Contractual Obligations and Available Commercial Commitments
The following tables present information regarding contractual obligations by fiscal year ($ in millions): Continuing Operations
Payments Due
2004
2005
2006
2007
2008
Thereafter
Operating leases
$413
$395
$363
$347
$340
$2,576
Long-term debt
1
1
61
1
1
764
Purchase commitments
20
—
—
—
—
—
Total
$434
$396
$424
$348
$341
$3,340
Discontinued Operations
Payments Due
2004
2005
2006
2007
2008
Thereafter
Operating leases
$92
$89
$68
$54
$44
$147
Long-term debt
—
—
—
—
5
—
Purchase commitments
—
—
—
—
—
—
Total
$92
$89
$68
$54
$49
$147
Note: For more information regarding long-term debt, operating leases and purchase commitments,
refer to notes 4, 7 and
11, respectively, in the Notes to Consolidated Financial Statements.
The following table presents information regarding available commercial commitments and their expiration
dates by fiscal year for continuing operations only; there are no available commercial commitments related
to discontinued operations ($ in millions):
Expires
Amount
2004
2005
2006
2007
Thereafter
Lines of credit(1)
$212
$ 15
$ —
$197
$ —
$ —
Inventory financing line(2)
174
174
—
—
—
—
Total
$386
$189
$ —
$197
$ —
$ —
(1) $3 of our $200 line of credit was committed to stand-by letters of credit, and $22 of our $37 line was utilized. (2) $26 of the inventory financing line was utilized.
Debt and Capital
In fiscal 2002, we sold convertible debentures due June 27, 2021, and January 15, 2022, with an initial
principal amount at maturity of $492 million and $402 million, respectively. The proceeds from the
offerings, net of offering expenses, were $726 million. We may redeem, and holders of the
debentures may require us to purchase, all or part of the debentures on certain dates or upon the
occurrence of certain events as specified in the respective indentures. In addition, in the event that
certain conditions are satisfied, holders may surrender their debentures for conversion, which
would increase the number of shares of our common stock outstanding and have a dilutive
impact on our reported earnings per share. The shares related to the
convertible debentures were not included in our diluted earnings-per-share
computation in fiscal 2003 or 2002, as the criteria for conversion of the debentures were not met. For
additional information regarding the convertible debentures, refer to
note 4 of the Notes to
Consolidated Financial Statements. >>
