eBay 2011 Annual Report Download - page 120

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eBay Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following table summarizes the restructuring reserve activity during the year ended December 31, 2011 :
In the table above, adjustments primarily reflect the impact of foreign currency translation.
Note 12 - Debt
The following table summarizes the carrying value of our outstanding debt (in thousands, except percentages):
Senior Notes
The effective interest rates for our senior notes due 2013, 2015 and 2020 includes the accretion of discount. Interest on these notes is payable
semiannually on April 15 and October 15. Interest expense associated with these notes including amortization of debt issuance costs during the
years ended December 31, 2011 and 2010 was approximately $31.9 million and $5.5 million , respectively. At December 31, 2011 , the estimated
fair value of all these senior notes included in long-term debt was approximately $1.5 billion based on market prices on less active markets (Level
2).
The indenture pursuant to which the senior notes were issued includes customary covenants that, among other things, limit our ability to incur,
assume or guarantee debt secured by liens on specified assets or enter into sale and lease-back transactions with respect to specified properties,
and also includes customary events of default.
Note Payable
Note payable is comprised primarily of a mortgage note assumed as part of our acquisition of GSI. The mortgage note bears interest at
6.3% per annum and has a maturity date of December 2015.
F-28
Employee Severance
and Benefits
Facilities
Total
(In thousands)
Accrued liability as of January 1, 2011
$
2,425
$
3,559
$
5,984
Charges (benefit)
30
(519
)
(489
)
Payments
(2,654
)
(1,447
)
(4,101
)
Adjustments
575
275
850
Accrued liability as of December 31, 2011
$
376
$
1,868
$
2,244
Coupon
Carrying Value as of Effective
Carrying Value as of Effective
Rate
December 31, 2011 Interest Rate
December 31, 2010 Interest Rate
Long-Term Debt
Senior notes due 2013
0.875
%
$
399,500
0.946
%
$
399,220
0.946
%
Senior notes due 2015
1.625
%
598,304
1.703
%
597,857
1.703
%
Senior notes due 2020
3.250
%
497,441
3.319
%
497,150
3.319
%
Total senior notes
1,495,245
1,494,227
Note payable
14,880
—
Capital lease obligations
14,922
—
Total long-term debt
$
1,525,047
$
1,494,227
Short-Term Debt
Commercial paper
$
550,000
$
300,000
Note payable
1,793
—
Capital lease obligations
12,808
—
Total short-term debt
564,601
300,000
Total Debt
$
2,089,648
$
1,794,227