Walmart 2002 Annual Report Download - page 33

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3 Commercial Paper and Long-term Debt
Information on short-term borrowings and interest rates is as follows (dollar amounts in millions):
Fiscal years ended January 31, 2002 2001 2000
Maximum amount outstanding at month-end $ 4,072 $ 6,732 $ 6,588
Average daily short-term borrowings 2,606 4,528 2,233
Weighted average interest rate 3.7% 6.4% 5.4%
At January 31, 2002 and 2001, short-term borrowings consisting of $743 million and $2,286 million of commercial paper were outstanding,
respectively. At January 31, 2002, the Company had committed lines of $3,811 million with 70 firms and banks and informal lines of credit
with various banks totaling an additional $694 million, which were used to support commercial paper.
Long-term debt at January 31, consisted of (amounts in millions):
2002 2001
6.875% Notes due August 2009 $ 3,500 $ 3,500
4.375% Notes due August 2003 1,500 –
5.450% Notes due August 2006 1,500 –
6.550% Notes due August 2004 1,250 1,250
5.750% Notes due December 2030 714 714
5.875% Notes due October 2005 597 597
7.500% Notes due May 2004 500 500
7.550% Notes due February 2030 500 500
7.550% Notes due February 2030 500 500
4.625% Notes due April 2003 500 –
3.250% Notes due September 2003 500 –
6.875% Notes due August 2002 –500
6.500% Notes due June 2003 454 454
7.250% Notes due June 2013 445 445
7.800% – 8.250% Obligations from sale/leaseback transactions due 2014 343 373
6.750% Notes due May 2002 –300
7.000% – 8.000% Obligations from sale/leaseback transactions due 2013 237 257
8.500% Notes due September 2024 250 250
6.750% Notes due October 2023 250 250
8.000% Notes due September 2006 250 250
6.375% Notes due March 2003 228 228
4.625% Notes due April 2003 200 –
6.750% Eurobond due May 2002 –200
7.290% Notes due July 2006 –324
4.410% – 10.880% Notes acquired in ASDA acquisition due 2003-2015 865 948
5.580% Wal-Mart Canada notes due May 2006 325 –
Other, including adjustments to debt hedged by derivatives 279 161
$ 15,687 $ 12,501
The Company has two separate issuances of $500 million debt with embedded put options. For the first issuance, beginning June 2001, and
each year thereafter, the holders of $500 million of the debt may require the Company to repurchase the debt at face value, in addition to
accrued and unpaid interest. The holders of the other $500 million issuance may put the debt back to the Company at any time. Both of
these issuances have been classified as a current liability in the January 31, 2002 consolidated balance sheet.
Long-term debt is unsecured except for $161 million, which is collateralized by property with an aggregate carrying value of approximately
$413 million. Annual maturities of long-term debt during the next five years are (in millions):
Fiscal year ended January 31, Annual maturity
2003 $ 2,257
2004 3,574
2005 1,874
2006 704
2007 2,235
Thereafter 7,300
The Company has agreed to observe certain covenants under the terms of its note agreements, the most restrictive of which relates to
amounts of additional secured debt and long-term leases.
The Company has entered into sale/leaseback transactions involving buildings while retaining title to the underlying land. These transactions