Walmart 2004 Annual Report Download - page 30

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Interest Rate Position as of January 31, 2003
Principal Amount by Expected Maturity
Average Interest Rate Fair value
(Dollar amounts in millions) 2004 2005 2006 2007 2008 Thereafter Total 1/31/03
Liabilities
USD denominated long-term
debt including current portion
Fixed-rate debt $ 4,027 $ 2,289 $ 1,254 $ 2,018 $ 1,575 $ 6,195 $ 17,358 $ 16,932
Average interest rate 5.6% 6.2% 6.2% 6.2% 6.6% 6.9% 6.3%
Variable-rate debt $ 500 – $ 1,500 – – – $ 2,000 $ 2,000
Interest rate – Rate A minus 0.03%
Great Britain pound denominated
long-term debt including
current portion
Fixed-rate debt $ 9 $ 94 – $ 37 – $ 1,635 $ 1,775 $ 1,862
Average interest rate 9.6% 4.4% – 8.4% – 5.2% 5.3%
Interest Rate Position as of January 31, 2003
Notional Amount by Expected Maturity
Average Interest Swap Rate Fair value
(Dollar amounts in millions) 2004 2005 2006 2007 2008 Thereafter Total 1/31/03
Interest Rate Derivative Financial
Instruments Related to Debt
Interest rate swaps –
Pay variable/receive fixed $ – $ 1,250 $ – $ – $ – $ 3,250 $ 4,500 $ 426
Weighted-average rate paid –
Rate B plus 1.70%
Weighted-average fixed rate
received – 6.6% – – – 6.9% 6.8%
Interest rate swaps –
Pay variable/receive fixed – $ 500 $ 1,097 $ 1,750 – $ 445 $ 3,792 $ 377
Weighted-average rate paid –
Rate A plus 0.84%
Weighted-average fixed rate
received – 7.5% 5.1% 5.8% – 7.3% 6.0%
Rate A – three-month U.S. LIBOR
Rate B – six-month U.S. LIBOR
We hold currency swaps to hedge our net investment in the United Kingdom. In addition to the instruments in the following table,
we have designated debt of approximately GBP 1 billion as a hedge of our net investment in the United Kingdom. The following tables
provide information about our cross-currency interest rate swap agreements by functional currency and present the information in
United States dollar equivalents. For these instruments the tables present notional amounts, exchange rates and interest rates by
contractual maturity date.
We also hold cross-currency swaps which hedge the foreign currency risk of debt denominated in currencies other than the
local currency.
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