Crucial 2011 Annual Report Download - page 65
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Maturities of Notes Payable and Future Minimum Lease Payments
As of September 1, 2011, maturities of notes payable and future minimum lease payments under capital lease obligations were as follows:
Debt Guarantee
Concurrent with the Numonyx acquisition, we entered into agreements with STMicroelectronics N.V. and DBS Bank Ltd. ("DBS") that
required us to guarantee a then outstanding loan, made by DBS to Hynix-Numonyx Semiconductor Ltd. (the "Hynix JV"). The outstanding
balance of the Hynix JV loan was $ 250 million as of the acquisition date and was due in periodic installments from calendar 2014 through 2016.
Under the agreements, we deposited $ 250 million , accounted for as restricted cash, into a pledged account at DBS to collateralize the guarantee
of the loan. In the third quarter of 2011, the Hynix JV repaid the $ 250 million outstanding principal balance of the loan before the scheduled due
dates, and accordingly, our obligation to guarantee the debt ceased and the $ 250 million restricted cash collateral was released to us. We
recognized a gain of $ 15 million in the third quarter of 2011 in other non-operating income (expense) for the termination of our debt guarantee
obligation.
Commitments
As of September 1, 2011, we had commitments of approximately $600 million
for the acquisition of property, plant and equipment. We lease
certain facilities and equipment under operating leases. Total rental expense was $69 million , $41 million and $28 million for 2011, 2010 and
2009, respectively. We also subleased certain facilities and buildings under operating leases to Aptina and recognized $7 million of rental income
in 2011. As of September 1, 2011, minimum future rental commitments are as follows:
62
Notes Payable
Capital Lease
Obligations
2012
$
—
$
151
2013
—
80
2014
1,088
78
2015
—
73
2016
—
45
2017 and thereafter
865
71
Discounts and interest, respectively
(375
)
(75
)
$
1,578
$
423
Operating Lease
Commitments
2012
$
32
2013
26
2014
16
2015
9
2016
8
2017 and thereafter
25
$
116