Snapple 2008 Annual Report Download - page 97
Download and view the complete annual report
Please find page 97 of the 2008 Snapple annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87 -
88 -
89 -
90 -
91 -
92 -
93 -
94 -
95 -
96 -
97 -
98 -
99 -
100 -
101 -
102 -
103 -
104 -
105 -
106 -
107 -
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
 |
 |
10. Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following as of December 31, 2008, and December 31,
2007 (in millions):
December 31,
2008
December 31,
2007
Trade accounts payable .................................... $234 $278
Customer rebates ......................................... 177 200
Accrued compensation ..................................... 86 127
Insurance reserves ........................................ 59 45
Third party interest accrual and interest rate swap liability........... 58 —
Other current liabilities..................................... 182 162
Accounts payable and accrued expenses ...................... $796 $812
11. Long-term Obligations
The following table summarizes the Company’s long-term debt obligations as of December 31, 2008 and
2007 (in millions):
December 31,
2008
December 31,
2007
Senior unsecured notes ..................................... $1,700 $ —
Revolving credit facility .................................... — —
Senior unsecured term loan A facility .......................... 1,805 —
Debt payable to Cadbury(1) ................................. — 3,019
Less — current portion ..................................... — (126)
Subtotal .............................................. 3,505 2,893
Long-term capital lease obligations ............................ 17 19
Long-term debt ........................................ $3,522 $2,912
(1) In connection with the Company’s separation from Cadbury on May 7, 2008, all debt payable to Cadbury was
repaid.
On March 10, 2008, the Company entered into arrangements with a group of lenders to provide an aggregate of
$4.4 billion in senior financing. The arrangements consisted of a term loan A facility, a revolving credit facility and
a bridge loan facility.
On April 11, 2008, these arrangements were amended and restated. The amended and restated arrangements
consist of a $2.7 billion senior unsecured credit agreement that provided a $2.2 billion term loan A facility and a
$500 million revolving credit facility (collectively, the “senior unsecured credit facility”) and a 364-day bridge
credit agreement that provided a $1.7 billion bridge loan facility.
During 2008, the Company completed the issuance of $1.7 billion aggregate principal amount of senior
unsecured notes consisting of $250 million aggregate principal amount of 6.12% senior notes due 2013, $1.2 billion
aggregate principal amount of 6.82% senior notes due 2018, and $250 million aggregate principal amount of
7.45% senior notes due 2038.
The following is a description of the senior unsecured credit facility and the senior unsecured notes. The
summaries of the senior unsecured credit facility and the senior unsecured notes are qualified in their entirety by the
73
DR PEPPER SNAPPLE GROUP, INC.
NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)