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DEBT AND COMMITMENTS

12 Months Ended

Dec. 31, 2012

DEBT AND COMMITMENTS

14. DEBT AND COMMITMENTS

[a] The Company’s long-term debt, which is substantially uncollateralized, consists of the following:

		2012				2011
Bank term debt at a weighted average interest rate of approximately 8.0% [2011 - 9.4%], denominated primarily in Chinese renminbi and Brazilian real		$	268			$	137
Government loans at a weighted average interest rate of approximately 5.4% [2011 - 5.8%], denominated primarily in euros			15				18
Other			78				42
			361				197
Less due within one year			249				151
		$	112			$	46

[b] Future principal repayments on long-term debt are estimated to be as follows:

2013		$	249
2014			24
2015			31
2016			16
2017			16
Thereafter			25
		$	361

[c] On July 8, 2011, the Company entered into a four-year revolving credit facility in the amount of $2.25 billion. The facility, which matures on July 8, 2015, replaces a $2.0 billion revolving credit facility that was set to expire on July 31, 2012. The facility includes a $100 million Asian tranche and a tranche for Canada, U.S., and Europe, which is fully transferable between jurisdictions and can be drawn in U.S. dollars, Canadian dollars or euros.

[d] Interest expense (income), net includes:

		2012				2011				2010
Interest expense
Current		$	27			$	16			$	9
Long-term			7				3				2
			34				19				11
Interest income			(18	)			(25	)			(22	)
Interest expense (income), net		$	16			$	(6	)		$	(11	)

[e] Interest paid in cash was $32 million for the year ended December 31, 2012 [2011 – $19 million; 2010 – $11 million].

[f] At December 31, 2012, the Company had commitments under operating leases requiring annual rental payments as follows:

		Total
2013		$	318
2014			287
2015			256
2016			233
2017			204
Thereafter			336
		$	1,634

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- Definition

The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease.

+ References

No definition available.

+ Details

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