America Online 2015 Annual Report Download - page 58

Download and view the complete annual report

Please find page 58 of the 2015 America Online 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 80

  • 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

Note7
Debt
Changes to debt during 2015 are as follows:
(dollars in millions)
Debt Maturing
within One Year
Long-term
Debt Total
Balance at January1, 2015 $ 2,735 $ 110,536 $ 113,271
Proceeds from long-term borrowings 4,000 2,667 6,667
Repayments of long-term borrowings and capital leases obligations (9,340) – (9,340)
Decrease in short-term obligations, excluding current maturities (344) – (344)
Reclassications of long-term debt 8,556 (8,556) –
Reclassication of long-term debt to Non- current liabilities related to
assets held for sale (Note2) – (594) (594)
Debt acquired (Note2) 461 92 553
Other 421 (440) (19)
Balance at December31, 2015 $ 6,489 $ 103,705 $ 110,194
Debt maturing within one year is as follows:
(dollars in millions)
At December31, 2015 2014
Long-term debt maturing within one year $ 6,325 $ 2,397
Short-term notes payable 158 319
Commercial paper and other 6 19
Total debt maturing within one year $ 6,489 $ 2,735
The weighted- average interest rate for our commercial paper outstanding was 1.0% and 0.4% at December31, 2015 and 2014, respectively.
Credit Facility
As of December31, 2015, the unused borrowing capacity under our $8.0billion four-year credit facility was approximately $7.9billion. The credit
facility does not require us to comply with financial covenants or maintain specified credit ratings, and it permits us to borrow even if our business
has incurred a material adverse change. We use the credit facility for the issuance of letters of credit and for general corporate purposes.
Long-Term Debt
Outstanding long-term debt obligations are as follows:
(dollars in millions)
At December31, Interest Rates % Maturities 2015 2014
Verizon Communications — notes payable and other 0.30 – 3.85 2016 – 2042 $ 26,281 $ 27,617
4.15 – 5.50 2018 – 2055 51,156 40,701
5.85 – 6.90 2018 – 2054 16,420 24,341
7.35 – 8.95 2018 – 2039 2,300 2,264
Floating 2016 – 2025 14,100 14,600
Verizon Wireless — notes payable and other 8.88 2018 68 676
Verizon Wireless — Alltel assumed notes 6.80 – 7.88 2029 – 2032 686 686
Telephone subsidiaries–debentures 5.13 – 6.50 2028 – 2033 575 1,075
7.38 – 7.88 2022 – 2032 1,099 1,099
8.00 – 8.75 2019 – 2031 780 880
Other subsidiaries — debentures and other 6.84 – 8.75 2018 – 2028 1,432 1,432
Capital lease obligations (average rate of 3.4% and 4.0% in 2015 and
2014, respectively) 957 516
Unamortized discount, net of premium (5,824) (2,954)
Total long-term debt, including current maturities 110,030 112,933
Less long-term debt maturing within one year 6,325 2,397
Total long-term debt $ 103,705 $ 110,536
56 Verizon Communications Inc. and Subsidiaries
Notes to Consolidated Financial Statements continued