Snapple 2011 Annual Report Download - page 90

Download and view the complete annual report

Please find page 90 of the 2011 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.

Page out of 140

  • 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

DR PEPPER SNAPPLE GROUP, INC.
NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
70
Commercial Paper Program
On December 10, 2010, the Company entered into a commercial paper program under which the Company may issue unsecured
commercial paper notes (the "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. The Company 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, the
Company had no outstanding Commercial Paper.
Long-Term Debt Maturities
As of December 31, 2011, the aggregate amounts of required principal payments on long-term obligations, excluding
capital leases, are as follows (in millions):
2012
2013
2014
2015
2016
Thereafter
$ 450
250
—
—
500
1,474
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 the Company's 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, the Board authorized the Company to issue up to $1,500 million of debt securities. Subsequently,
the Company 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. The Company 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 the Company issued senior unsecured notes of $500 million, as described in the section "Senior
Unsecured Notes — The 2016 Notes" above.
On May 18, 2011, the Board authorized an additional $1,350 million of debt securities. On November 15, 2011, the Company
issued senior unsecured notes of $500 million, as described in the section "Senior Unsecured Notes — The 2019 and 2021 Notes"
above. As a result, $1,000 million remains available for issuance.
Letters of Credit Facilities
In June 2010 and July 2011, the Company 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.