Home Depot 2006 Annual Report Download - page 57

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Short-Term Debt under the commercial paper program was as follows (dollars in millions):
January 28, January 29,
2007 2006
Balance outstanding at fiscal year-end $— $900
Maximum amount outstanding at any month-end $1,470 $900
Average daily short-term borrowings $ 300 $22
Weighted average interest rate 5.1% 4.3%
The Company’s Long-Term Debt at the end of fiscal 2006 and fiscal 2005 consisted of the following
(amounts in millions):
January 28, January 29,
2007 2006
5.375% Senior Notes; due April 1, 2006; interest payable
semi-annually on April 1 and October 1 $— $ 500
3.75% Senior Notes; due September 15, 2009; interest
payable semi-annually on March 15 and September 15 997 996
Floating Rate Senior Notes; due December 16, 2009; interest
payable on March 16, June 16, September 16 and
December 16 750 —
4.625% Senior Notes; due August 15, 2010; interest payable
semi-annually on February 15 and August 15 997 996
5.20% Senior Notes; due March 1, 2011; interest payable
semi-annually on March 1 and September 1 1,000 —
5.25% Senior Notes; due December 16, 2013; interest
payable semi-annually on June 16 and December 16 1,243 —
5.40% Senior Notes; due March 1, 2016; interest payable
semi-annually on March 1 and September 1 2,986 —
5.875% Senior Notes; due December 16, 2036; interest
payable semi-annually on June 16 and December 16 2,958 —
Capital Lease Obligations; payable in varying installments
through January 31, 2055 419 381
Other 311 312
Total Long-Term Debt 11,661 3,185
Less current installments 18 513
Long-Term Debt, excluding current installments $11,643 $2,672
In December 2006, the Company issued $750 million of floating rate Senior Notes due December 16,
2009 at par value, $1.25 billion of 5.25% Senior Notes due December 16, 2013 at a discount of
$7 million and $3.0 billion of 5.875% Senior Notes due December 16, 2036 at a discount of $42 million,
together the ‘‘December 2006 Issuance.’’ The net proceeds of the December 2006 Issuance were used
to fund, in part, the Company’s common stock repurchases, to repay outstanding commercial paper and
for general corporate purposes. The $49 million discount and $37 million of issuance costs associated
with the December 2006 Issuance are being amortized to interest expense over the term of the related
Senior Notes.
Additionally in October 2006, the Company entered into a forward starting interest rate swap
agreement with a notional amount of $1.0 billion, accounted for as a cash flow hedge, to hedge interest
rate fluctuations in anticipation of the issuance of the 5.875% Senior Notes due December 16, 2036.
Upon issuance of the hedged debt in December 2006, the Company settled its forward starting interest
rate swap agreements and recorded an $11 million decrease, net of income taxes, to Accumulated
47