Facebook 2014 Annual Report Download - page 78

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The components of accrued expenses and other current liabilities are as follows (in millions):
The components of other liabilities are as follows (in millions):
In August 2013, we entered into a five -
year senior unsecured revolving credit facility (2013 Revolving Credit Facility) that allows us to borrow
up to $6.5 billion to fund working capital and general corporate purposes with interest payable on the borrowed amounts set at LIBOR plus 1.0%
, as
well as an annual commitment fee of 0.10%
on the daily undrawn balance of the facility. We paid origination fees at closing of the 2013 Revolving
Credit Facility, which fees are being amortized over the term of the facility. Any amounts outstanding under this facility will be due and payable on
August 15, 2018. As of December 31, 2014 , no amounts had been drawn down and we were in compliance with the covenants under this facility.
Commitments
Leases
We entered into various capital lease arrangements to obtain property and equipment for our operations. Additionally, on occasion we have
purchased property and equipment for which we have subsequently obtained capital financing under sale-
leaseback transactions. These agreements are
typically for three years , except for a building lease which are for 15 years , with interest rates ranging from 1% to 13%
. The leases are secured by the
underlying leased buildings, leasehold improvements, and equipment. We have also entered into various non-
cancelable operating lease agreements for
certain of our offices, equipment, land and data centers with original lease periods expiring between 2015 and 2030
. We are committed to pay a portion
of the related actual operating expenses under certain of these lease agreements. Certain of these arrangements have free rent periods or escalating rent
payment provisions, and we recognize rent expense under such arrangements on a straight-line basis.
74
Note 8.
Liabilities
December 31,
2014
2013
Accrued compensation and benefits
$
322
$
196
Accrued property and equipment
164
87
Other current liabilities
380
272
Accrued expenses and other current liabilities
$
866
$
555
December 31,
2014
2013
Income tax payable
$
1,190
$
886
Deferred tax liabilities
987
47
Other liabilities
368
155
Other liabilities
$
2,545
$
1,088
Note 9. Long-
term Debt
Note 10.
Commitments and Contingencies