Xerox 2014 Annual Report Download - page 112

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Long-term debt was as follows:
December 31,
Weighted Average
Interest Rates at
December 31, 2014(2) 2014 2013
Xerox Corporation
Convertible Notes due 2014 —% $ —$9
Senior Notes due 2014 —% — 750
Floating Rate Notes due 2014 —% — 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%11
Senior Notes due 2018 6.37%1,000 1,000
Senior Notes due 2019 2.77%500 500
Senior Notes due 2019 5.66%650 650
Senior Notes due 2020 2.81%400 —
Senior Notes due 2021 5.39%1,062 1,062
Senior Notes due 2024 3.84%300 —
Senior Notes due 2039 6.78%350 350
Subtotal - Xerox Corporation $
7,213 $7,572
Subsidiary Companies
Senior Notes due 2015 4.25%250 250
Borrowings secured by other assets 3.85%180 146
Other 1.20%36
Subtotal - Subsidiary Companies $
433 $402
Principal debt balance 7,646 7,974
Unamortized discount (54)(58)
Fair value adjustments(1)
Terminated swaps 68 100
Current swaps 5—
Less: current maturities (1,307) (1,112)
Discontinued Operations (3) (44)—
Total Long-term Debt $6,314 $6,904
____________
(1) Fair value adjustments include the following: (i) fair value adjustments to debt associated with terminated interest rate swaps, which are
being amortized to interest expense over the remaining term of the related notes; and (ii) changes in fair value of hedged debt obligations
attributable to movements in benchmark interest rates. Hedge accounting requires hedged debt instruments to be reported inclusive of any
fair value adjustment.
(2) Represents weighted average effective interest rate which includes the effect of discounts and premiums on issued debt.
(3) Represents long-term capital lease obligations related to our ITO business which is held for sale and being reported as a discontinued
operation at December 31, 2014. These obligations are expected to be assumed by the purchaser of the ITO business. Refer to Note 4 -
Divestitures for additional information regarding this pending sale.
97