Home Depot 2011 Annual Report Download - page 46

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40
4. DEBT
The Company has commercial paper programs that allow for borrowings up to $2.0 billion. All of the Company’s short-term
borrowings in fiscal 2011 and 2010 were under these commercial paper programs. In connection with the commercial paper
programs, the Company has a back-up credit facility with a consortium of banks for borrowings up to $2.0 billion. The credit
facility expires in July 2013 and contains various restrictive covenants. At January 29, 2012, the Company was in compliance
with all of the covenants, and they are not expected to impact the Company’s liquidity or capital resources.
Short-term debt under the commercial paper programs was as follows (amounts in millions):
Balance outstanding at fiscal year-end
Maximum amount outstanding at any month-end
Average daily short-term borrowings
Weighted average interest rate
Fiscal Year Ended
January 29,
2012
$—
$ 828
$44
0.5%
January 30,
2011
$—
$—
$5
0.4%
The Company’s Long-Term Debt at the end of fiscal 2011 and 2010 consisted of the following (amounts in millions):
5.20% Senior Notes; due March 1, 2011; interest payable semi-annually on
March 1 and September 1
5.25% Senior Notes; due December 16, 2013; interest payable semi-annually on
June 16 and December 16
5.40% Senior Notes; due March 1, 2016; interest payable semi-annually on
March 1 and September 1
3.95% Senior Notes; due September 15, 2020; interest payable semi-annually on
March 15 and September 15
4.40% Senior Notes; due April 1, 2021; interest payable semi-annually on
April 1 and October 1
5.875% Senior Notes; due December 16, 2036; interest payable semi-annually on
June 16 and December 16
5.40% Senior Notes; due September 15, 2040; interest payable semi-annually on
March 15 and September 15
5.95% Senior Notes; due April 1, 2041; interest payable semi-annually on
April 1 and October 1
Capital Lease Obligations; payable in varying installments through January 31, 2055
Other
Total debt
Less current installments
Long-Term Debt, excluding current installments
January 29,
2012
$—
1,309
3,069
499
998
2,961
499
996
449
8
10,788
30
$ 10,758
January 30,
2011
$ 1,000
1,297
3,033
499
—
2,960
499
—
452
9
9,749
1,042
$ 8,707
In March 2011, the Company entered into an interest rate swap that expires on March 1, 2016, with a notional amount of
$500 million, accounted for as a fair value hedge, that swaps fixed rate interest on the Company's 5.40% Senior Notes due
March 1, 2016 for variable interest equal to LIBOR plus 300 basis points. At January 29, 2012, the approximate fair value of
this agreement was an asset of $39 million, which is the estimated amount the Company would have received to settle the
agreement and is included in Other Assets in the accompanying Consolidated Balance Sheets.
Also at January 29, 2012, the Company had outstanding interest rate swaps, accounted for as fair value hedges, that expire on
December 16, 2013 with a notional amount of $1.25 billion that swap fixed rate interest on the Company’s $1.25 billion
5.25% Senior Notes due December 16, 2013 for variable interest equal to LIBOR plus 259 basis points. At January 29, 2012,