Snapple 2011 Annual Report Download - page 59

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Commercial Paper Program
On December 10, 2010, we entered into a commercial paper program under which we may issue Commercial Paper on a
private placement basis up to a maximum aggregate amount outstanding at any time of $500 million. The maturities of the
Commercial Paper will vary, but may not exceed 364 days from the date of issue. We may issue Commercial Paper from time to
time for general corporate purposes, and the program is supported by the Revolver. Outstanding Commercial Paper reduces the
amount of borrowing capacity available under the Revolver and outstanding amounts under the Revolver reduce the Commercial
Paper availability. As of December 31, 2011 and 2010, we had no outstanding Commercial Paper.
Capital Lease Obligations
Long-term capital lease obligations totaled $7 million and $10 million as of December 31, 2011 and 2010, respectively. Current
obligations related to our capital leases were $4 million and $3 million as of December 31, 2011 and 2010, respectively, and were
included as a component of other current liabilities.
Shelf Registration Statement
On November 20, 2009, our Board authorized us to issue up to $1,500 million of debt securities. Subsequently, we filed a
"well-known seasoned issuer" shelf registration statement with the Securities and Exchange Commission, effective December 14,
2009, which registers an indeterminable amount of debt securities for future sales. We issued senior unsecured notes of $850
million in 2009, as described in the section "Senior Unsecured Notes — The 2011 and 2012 Notes" above. On January 11, 2011
we issued senior unsecured notes of $500 million, as described in the section "Senior Unsecured Notes — The 2016 Notes" above.
On November 15, 2011 we issued senior unsecured notes of $500 million, as described in the section "Senior Unsecured Notes
— The 2019 and 2021 Notes" above.
On May 18, 2011, the Board authorized an additional $1,350 million of debt securities. As a result, $1,000 million is available
for issuance as of December 31, 2011.
Letters of Credit Facilities
In June 2010 and July 2011, we entered into letter of credit facilities in addition to the portion of the Revolver reserved for
issuance of letters of credit. Under these letter of credit facilities, $125 million is available for the issuance of letters of credit, of
which $55 million and $39 million was utilized as of December 31, 2011 and 2010, respectively. The balance available for additional
letters of credit was $70 million as of December 31, 2011.
Liquidity
Based on our current and anticipated level of operations, we believe that our operating cash flows will be sufficient to meet
our anticipated obligations for the next twelve months. To the extent that our operating cash flows are not sufficient to meet our
liquidity needs, we may utilize cash on hand or amounts available under our financing arrangements, if necessary.
The following table summarizes our cash activity for the year ended December 31, 2011, 2010 and 2009 (in millions):
Net cash provided by operating activities
Net cash used in investing activities
Net cash used in financing activities
For the Year Ended December 31,
2011
$ 760
(217)
(152)
2010
$ 2,535
(225)
(2,280)
2009
$ 865
(251)
(554)