Black & Decker CYCLONE BLC12600BUC Manuel d'utilisateur télécharger pdf (Page 70)

coverage ratios. As of December 31, 2009, the Corporation was in compliance with all terms and conditions of the Credit Facility.

Under the terms of uncommitted lines of credit at December 31, 2009, the Corporation may borrow up to approximately $250 million

on such terms as may be mutually agreed. These arrangements do not have termination dates and are reviewed periodically. No

material compensating balances are required or maintained.

The average borrowings outstanding under the Corporation’s commercial paper program, uncommitted lines of credit, and other

short-term borrowing arrangements during 2009 and 2008 were $167.0 million and $651.7 million, respectively.

NOTE 9: LONG-TERM DEBT

The composition of long-term debt at the end of each year, in millions of dollars, was as follows:

2009 2008

7.125% notes due 2011 (including discount

of $.4 in 2009 and $.7 in 2008) $ 399.6 $ 399.3

4.75% notes due 2014 (including discount

of $1.1 in 2009 and $1.3 in 2008) 298.9 298.7

8.95% notes due in 2014 (including discount

of $3.6 in 2009) 346.4 —

5.75% notes due 2016 (including discount

of $.8 in 2009 and $1.0 in 2008) 299.2 299.0

7.05% notes due 2028 150.0 150.0

Other loans due through 2012 175.0 225.0

Fair value hedging adjustment 45.9 72.8

Less current maturities of long-term debt — (.1)

$ 1,715.0 $ 1,444.7

During 2008, the Corporation entered into loan agreements in the aggregate amount of $225.0 million, with $125.0 million and $100.0

million maturing in April 2011 and December 2012, respectively. The terms of the loan agreements permit repayment prior to

maturity. Borrowings under the loan agreements are at variable rates. The average borrowing rate under the loan agreements is LIBOR

plus 1.14%. At December 31, 2009 and 2008, the weighted-average interest rate on these loans was 1.41% and 3.76%, respectively.

In June 2009, the Corporation amended the terms of a $50.0 million term loan agreement to provide for periodic repayments and

borrowings up to the original loan amount through the maturity date of April 2011. The Corporation is required to pay a commitment

fee on the unutilized portion of the facility. At December 31, 2009, no borrowings were outstanding under this agreement. In February

2010, the Corporation terminated this agreement.

As more fully described in Note 1, at December 31, 2009 and 2008, the carrying amount of long-term debt and current maturities

thereof includes $45.9 million and $72.8 million, respectively, relating to outstanding or terminated fixed-to-variable rate interest rate

swap agreements. Deferred gains on the early termination of interest rate swaps were $21.8 million and $29.0 million at December 31,

2009 and 2008, respectively.

Indebtedness of subsidiaries in the aggregate principal amounts of $150.0 million and $152.8 million were included in the

Consolidated Balance Sheet at December 31, 2009 and 2008, respectively, in short-term borrowings, current maturities of long-term

debt, and long-term debt.

Principal payments on long-term debt obligations due over the next five years are as follows: $— million in 2010, $475.0 million in

2011, $100.0 million in 2012, $— million in 2013, and $650.0 million in 2014. Interest payments on all indebtedness were $97.9

million in 2009, $101.1 million in 2008, and $104.3 million in 2007.

NOTE 10: DERIVATIVE FINANCIAL INSTRUMENTS

As more fully described in Note 1, the Corporation is exposed to market risks arising from changes in foreign currency exchange

rates, commodity prices, and interest rates. The Corporation manages these risks by entering into derivative financial instruments. The

Corporation also manages these risks using methods other than derivative financial instruments. The fair value of all financial

instruments is summarized in Note 11.

Foreign Currency Derivatives: As more fully described in Note 1, the Corporation enters into various foreign currency contracts in

managing its foreign currency exchange risk. Generally, the foreign currency contracts have maturity dates of less than twenty-four

months. The contractual amounts of foreign currency derivatives, principally forward exchange contracts, generally are exchanged by

the counterparties.

Hedge ineffectiveness and the portion of derivative gains and losses excluded from the assessment of hedge effectiveness related to

the Corporation’s cash flow hedges that were recorded to earnings during 2009, 2008, and 2007 were not significant.

Source: BLACK & DECKER CORP, 10-K, February 19, 2010 Powered by Morningstar

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