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4. Borrowings and Credit Facilities Joy Global Inc. Notes to Consolidated Financial Statements October 31, 2008 h expires November We have a $400.0 million unsecured revolving credit facility (“Credit Agreement”) which expires November ate (“LIBOR”) Rate 10, 2011. Outstanding borrowings bear interest equal to the London Interbank Offered Rate (“LIBOR”) Rate ) or the Base Rate (defined as applicable LIBOR rate for the equivalent interest period plus 0.5% to 1.25%) or the Base Rate ) at our option. (defined We as the higher of the Prime Rate or the Federal Funds Effective Rate plus 0.5%) at our option. We lving credit facility pay a commitment fee ranging from 0.125% to 0.25% on the unused portion of the revolving credit facility financial covenants based on our credit rating. The Credit Agreement requires the maintenance of certain financial covenants nts of dividends including or leverage and interest coverage. The Credit Agreement also restricts payments of dividends or were in compliance other return of capital based on the consolidated leverage ratio. At October 31, 2008, we were in compliance ent of dividends with or all financial covenants in the Credit Agreement and had no restrictions on the payment of dividends or return of capital. utstanding letters At of October 31, 2008, there were no direct borrowings under the Credit Agreement. Outstanding letters of limit, totaled $141.4 credit issued under the Credit Agreement, which count toward the $400.0 million credit limit, totaled $141.4 s under the Credit million. At October 31, 2008, there was $258.6 million available for borrowings under the Credit Agreement. n supplement to The our Continental acquisition was funded in part through a new $175.0 million term loan supplement to our r quarterly principal existing Credit Agreement (“Second Amendment”). The Second Amendment calls for quarterly principal maining outstanding payments of 2.5% of the initial term loan through October 31, 2011, at which time the remaining outstanding , $161.9 million principal is equal to 62.5% of the initial term loan is due. As of October 31, 2008, $161.9 million is R rate which has outstanding a on the term loan. Outstanding borrowings bear interest equal to the LIBOR rate which has a he option to request weighted average interest rate of 3.70%. As part of the Second Amendment, we have the option to request re made to existing an increase to the term loan outstanding not to exceed $75.0 million. No changes were made to existing financial covenants. ior Notes due 2016 In November 2006, we issued $250.0 million aggregate principal amount of 6.0% Senior Notes due 2016 es”) with interest and on $150.0 million aggregate principal amount of 6.625% Senior Notes due 2036 (“Notes”) with interest on starting on May the 15, Notes being paid semi-annually in arrears on May 15 and November 15 of each year, starting on May 15, c subsidiaries. 2007. The The Notes are guaranteed by each of our current and future significant domestic subsidiaries. The ed by the Securities Notes were issued in a private placement under an exemption from registration provided by the Securities tes were exchanged Act of 1933 (“Securities Act”), as amended. In the second quarter of fiscal 2007, the Notes were exchanged e or all of the Notes for similar notes registered under the Securities Act. At our option, we may redeem some or all of the Notes edeemed or the at sum a redemption price of the greater of 100% of the principal amount of the Notes to be redeemed or the sum t payments using of the a present values of the principal amounts and the remaining scheduled interest payments using a for the 2016 Notes discount rate equal to the sum of a treasury rate of a comparable treasury issue plus 0.3% for the 2016 Notes and 0.375% for the 2036 Notes. F-16 F-16
Joy Global Inc. Notes to Consolidated Financial Statements October 31, 2008 Direct borrowings and capital lease obligations consisted of the following: October 31, October 26, In thousands 2008 2007 Domestic: 6.0% Senior Notes due 2016 $ 247,073 $ 246,797 6.625% Senior Notes to 2036 148,374 148,355 Term Loan 161,875 - Capital leases and other 173 162 Foreign: Capital leases and other 1,835 1,183 Short-term notes payable and bank overdrafts 8,097 - 567,427 396,497 Less: Amounts due within one year (26,460) (240) Long-term Obligations $ 540,967 $ 396,257 The aggregate maturities of debt for credit agreements in place at October 31, 2008 consist of the following (in thousands): 5. Income Taxes 2009 $ 26,460 2010 18,038 2011 127,256 2012 169 2013 57 Thereafter 395,447 The consolidated provision (benefit) for income taxes included in the Consolidated Statement of Income consisted of the following: In thousands 2008 2007 2006 Current provision Federal $ 64,646 $ 17,247 $ 27,811 State 15,843 9,930 2,351 Foreign 61,042 48,739 38,650 Total current 141,531 75,916 68,812 Deferred provision (benefit) Federal 18,057 82,741 (36,188) State 128 52 306 Foreign (5,766) 10,566 2,571 Total deferred 12,419 93,359 (33,311) Total consolidated income tax provision $ 153,950 $ 169,275 $ 35,501 The federal deferred provision includes $16.0 million, $110.1 million and $79.6 million, respectively, of net operating losses used in fiscal 2008, 2007 and 2006, respectively. The foreign deferred provision includes $1.8 million, $16.1 million and $13.9 million, respectively, of net operating losses used in fiscal 2008, 2007 and 2006, respectively. The federal deferred provision also includes utilization of foreign tax credits, F-17
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global reach. leading technology. j
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f i n a n c i a l h i g h l i g h t
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than doubled from 2007, while after
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future revenues. The ultra-class dr
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UNITED STATES SECURITIES AND EXCHAN
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PART I This document contains forwa
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connected bridge structures that ut
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Fiscal 2008 Developments: • First
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