Autodesk 2015 Annual Report Download - page 179

2015 Form 10-K 87
During the fiscal year ended January 31, 2014, Autodesk also completed 14 other business combination and technology
acquisitions for total cash consideration of approximately $89.7 million. These business combinations and technology
acquisitions were not material individually or in aggregate to Autodesk's Consolidated Financial Statements.
The following table summarizes the fair value of the assets acquired and liabilities assumed by major class for each of the
business combinations and technology acquisitions completed during the fiscal year ended January 31, 2014:
Graitec Other
Developed technologies $ 15.9 $ 15.9
Customer relationships 2.2 2.8
Trade name 1.7 1.8
Goodwill 73.4 67.0
Deferred tax (liability) asset (6.2) 0.7
Net tangible assets — 1.5
Total $ 87.0 $ 89.7
6. Deferred Compensation
At January 31, 2015, Autodesk had marketable securities totaling $888.8 million, of which $40.3 million related to
investments in debt and equity securities that are held in a rabbi trust under non-qualified deferred compensation plans. The
total related deferred compensation liability was $40.3 million at January 31, 2015, of which $5.3 million was classified as
current and $35.0 million was classified as non-current liabilities. The value of debt and equity securities held in the rabbi trust
at January 31, 2014 was $38.9 million. The total related deferred compensation liability at January 31, 2014 was $38.9 million,
of which $1.9 million was classified as current and $37.0 million was classified as non-current liabilities. The securities are
recorded in the Consolidated Balance Sheets under the current portion of "Marketable Securities". The current and non-current
portions of the liability are recorded in the Consolidated Balance Sheets under “Accrued compensation” and “Other liabilities,”
respectively.
7. Borrowing Arrangements
In December 2012, Autodesk issued $400.0 million aggregate principal amount of 1.95% senior notes due December 15,
2017 and $350.0 million aggregate principal amount of 3.6% senior notes due December 15, 2022, (collectively, the "Senior
Notes"). Autodesk received net proceeds of $739.3 million from issuance of the Senior Notes, net of a discount of $4.5 million
and issuance costs of $6.1 million. Both the discount and issuance costs are being amortized to interest expense over the
respective terms of the Senior Notes using the effective interest method. The proceeds of the Senior Notes are available for
general corporate purposes. Autodesk may redeem the Senior Notes at any time, subject to a make whole premium. In addition,
upon the occurrence of certain change of control triggering events, Autodesk may be required to repurchase the Senior Notes, at
a price equal to 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase. The Senior Notes
contain restrictive covenants that limit our ability to create certain liens, to enter into certain sale and leaseback transactions and
to consolidate or merge with, or convey, transfer, or lease all or substantially all of our assets, subject to significant
qualifications and exceptions. Based on quoted market prices, the fair value of the Senior Notes was approximately $759.9
million as of January 31, 2015.
Autodesk’s line of credit facility permits unsecured short-term borrowings of up to $400.0 million with an option to
request an increase in the amount of the credit facility by up to an additional $100.0 million, and is available for working capital
or other business needs. This credit agreement contains customary covenants that could restrict the imposition of liens on
Autodesk’s assets, and restrict the Company’s ability to incur additional indebtedness or make dispositions of assets if Autodesk
fails to maintain the financial covenants. The financial covenants consist of a leverage ratio, and an interest coverage ratio. The
line of credit is syndicated with various financial institutions, including Citibank, N.A., an affiliate of Citigroup, which is one of
the lead lenders and an agent. As of January 31, 2015, we were in compliance with the credit facility’s covenants. The credit
facility expires in May 2018. At January 31, 2015 and January 31, 2014, Autodesk had no outstanding borrowings on this line
of credit.
2015 Annual Report