Sysco 2007 Annual Report Download - page 57

In the following table as of June 30, 2007, commercial paper issuances are reflected as floating rate debt and both the
U.S. and Canadian commercial paper issuances outstanding are classified as long-term based on the maturity date of our
revolving loan agreement which supports our U.S. and Canadian commercial paper programs and our intent to continue
to refinance this facility on a long-term basis.
The following table presents our interest rate position as of June 30, 2007. All amounts are stated in U.S. dollar equivalents.
(In thousands) 2008 2009 2010 2011 2012 Thereafter Total Fair Value
Interest Rate Position as of June 30, 2007
Principal Amount by Expected Maturity
Average Interest Rate
U.S. $ Denominated:
Fixed Rate Debt______________ $ 3,149 $3,525 $976 $679 $200,641 $982,214 $1,191,184 $1,124,343
Average Interest Rate ____ 5.1% 5.9% 2.1% 1.5% 6.1% 5.6% 5.7%
Floating Rate Debt ___________ $18,900 $ — $ — $ — $487,727 $ 15,000 $ 521,627 $ 521,627
Average Interest Rate ____ 5.7% — — — 5.3% 4.4% 5.3%
Canadian $ Denominated:
Fixed Rate Debt______________ $ 419 $ 434 $478 $602 $ 704 $ 21,148 $ 23,785 $ 22,450
Average Interest Rate ____ 9.5% 9.8% 9.8% 9.8% 9.8% 9.8% 9.8%
Floating Rate Debt ___________ $ — $ — $ — $ — $ 44,099 $ — $ 44,099 $ 44,099
Average Interest Rate ____ — — — — 4.4% — 4.4%
Fiscal 2006
In September 2005, we issued 5.375% senior notes totaling $500,000,000 due on September 21, 2035. In conjunction with
the issuance of the 5.375% senior notes, we settled a $350,000,000 notional amount forward-starting interest rate swap
which was designated as a cash flow hedge of the variability in the cash outflows of interest payments on the debt
issuance due to changes in the benchmark interest rate.
As of July 1, 2006, we had outstanding $399,568,000 of commercial paper at variable rates of interest with maturities
through July 3, 2006. Excluding commercial paper issuances, our long-term debt obligations as of July 1, 2006 of
$1,333,824,000 were primarily at fixed rates of interest. We had no interest rate swaps outstanding as of July 1, 2006.
In the following table as of July 1, 2006, commercial paper issuances are reflected as floating rate debt and both the
U.S. and Canadian commercial paper issuances outstanding are classified as long-term based on the maturity date of our
revolving loan agreement which supports our U.S. and Canadian commercial paper programs and our intent to continue
to refinance this facility on a long-term basis.
The following table presents our interest rate position as of July 1, 2006. All amounts are stated in U.S. dollar equivalents.
(In thousands) 2007 2008 2009 2010 2011 Thereafter Total Fair Value
Interest Rate Position as of July 1, 2006
Principal Amount by Expected Maturity
Average Interest Rate
U.S. $ Denominated:
Fixed Rate Debt ____________ $105,924 $4,221 $548 $438 $ 322 $1,184,354 $1,295,807 $1,233,520
Average Interest Rate ___ 8.0% 7.2% 3.4% 4.3% 4.6% 5.7% 5.9%
Floating Rate Debt __________ $ 29,300 $ — $ — $ — $381,945 $ 8,000 $ 419,245 $ 419,245
Average Interest Rate ___ 1.5% — — — 5.3% 4.0% 5.0%
Canadian $ Denominated:
Fixed Rate Debt ____________ $ 341 $ 375 $414 $456 $ 575 $ 20,856 $ 23,017 $ 21,911
Average Interest Rate ___ 9.8% 9.8% 9.8% 9.8% 9.8% 9.8% 9.8%
Floating Rate Debt __________ $ — $ — $ — $ — $ 24,623 $ — $ 24,623 $ 24,623
Average Interest Rate ___ — — — — 4.4% — 4.4%
FOREIGN CURRENCY EXCHANGE RATE RISK
We have Canadian subsidiaries, all of which use the Canadian dollar as their functional currency with the exception of a
financing subsidiary. To the extent that business transactions are not denominated in Canadian dollars, we are exposed to
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