E-Z-GO 2010 Annual Report Download - page 71

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59
Note 8. Debt and Credit Facilities
Our debt and credit facilities are summarized below:
(In millions)
January 1,
2011
January 2,
2010
Manufacturing group
Current portion of long-term debt
$ 19
$ 134
Long-term senior debt:
Medium-term notes due 2010 to 2011 (weighted-average rate of 9.83%)
13
13
4.50% due 2010
—
128
Credit line borrowings due 2012 (weighted-average rate of 0.93% and 0.96%, respectively)
—
1,167
6.50% due 2012
154
154
3.875% due 2013
315
345
4.50% convertible senior notes due 2013
504
471
6.20% due 2015
350
350
5.60% due 2017
350
350
7.25% due 2019
250
250
6.625% due 2020
231
240
Other (weighted-average rate of 3.12% and 3.65%, respectively)
135
116
2,302
3,584
Less: Current portion of long-term debt
(19)
(134)
Total long-term debt
2,283
3,450
Total Manufacturing group debt
$ 2,302
$ 3,584
Finance group
Medium-term fixed-rate and variable-rate notes*:
Due 2010 (weighted-average rate of 2.09%)
$ —
$ 1,635
Due 2011 (weighted-average rate of 3.07% and 2.94%, respectively)
374
419
Due 2012 (weighted-average rate of 4.43%)
52
52
Due 2013 (weighted-average rate of 4.46% and 4.49%, respectively)
553
578
Due 2014 (weighted-average rate of 5.07%)
111
111
Due 2015 (weighted-average rate of 3.59% and 4.59%, respectively)
14
10
Due 2016 and thereafter (weighted-average rate of 3.37% and 4.04%, respectively)
252
222
Credit line borrowings due 2012 (weighted-average rate of 0.91%)
1,440
1,740
Securitized debt (weighted-average rate of 2.01% and 1.45%, respectively)
530
559
6% Fixed-to-Floating Rate Junior Subordinated Notes
300
300
Fair value adjustments and unamortized discount
34
41
Total Finance group debt
$ 3,660
$ 5,667
* Variable-rate notes totaled $0.3 billion and $1.4 billion at January 1, 2011 and January 2, 2010, respectively.
In 2010 and 2009, finance subsidiaries of Textron Inc. entered into three separate credit agreements with the Export-Import Bank of
the United States and the Export Development Canada Bank that established credit facilities totaling $770 million to provide funding
to finance purchases of aircraft by non-U.S. buyers from Cessna and Bell. The facilities are structured to be available for financing
sales to international customers who take delivery of new aircraft by dates ranging from June 2011 and through June 2012. At the end
of 2010 and 2009, we had $224 million and $179 million, respectively, in outstanding notes under these facilities that are due in 2016
and thereafter.
Our aggregate $3 billion in committed bank lines of credit are due in April 2012. During 2010, Textron Inc. paid off the outstanding
balance on its line of credit, and TFC paid down its outstanding balance by $300 million. We had no commercial paper borrowings in
2010. In 2009, the Manufacturing group and the Finance group had a weighted-average interest rate on commercial paper borrowings
of 4.60% and 4.37%, respectively.
The following table shows required payments during the next five years on debt outstanding at January 1, 2011:
(In millions) 2011 2012 2013 2014 2015
Manufacturing group
$ 19
$ 161
$ 921
$ 7
$ 357
Finance group
486
1,594
664
204
132
$ 505
$ 1,755
$ 1,585
$ 211
$ 489