eBay 2009 Annual Report Download - page 117

Download and view the complete annual report

Please find page 117 of the 2009 eBay 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 140

  • 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
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140

eBay Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
In the table, above non-cash items pertain to the write-down of assets to their estimated fair value.
Adjustments reflect the impact of foreign currency translation.
Note 12 — Borrowings:
Credit Agreement
We have entered into a credit agreement that provides for an unsecured $1.8 billion revolving credit facility
which matures on November 7, 2012. Loans under the credit agreement will bear interest at LIBOR plus a
margin ranging from 0.20 percent to 0.50 percent. Subject to certain conditions stated in the credit agreement, we
may borrow, prepay and reborrow amounts under the credit agreement at any time during the term of the credit
agreement. Funds borrowed under the credit agreement may be used for working capital, capital expenditures,
acquisitions and other general corporate purposes. The credit agreement contains customary representations,
warranties, affirmative and negative covenants, including a financial covenant and events of default. The
negative covenants include restrictions regarding the incurrence of additional indebtedness and liens, and the
entry into certain agreements that restrict the ability of our subsidiaries to provide credit support. The financial
covenant requires us to meet a quarterly financial test with respect to a maximum consolidated leverage ratio.
As of December 31, 2009, there were no amounts outstanding under the credit agreement and we were in
compliance with the financial covenants in the credit agreement.
Shelf Registration Statement
At December 31, 2009, we had an effective shelf registration statement on file with the Securities and
Exchange Commission that allows us to issue various types of debt securities, such as fixed or floating rate notes,
U.S. dollar or foreign currency denominated notes, redeemable notes, global notes, and dual currency or other
indexed notes. Issuances under the shelf registration will require the filing of a prospectus supplement identifying
the amount and terms of the securities to be issued. The registration statement does not limit the amount of debt
securities that may be issued thereunder. Our ability to issue debt securities is subject to market conditions and
other factors impacting our borrowing capacity, including compliance with the covenants in our credit
agreement.
Note 13 — Commitments and Contingencies:
Lease Arrangements
We have lease obligations under certain non-cancelable operating leases. Future minimum rental payments
under our non-cancelable operating leases, at December 31, 2009, are as follows (in thousands):
Year Ending December 31, Operating
Leases
2010 ............................................ $ 75,340
2011 ............................................ 43,073
2012 ............................................ 34,297
2013 ............................................ 13,211
2014 ............................................ 9,037
Thereafter ........................................ 5,973
Total minimum lease payments ................... $180,931
109