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SYSCO CORPORATION-Form10-K 39
PARTII
ITEM7AQuantitative and Qualitative Disclosures About Market Risk
(In thousands)
Interest Rate Position as of June30,2012
Notional Amount by Expected Maturity
Average Interest Swap Rate
2013 2014 2015 2016 2017 Thereafter Total Fair Value
Interest Rate Swaps
Related To Debt:
Pay Variable/Receive Fixed $ 250,000 $ 200,000 $ - $ - $ - $ - $ 450,000 $ 8,694
Average Variable Rate Paid:
Rate A Plus 2.1% 2.1% - - - - 2.1%
Fixed Rate Received 4.2% 4.6% - - - - 4.4%
Rate A– three-month LIBOR
Fiscal 2011
As of July2,2011, we had no commercial paper outstanding. Total debt as of July2,2011 was $2.7billion, of which approximately 75% was at fi xed
rates of interest, including the impact of our interest rate swap agreements.
As of July2,2011, the fi scal 2013 swap was recognized as an asset within the consolidated balance sheet at fair value within other assets of $6.1million.
The fi xed interest rate on the hedged debt is 4.2% and the fl oating interest rate on the swap is three-month LIBOR which resets quarterly. As of July2,2011,
the fi scal 2014 swap was recognized as an asset within the consolidated balance sheet at fair value within other assets of $7.4million. The fi xed interest
rate on the hedged debt is 4.6% and the fl oating interest rate on the swap is three-month LIBOR which resets quarterly.
The following tables present our interest rate position as of July2,2011. All amounts are stated in U.S. dollar equivalents.
(In thousands)
Interest Rate Position as of July2,2011
Principal Amount by Expected Maturity
Average Interest Rate
2012 2013 2014 2015 2016 Thereafter Total Fair Value
U.S. $ Denominated:
Fixed Rate Debt $ 205,616 $ 3,682 $ 1,910 $ 1,117 $ 632 $ 1,772,072 $ 1,985,029 $ 2,214,529
Average Interest Rate 6.0% 4.1% 4.4% 4.4% 4.6% 5.8% 5.9%
Floating Rate Debt(1) $ 181,975 $ 253,316 $ 208,779 $ 1,100 $ - $ 12,500 $ 657,670 $ 676,075
Average Interest Rate 2.0% 2.4% 1.9% 0.2% - 0.5% 2.0%
Canadian $ Denominated:
Fixed Rate Debt $ 1,178 $ 1,173 $ 1,219 $ 1,264 $ 1,264 $ 19,492 $ 25,590 $ 28,549
Average Interest Rate 7.7% 8.4% 8.7% 8.8% 9.3% 9.8% 9.5%
Euro € Denominated:
Fixed Rate Debt $ 234 $ - $ - $ - $ - $ - $ 234 $ 261
Average Interest Rate 8.9% - - - - - 8.9%
(1) Includes fixed rate debt that has been converted to floating rate debt through interest rate swap agreements.
(In thousands)
Interest Rate Position as of July2,2011
Notional Amount by Expected Maturity
Average Interest Swap Rate
2012 2013 2014 2015 2016 Thereafter Total Fair Value
Interest Rate Swaps
Related To Debt:
Pay Variable/Receive Fixed $ - $ 250,000 $ 200,000 $ $ - $ - $ 450,000 $ 13,482
Average Variable Rate Paid:
Rate A Plus - 2.1% 2.1% - - 2.1%
Fixed Rate Received - 4.2% 4.6% - - 4.4%
Rate A– three-month LIBOR