Tyson Foods 2003 Annual Report Download - page 46

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44 Tyson Foods, Inc.
notes to consolidated financial statements
TYSON FOODS, INC. 2003 ANNUAL REPORT
Included in current debt are short-term notes payable
totaling $23 million and $37 million at September 27,
2003, and September 28, 2002, respectively.
The Company’s cash payments for interest were $269 mil-
lion, $208 million and $140 million in fiscal years 2003,
2002 and 2001, respectively.
The Company has fully and unconditionally guaranteed
$498 million of senior notes issued by IBP, now known as
Tyson Fresh Meats, Inc., a wholly-owned subsidiary of
the Company.
The following condensed consolidating financial infor-
mation is provided for the Company, as guarantor, and
for IBP, as issuer, as an alternative to providing separate
financial statements for the issuer.
Financial results of the live swine operations, as well as
interest expense related to the IBP acquisition are included
in the Tyson amounts.
Long-term debt consists of the following:
in millions Maturity 2003 2002
Commercial paper (1.38% effective rate at 9/27/03
and 2.17% effective rate at 9/28/02) 2003 $ 32 $ 24
Revolving Credit Facilities 2004, 2005, 2006 – –
Senior notes and Notes (rates ranging from 6.13% to 8.25%) 2004-2028 3,316 3,607
Accounts Receivable Securitization Debt (2.35% effective rate at 9/28/02) 2004, 2005 – 75
Institutional notes (10.84% effective rate at 9/27/03 and 9/28/02) 2004-2006 40 50
Leveraged equipment loans (rates ranging from 4.67% to 5.99%) 2005-2008 111 124
Other Various 105 107
Total debt 3,604 3,987
Less current debt 490 254
Total long-term debt $ 3,114 $ 3,733