Black & Decker 2014 Annual Report Download - page 82

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68
Aggregate intangible assets amortization expense by segment was as follows:
(Millions of Dollars) 2014 2013 2012
CDIY ...................................................................................................... $ 33.3 $ 37.7 $ 35.9
Industrial................................................................................................. 73.8 74.0 58.3
Security................................................................................................... 79.3 91.6 113.2
Consolidated........................................................................................... $ 186.4 $ 203.3 $ 207.4
The amounts above are inclusive of amortization expense for discontinued operations amounting to $2.9 million in 2014 and
$4.2 million in 2013 and $22.2 million in 2012.
Future amortization expense in each of the next five years amounts to $171.4 million for 2015, $158.1 million for 2016, $149.1
million for 2017, $139.6 million for 2018, $123.5 million for 2019 and $416.5 million thereafter.
G. ACCRUED EXPENSES
Accrued expenses at January 3, 2015 and December 28, 2013 were as follows:
(Millions of Dollars) 2014 2013
Payroll and related taxes .............................................................................................. $ 282.7 $ 272.5
Income and other taxes ................................................................................................ 139.2 86.3
Customer rebates and sales returns.............................................................................. 71.3 78.9
Insurance and benefits.................................................................................................. 77.2 85.2
Accrued restructuring costs.......................................................................................... 97.6 191.5
Derivative financial instruments.................................................................................. 95.0 66.6
Warranty costs.............................................................................................................. 69.2 76.4
Deferred revenue.......................................................................................................... 84.4 75.8
Other ............................................................................................................................ 305.3 286.3
Total ............................................................................................................................. $ 1,221.9 $ 1,219.5
H. LONG-TERM DEBT AND FINANCING ARRANGEMENTS
Long-term debt and financing arrangements at January 3, 2015 and December 28, 2013 follow:
(Millions of Dollars) Interest Rate 2014 2013
Notes payable due 2018 (junior subordinated)...................... 2.25% $ 345.0 $ 345.0
Notes payable due 2018 (junior subordinated)...................... 4.25% 632.5 632.5
Notes payable due 2021......................................................... 3.40% 403.9 382.2
Notes payable due 2022......................................................... 2.90% 753.8 799.4
Notes payable due 2028......................................................... 7.05% 166.0 147.7
Notes payable due 2040......................................................... 5.20% 362.1 317.4
Notes payable due 2052 (junior subordinated)...................... 5.75% 750.0 750.0
Notes payable due 2053 (junior subordinated)...................... 5.75% 398.7 400.0
Other, payable in varying amounts through 2021 ................. 0.00% - 6.62% 33.7 35.1
Total long-term debt, including current maturities................ $ 3,845.7 $ 3,809.3
Less: Current maturities of long-term debt ........................... (5.9)(9.9)
Long-term debt ...................................................................... $ 3,839.8 $ 3,799.4
Aggregate annual principal maturities of long-term debt for each of the years from 2015 to 2019 are $5.6 million, $4.9 million,
$4.2 million, $980.8 million, $4.8 million, respectively, and $2,865.2 million thereafter. These maturities represent the principal
amounts to be paid and accordingly exclude the remaining $14.3 million of unamortized fair value adjustments made in purchase
accounting, which increased the Black & Decker note payable due 2028, as well as a loss of $34.1 million pertaining to fair value
adjustments and unamortized interest rate swap termination gains on interest rate swaps as described in Note I, Derivative Financial
Instruments. Interest paid during 2014, 2013 and 2012 amounted to $181.5 million, $172.6 million and $166.9 million, respectively.