Contractual Obligations
The following table summarizes certain of the company's contractual obligations as of December 31, 2011:
| Long-term debt |
$ 100.0 |
$ 5.0 |
$ 95.0 |
$ — |
$ — |
| Convertible notes |
115.0 |
— |
— |
— |
115.0 |
| Interest payments on debt (a) |
31.2 |
6.1 |
11.0 |
8.6 |
5.5 |
| Operating leases |
54.0 |
19.8 |
23.8 |
8.0 |
2.4 |
| Purchase obligations (b) |
122.4 |
98.9 |
21.2 |
2.3 |
— |
| Other long-term obligations (c) |
69.1 |
27.8 |
20.7 |
9.0 |
11.6 |
| Planned funding of pension and SERP (d) |
23.0 |
10.5 |
1.0 |
3.8 |
7.7 |
| Payments to the Commonwealth of Australia (e) |
13.1 |
6.5 |
6.6 |
— |
— |
| Total |
$ 527.8 |
$ 174.6 |
$ 179.3 |
$ 31.7 |
$ 142.2 |
Note: For more information refer to Note 11, Debt; Note 16, Commitments and Contingencies; Note 15, Other Long-Term Liabilities; Note 14, Pension Plans, and Note 13, Income Taxes in the Notes to Consolidated Financial Statements included in Item 8 of this Form 10-K.
- Interest payments on debt are calculated based on the applicable rate and payment dates for each instruments. For variable-rate instruments, interest rates and payment dates are based on management's estimate of the most likely scenarios for each relevant debt instrument.
- This category includes purchase commitments to suppliers for materials and supplies as part of the ordinary course of business, consulting arrangements and support services. Only obligations in the amount of at least $50,000 are included.
- This category includes obligations under the company's long-term incentive plan, deferred compensation plan, environmental liabilities, the FMU-143 settlement, acquisition holdbacks and unrecognized tax benefits.
- This category includes planned funding of the company's SERP and qualified defined benefit pension plan. Projected funding for the qualified defined benefit pension plan beyond one year has not been included as there are several significant factors, such as the future market value of plan assets and projected investment return rates, which could cause actual funding requirements to differ materially from projected funding.
- The Company is actively engaged in efforts to resell the former Australia SH-2G(A) (now designated the SH-2G(I)) aircraft, spare parts and equipment to other potential customers. Pursuant to the terms of its revenue sharing agreement with the Commonwealth of Australia, the Company will share all proceeds from the resale of the aircraft, spare parts, and equipment with the Commonwealth on a predetermined basis, and total payments of at least $39.5 million (AUD) must be made to the Commonwealth regardless of sales. Cumulative payments of $26.8 million (AUD) have been made through December 31, 2011. Additional payments of $6.4 million (AUD) each must be paid in March of 2012 and 2013 to the extent that cumulative payments have not yet reached $33.1 million (AUD) and $39.5 million (AUD) as of such dates, respectively.
Off-Balance Sheet Arrangements
The following table summarizes the company's off-balance sheet arrangements:
| Acquisition earn-out (1) |
$ 0.7 |
$ 0.7 |
$ — |
$ — |
$ — |
| Total |
$ 0.7 |
$ 0.7 |
$ — |
$ — |
$ — |
- The obligation to pay earn-out amounts depends upon the attainment of specific milestones for KPP Orlando, an operation acquired in 2002.
The company currently maintains $18.3 million in outstanding standby letters of credit under the Revolving Credit Agreement. Of this amount, $13.1 million is related to the guaranteed minimum payments to Australia in connection with the ownership transfer of the 11 SH-2G(A) helicopters (along with spare parts and associated equipment).
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