Ingram Micro 2008 Annual Report Download - page 50

Contractual Obligations Total Capacity Balance Outstanding Less Than 1 Year 1 — 3 Years 3 — 5 Years After 5 years
Payments Due by Period
North American revolving trade
accounts receivable-backed
financing facilities(1) ......... $ 600.0 $ 69.0 $ — $ 69.0 $ — $ —
European revolving trade accounts
receivable-backed financing
facilities(1) ................. 467.0 — — — — —
Asia-Pacific revolving trade
accounts receivable-backed
financing facilities(1) ......... 149.0 29.0 — 29.0 — —
European trade accounts receivable-
backed factoring facilities(1) .... 212.0 — — — — —
Senior unsecured term loan(2)..... 261.8 261.8 3.1 25.0 233.7 —
Revolving senior unsecured credit
facilities(3) ................. 289.0 — — — — —
Bank overdrafts and other(4)...... 803.0 118.6 118.6 — — —
Subtotal ................... 2,781.8 478.4 121.7 123.0 233.7 —
Minimum payments under:
Operating leases(5) ........... 291.1 291.1 82.4 120.2 64.4 24.1
IT and business process
outsourcing agreements(6) .... 33.2 33.2 13.0 15.1 5.1 —
FIN 48 liability(7) ............. 1.0 1.0 1.0 — — —
Total ....................... $3,107.1 $803.7 $218.1 $258.3 $303.2 $24.1
(1) The capacity amount in the table above represents the maximum capacity available under these facilities. Our
actual capacity is dependent upon the actual amount of eligible trade accounts receivable that may be used to
support these facilities. As of January 3, 2009, our actual aggregate capacity under these programs based on
eligible accounts receivable was approximately $1.29 billion.
(2) The capacity amount in the table above includes the mark-to-market value of the interest rate swap which
amounts to $11.8 million (see Note 6 to our consolidated financial statements).
(3) The capacity amount in the table above represents the maximum capacity available under these facilities. These
facilities can also be used to support letters of credit. At January 3, 2009, letters of credit totaling $9.1 million
were issued to certain vendors and financial institutions to support purchases by our subsidiaries, payment of
insurance premiums and flooring arrangements. The issuance of these letters of credit reduces our available
capacity by the same amount.
(4) Certain of these programs can also be used to support letters of credit. At January 3, 2009, letters of credit
totaling approximately $31.6 million were issued principally to certain vendors to support purchases by our
subsidiaries. The issuance of these letters of credit also reduces our available capacity by the same amount.
(5) We lease the majority of our facilities and certain equipment under noncancelable operating leases. Amounts in
this table represent future minimum payments on operating leases that have remaining noncancelable lease
terms in excess of one year.
(6) In December 2008, we renewed for another five years our agreement with a third-party provider of IT
outsourcing services. The services include mainframe, major server, desktop and enterprise storage operations,
wide-area and local-area network support and engineering; systems management services; help desk services;
and worldwide voice/PBX. This agreement is cancelable at our option subject to payment of termination fees.
In September 2005, we entered into an agreement with a leading global business process outsource service
provider. The services provided to our North America operations include selected functions in finance and
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