Verizon Wireless 2010 Annual Report Download - page 59

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Notes to Consolidated Financial Statements continued
NOTE 9
DEBT
Changes to debt during 2010 are as follows:
(dollars in millions)
Debt Maturing
within One Year
Long-term
Debt Total
Balance at January 1, 2010 $ 7,205 $ 55,051 $ 62,256
Repayments of long-term borrowings and capital lease obligations (6,118) (2,018) (8,136)
Decrease in short-term obligations, excluding current maturities (1,097) – (1,097)
Reclassifications of long-term debt 7,362 (7,362) –
Other 190 (419) (229)
Balance at December 31, 2010 $ 7,542 $ 45,252 $ 52,794
Debt maturing within one year is as follows:
(dollars in millions)
At December 31, 2010 2009
Long-term debt maturing within one year $ 7,542 $ 6,105
Commercial paper – 1,100
Total debt maturing within one year $ 7,542 $ 7,205
At December 31, 2010, there was no commercial paper outstanding. The weighted average interest rate for our commercial paper outstanding at
December 31, 2009 was 0.7%.
Capital expenditures (primarily acquisition and construction of network assets) are partially financed pending long-term financing through bank loans
and the issuance of commercial paper payable within 12 months.
On April 14, 2010, we terminated all commitments under our previous $5.3 billion 364-day credit facility with a syndicate of lenders and entered into
a new $6.2 billion three-year credit facility with a group of major financial institutions. As of December 31, 2010, the unused borrowing capacity under
the three-year credit facility was approximately $6.1 billion.
Long-Term Debt
Outstanding long-term debt obligations are as follows:
(dollars in millions)
At December 31, Interest Rates % Maturities 2010 2009
Verizon Communications – notes payable and other 4.35 – 5.50 2011 – 2018 $ 6,062 $ 6,196
5.55 – 6.90 2012 – 2038 10,441 10,386
7.35 – 8.95 2012 – 2039 7,677 9,671
Verizon Wireless – notes payable and other 3.75 – 5.55 2011 – 2014 7,000 7,000
7.38 – 8.88 2011 – 2018 5,975 6,118
Floating 2011 1,250 6,246
Verizon Wireless – Alltel assumed notes 6.50 – 7.88 2012 – 2032 2,315 2,334
Telephone subsidiaries – debentures 4.63 – 7.00 2011 – 2033 7,937 8,797
7.15 – 7.88 2012 – 2032 1,449 1,449
8.00 – 8.75 2011 – 2031 880 1,080
Other subsidiaries – debentures and other 6.84 – 8.75 2018 – 2028 1,700 1,700
Employee stock ownership plan loans – – – 23
Capital lease obligations (average rates of 6.8% and 6.3%, respectively) 332 397
Unamortized discount, net of premium (224) (241)
Total long-term debt, including current maturities 52,794 61,156
Less long-term debt maturing within one year 7,542 6,105
Total long-term debt $ 45,252 $ 55,051
57