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DR PEPPER SNAPPLE GROUP, INC.
NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
69
8. Other Current Liabilities
Other current liabilities consisted of the following as of December 31, 2013 and 2012 (in millions):
December 31, December 31,
2013 2012
Customer rebates and incentives $ 214 $ 226
Accrued compensation 107 105
Insurance liability 47 43
Interest accrual and interest rate swap liability 26 27
Dividends payable 75 70
Other 126 118
Total other current liabilities $ 595 $ 589
9. Long-term Obligations and Borrowing Arrangements
LONG-TERM OBLIGATIONS
The following table summarizes the Company's long-term obligations as of December 31, 2013 and 2012 (in millions):
December 31, December 31,
2013 2012
Senior unsecured notes(1) $ 2,453 $ 2,748
Revolving credit facility ——
Capital lease obligations 56 56
Subtotal 2,509 2,804
Less — current portion (1)(250)
Long-term obligations $ 2,508 $ 2,554
____________________________
(1) The carrying amount includes the unamortized net discount on debt issuances and adjustments of $18 million and $29 million
as of December 31, 2013 and 2012, respectively, related to the change in the fair value of interest rate swaps designated as
fair value hedges. See Note 10 for further information regarding derivatives.
SHORT-TERM BORROWINGS AND CURRENT PORTION OF LONG-TERM OBLIGATIONS
The following table summarizes the Company's short-term borrowings and current portion of long-term obligations as of
December 31, 2013 and 2012 (in millions):
December 31, December 31,
2013 2012
Commercial paper $ 65 $ —
Current portion of long-term obligations(1) $ 1 $ 250
Short-term borrowings and current portion of long-term obligations $ 66 $ 250
_________________________
(1) Capital lease obligations, primarily related to manufacturing facilities, totaled $56 million and $57 million as of December
31, 2013 and 2012, respectively. Current obligations related to these capital leases were $1 million as of December 31, 2013
and 2012. The current obligation as of December 31, 2012 was included as a component of other current liabilities.
As of December 31, 2013, the Company was in compliance with all financial covenant requirements relating to its unsecured
credit agreement.