Intel 2008 Annual Report Download - page 97

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Table of Contents
INTEL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The following table summarizes the restructuring and asset impairment activity for the 2006 efficiency program during 2007
and 2008:
We recorded the additional accruals, net of adjustments, as restructuring and asset impairment charges. The remaining accrual
as of December 27, 2008 was related to severance benefits that we recorded within accrued compensation and benefits.
From the third quarter of 2006 through the fourth quarter of 2008, we incurred a total of $1.6 billion in restructuring and asset
impairment charges related to this program. These charges included a total of $678 million related to employee severance and
benefit arrangements for approximately 11,900 employees, and $888 million in asset impairment charges.
Note 16: Borrowings
Short
-Term Debt
Short-term debt included non-interest-bearing drafts payable of $100 million and the current portion of long-term debt of
$2 million as of December 27, 2008 (drafts payable of $140 million and the current portion of long-term debt of $2 million as
of December 29, 2007). We have an ongoing authorization from our Board of Directors to borrow up to $3.0 billion, including
through the issuance of commercial paper. Maximum borrowings under our commercial paper program during 2008 were
approximately $1.3 billion. We did not have outstanding commercial paper as of December 27, 2008. There were no
borrowings under our commercial paper program during 2007. Our commercial paper was rated A-1+ by Standard & Poor’s
and P-1 by Moody’s as of December 27, 2008.
Long
-Term Debt
Our long-term debt at fiscal year-ends was as follows:
88
Employee Severance
(In Millions)
and Benefits
Asset Impairments
Total
Accrued restructuring balance as of December 30, 2006
$
48
$
—
$
Additional accruals
299
227
526
Adjustments
(10
)
—
(
)
Cash payments
(210
)
—
(
210
)
Non
-
cash settlements
—
(
227
)
(227
)
Accrued restructuring balance as of December 29, 2007
$
127
$
—
$
127
Additional accruals
167
344
511
Adjustments
(16
)
—
(
)
Cash payments
(221
)
—
(
221
)
Non
-
cash settlements
—
(
344
)
(344
)
Accrued restructuring balance as of December 27, 2008
$
57
$
—
$
(In Millions)
2008
2007
Junior subordinated convertible debentures due 2035 at 2.95%
$
1,587
$
1,586
2005 Arizona bonds due 2035 at 4.375%
158
159
2007 Arizona bonds due 2037 at 5.3%
122
125
Euro debt due 2009
–
2017 at 7%
20
111
Other debt
1
1
1,888
1,982
Less:
current portion of long
-
term debt
(2
)
(2
)
Total long-term debt
$
1,886
$
1,980