Tyson Foods 2001 Annual Report Download - page 30

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28
MANAGEMENT
’S DISCUSSION AND ANALYSIS
TYSON FOODS, INC. 2001 ANNUAL REPORT
The following tables provide information about the
Company’s derivative financial instruments and other financial
instruments that are sensitive to changes in interest rates. The
tables present the Company’s debt obligations, principal cash
flows and related weighted average interest rates by expected
maturity dates and fair values. For interest rate swaps, the tables
present notional amounts, weighted average interest rates or
strike rates by contractual maturity dates and fair values.
Notional amounts are used to calculate the contractual cash
flows to be exchanged under the contract.
dollars in millions
Fair value
2002 2003 2004 2005 2006 Thereafter Total 9/29/01
As of September 29, 2001
Liabilities
Long-term debt including
current portion
Fixed rate
$ 27 $179 $ 31 $181 $284 $ 955 $1,657 $1,639
Average interest rate
7.08% 6.16% 6.73% 6.78% 6.47% 7.29% 6.96%
Variable rate
$715 $ 5 $ 8 $502 $ 2 $1,869 $3,101 $3,101
Average interest rate
4.06% 7.42% 7.53% 4.02% 6.56% 3.99% 4.03%
Interest rate derivative financial
instruments related to debt
Interest rate swaps
Pay fixed
$20 $21 $21 $16 $ 9 $ 4 $ 91 $ (6)
Average pay rate
6.72% 6.74% 6.71% 6.44% 6.62% 6.44% 6.65%
Average receive rate – USD
6 month LIBOR
dollars in millions
Fair value
2001 2002 2003 2004 2005 Thereafter Total 9/30/00
As of September 30, 2000
Liabilities
Long-term debt including
current portion
Fixed rate $123 $ 31 $178 $ 29 $180 $ 613 $1,154 $1,104
Average interest rate 8.23% 7.84% 6.18% 7.09% 6.80% 6.78% 6.88%
Variable rate $ – $276 $ – $ – $ – $ 50 $ 326 $ 326
Average interest rate – 6.78% – – – 5.64% 6.61%
Interest rate derivative financial
instruments related to debt
Interest rate swaps
Pay fixed $ 18 $ 20 $ 22 $ 21 $ 16 $ 13 $ 110 $ –
Average pay rate 6.72% 6.73% 6.73% 6.71% 6.44% 6.60% 6.66%
Average receive rate – USD
6 month LIBOR