This excerpt taken from the CL 10-K filed Feb 27, 2009.
Consistent with the Companys strategy to prioritize higher margin businesses, investing activities include proceeds from the sale of certain property and non-core product lines. Investing activities in 2008 include $57.5 of proceeds from the sale of certain assets, primarily related to the 2004 Restructuring
(Dollars in Millions Except Per Share Amounts)
Program. Investing activities in 2007 include $66.5 of net proceeds from the sale of the Companys Latin American household bleach business and $43.2 of proceeds from the sale of other property related to the 2004 Restructuring Program. Investing activities in 2006 include $55.0 of proceeds from the sale of the Companys Canadian household bleach business.
Financing activities used $1,465.9 of cash during 2008 compared to $1,754.4 and $1,059.0 during 2007 and 2006, respectively. The decrease in 2008 was primarily due to higher proceeds from issuance of debt and lower repurchases of common stock, offset by a decrease in exercises of stock options and an increase in principal payments on debt and dividends paid. The increase in 2007 as compared to 2006 was primarily due to higher repurchases of common stock and a net reduction of debt.
Long-term debt increased to $3,676.3 as of December 31, 2008 as compared to $3,360.0 as of December 31, 2007 and total debt increased to $3,783.5 as of December 31, 2008 as compared to $3,515.9 as of December 31, 2007. The Companys long-term debt is rated AA- by Standard & Poors and Aa3 by Moodys Investors Service.
At December 31, 2008, the Company had access to unused domestic and foreign lines of credit of $2,641.9 and could also issue medium-term notes pursuant to an effective shelf registration statement. In August 2008, the Company increased the borrowing capacity under its domestic revolving credit facility from $1,500 to $1,600 by adding two banks to the syndicate of banks participating in the revolving credit facility. The facility has an expiration date of November 2012. These domestic lines are available for general corporate purposes and to support the issuance of commercial paper. In May 2008, the Company issued $250 of five-year notes at a fixed rate of 4.2% under the shelf registration statement for the Companys medium-term note program. The Company simultaneously entered into interest rate swaps to effectively convert the fixed interest rate of the notes to a variable rate based on LIBOR. In May 2008, the Company also issued approximately $75 of forty-year notes at a variable rate based on LIBOR, also under the shelf registration statement. Proceeds from the debt issuances were used to repay $100 of medium-term notes with an original maturity of May 2017 and to reduce commercial paper borrowings.