Siemens 2011 Annual Report Download - page 296

6 A. To our shareholders 51 C. Combined management’s discussion and analysis 23 B. Corporate Governance

 – Other current financial liabilities
September ,
(in millions of €)  
Derivative financial instruments,
see Notes 31 and 32 862 442
Accrued interest expense 301 327
Other 1,084 632
2,247 1,401
In fiscal , item Other increased mainly due to liabilities in
connection with the disposal of Siemens IT Solutions and
Services; see
Note  Acquisitions, dispositions and discon-
tinued operations for further information.
 – Other current liabilities
September ,
(in millions of €)  
Billings in excess of costs and estimated
earnings on uncompleted contracts and
related advances 12,488 12,180
Other employee related costs 2,127 2,265
Payroll obligations and social security taxes 1,718 2,121
Bonus obligations 1,144 1,582
Accruals for outstanding invoices 1,033 987
Miscellaneous tax liabilities 694 657
Deferred income 993 940
Deferred reservation fees received 68 77
Other 755 985
21,020 21,794
Item Other employee related costs primarily includes vacation
payments, accrued overtime and service anniversary awards,
severance payments, as well as liabilities related to termina-
tion benefits.
 – Debt
September ,
(in millions of €)  
Short-term
Notes and bonds 2,495 2,062
Loans from banks 1,128 283
Other financial indebtedness 21 22
Obligations under finance leases 16 49
Short-term debt and current
maturities of long-term debt 3,660 2,416
Long-term
Notes and bonds
(maturing until ) 12,651 15,238
Loans from banks
(maturing until ) 1,354 1,981
Other financial indebtedness
(maturing until ) 146 156
Obligations under finance leases 129 122
Long-term debt 14,280 17,497
17,940 19,913
In fiscal  and , weighted-average interest rates for
loans from banks, other financial indebtedness and obliga-
tions under finance leases were .% (: .%), .% (:
.%) and .% (: .%), respectively.
A) COMMERCIAL PAPER PROGRAM
We have a US$ . billion (€. billion) multi-currency com-
mercial paper program in place including US$ extendible
notes capabilities. As of September ,  and , no com-
mercial papers were outstanding. Siemens’ commercial pa-
pers have a maturity of generally less than  days. Interest
rates ranged from .% to .% in fiscal  and from .%
to .% in fiscal , see also Other financial indebted-
ness below.
B) NOTES AND BONDS
Debt Issuance Program,
previously called Euro Medium-term note program
The Company has agreements with financial institutions under
which it may issue instruments up to €. billion as of Sep-
tember ,  and , respectively. As of September ,