Estee Lauder 2009 Annual Report Download - page 137

136 THE EST{E LAUDER COMPANIES INC.
The Company is also subject to income tax examinations
in numerous other state, local and foreign jurisdictions.
The Company believes that its tax reserves are adequate
for all years subject to examination.
NOTE 9 — OTHER ACCRUED LIABILITIES
Other accrued liabilities consist of the following:
JUNE 30 2009 2008
(In millions)
Advertising, merchandising
and sampling $ 321.1 $ 356.9
Employee compensation 280.8 303.7
Payroll and other taxes 94.8 68.9
Restructuring 48.2 0.4
Other 317.5 337.7
$1,062.4 $1,067.6
remained pending. On the basis of the information avail-
able in this regard as of June 30, 2009, it is reasonably
possible that the total amount of unrecognized tax bene-
fi ts could decrease in a range of $30 million to $60 million
within 12 months as a result of projected resolutions of
global tax examinations and controversies and a potential
lapse of the applicable statutes of limitations.
The tax years subject to examination vary depending
on the tax jurisdiction. As of June 30, 2009, the following
tax years remain subject to examination by the major tax
jurisdictions indicated:
Major Jurisdiction Open Fiscal Years
Belgium 2005–2009
Canada 2001–2009
France 2006–2009
Germany 1999–2009
Japan 2006–2009
Korea 2004–2009
Spain 1999–2002, 2005–2009
Switzerland 2006–2009
United Kingdom 2008–2009
United States 2002–2009
State of California 2002–2009
State of Minnesota 2001–2009
State of New York 2007–2009
NOTE 10 — DEBT
The Company’s short-term and long-term debt and available fi nancing consist of the following:
Available fi nancing at June 30
Debt at June 30 Committed Uncommitted
2009 2008 2009 2008 2009 2008
($ in millions)
6.00% Senior Notes, due May 15, 2037
(“2037 Senior Notes”) $ 296.3 $ 296.2 $— $— $— $—
5.75% Senior Notes, due October 15, 2033
(“2033 Senior Notes”) 197.5 197.5 — — — —
5.55% Senior Notes, due May 15, 2017
(“2017 Senior Notes”) 324.1 310.4 — — — —
7.75% Senior Notes, due November 1, 2013
(“2013 Senior Notes”) 299.8 — — — — —
6.00% Senior Notes, due January 15, 2012
(“2012 Senior Notes”) 244.2 242.0 — — — —
$13.5 million promissory note due
August 31, 2012 15.2 15.7 — — — —
$7.0 million promissory note due July 31, 2009 7.7 7.4 — — — —
Commercial paper — 83.9 — — 750.0 666.1
Turkish lira overdraft borrowing facility 12.5 13.1 — — 7.1 3.2
Loan participation notes — — — — 150.0 150.0
March 2010 Japanese yen revolving credit facility — — 15.7 — — —
March 2012 Japanese yen revolving credit facility — — 15.7 — — —
Other long-term borrowings 10.5 9.0 — — — —
Other short-term borrowings 13.6 21.7 — 28.5 178.0 178.2
Revolving credit facility — — 750.0 750.0 — —
1,421.4 1,196.9 $781.4 $778.5 $1,085.1 $997.5
Less short-term debt including current maturities (33.8) (118.7)
$1,387.6 $1,078.2