Represents weighted average effective interest rate which includes the effect of discounts and premiums on issued debt.
Scheduled principal payments due on our long-term debt for the next five years and thereafter are as follows:
2014(1)(2) 2015 2016 2017 2018 Thereafter Total
$ 1,107 $ 1,283 $ 975 $ 1,018 $1,011 $2,580 $7,974
_________________
(1) Quarterly long-term debt maturities for 2014 are $24, $1,063, $11 and $9 for the first, second, third and fourth quarters, respectively.
(2) Excludes fair value adjustment of $5.
Commercial Paper
We have a private placement commercial paper (CP) program in the U.S. under which we may issue CP up to a
maximum amount of $2.0 billion outstanding at any time. Aggregate CP and Credit Facility borrowings may not
exceed $2.0 billion outstanding at any time. The maturities of the CP Notes will vary, but may not exceed 390 days
from the date of issue. The CP Notes are sold at a discount from par or, alternatively, sold at par and bear interest at
market rates. At December 31, 2013 and 2012, we did not have any CP Notes outstanding.
Xerox 2013 Annual Report 94