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HBI » Topics » Future Contractual Obligations and Commitments

This excerpt taken from the HBI 10-K filed Feb 19, 2008.
Future Contractual Obligations and Commitments
 
The following table contains information on our contractual obligations and commitments as of December 29, 2007.
 
                                         
    At December 29,
 		    Less Than
 		    Payments Due by Period        
    2007     1 Year     1 - 3 Years     3 - 5 Years     Thereafter  
                (in thousands)        
 
Long-term debt
  $ 2,315,250     $ —     $ 282,750     $ 106,250     $ 1,926,250  
Notes payable
    19,577       19,577       —       —       —  
Interest on debt obligations(1)
    991,200       172,027       338,994       298,656       181,523  
Operating lease obligations
    160,457       35,413       54,584       35,283       35,177  
Capital lease obligations including related interest payments
    2,051       990       1,009       52       —  
Purchase obligations(2)
    675,546       603,377       26,718       13,951       31,500  
Other long-term obligations(3)
    51,072       18,821       8,910       12,707       10,634  
                                         
Total
  $ 4,215,153     $ 850,205     $ 712,965     $ 466,899     $ 2,185,084  
                                         
 
 
(1) Interest obligations on floating rate debt instruments are calculated for future periods using interest rates in effect at December 29, 2007.
 
(2) “Purchase obligations,” as disclosed in the table, are obligations to purchase goods and services in the ordinary course of business for production and inventory needs (such as raw materials, supplies, packaging, and manufacturing arrangements), capital expenditures, marketing services, royalty-bearing license agreement payments and other professional services. This table only includes purchase obligations for which we have agreed upon a fixed or minimum quantity to purchase, a fixed, minimum or variable pricing arrangement, and an approximate delivery date. Actual cash expenditures relating to these obligations may vary from the amounts shown in the table above. We enter into purchase obligations when terms or conditions are favorable or when a long-term commitment is necessary. Many of these arrangements are cancelable after a notice period without a significant penalty. This table omits purchase obligations that did not exist as of December 29, 2007, as well as obligations for accounts payable and accrued liabilities recorded on the balance sheet.
 
(3) Represents the projected payment for long-term liabilities recorded on the balance sheet for deferred compensation, deferred income and unrecognized tax benefits in accordance with the FASB Interpretation 48, Accounting for Uncertainty in Income Taxes (“FIN 48”).
 
Due to our current funded status of our pension plans, we are not obligated to make any contributions to the plan in the next year. The future timing of the pension funding obligations associated with our defined benefit pension and post-retirement plans beyond the next year is dependent on a number of factors including investment results and other factors that contribute to future pension expense and cannot be reasonably estimated at this time. A discussion of our pension and postretirement plans is included in Notes 15 and 16 to our Consolidated Financial Statements. Our obligations for employee health and property and casualty losses are also excluded from the table.
 
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