Walmart 2003 Annual Report Download - page 41

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2 Commercial Paper and Long-term Debt
Information on short-term borrowings and interest rates is as follows (dollar amounts in millions):
Fiscal Years Ended January 31, 2003 2002 2001
Maximum amount outstanding at month-end $ 4,226 $ 4,072 $ 6,732
Average daily short-term borrowings 1,549 2,606 4,528
Weighted average interest rate 1.7% 3.7% 6.4%
At January 31, 2003 and 2002, short-term borrowings consisting of $1,079 million and $743 million of commercial
paper were outstanding, respectively. At January 31, 2003, the Company had committed lines of $5,160 million with
73 firms and banks and informal lines of credit with various banks totaling an additional $73 million, which were used
to support commercial paper.
Long-term debt at January 31, consists of (amounts in millions):
2003 2002
6.875% Notes due August 2009 $ 3,500 $ 3,500
various Notes due 2005 2,597 597
5.450% – 8.000% Notes due 2006 2,084 2,075
5.750% – 7.550% Notes due 2030 1,823 1,714
6.550% – 7.500% Notes due 2004 1,750 1,750
4.375% Notes due 2007 1,500 –
4.750% – 7.250% Notes due 2013 1,265 445
6.562% – 8.246% Obligations from sale/leaseback transactions due 2012-2015 338 580
8.500% Notes due 2024 250 250
6.750% Notes due 2023 250 250
3.250% – 6.50% Notes due 2003 –3,382
4.410% – 10.88% Notes acquired in ASDA acquisition due 2003-2015 122 797
Other, including adjustments to debt hedged by derivatives 1,128 347
$ 16,607 $ 15,687
The Company has two separate issuances of $500 million debt with embedded put options. For the first issuance,
beginning June 2001, and each year thereafter, the holders of $500 million of the debt may require the Company to
repurchase the debt at face value, in addition to accrued and unpaid interest. The holders of the other $500 million
issuance may put the debt back to the Company at par plus accrued interest at any time. Both of these issuances have
been classified as a current liability in the January 31, 2003 consolidated balance sheet.
Long-term debt is unsecured except for $83 million, which is collateralized by property with an aggregate carrying value
of approximately $237 million. Annual maturities of long-term debt during the next five years are (in millions):
Fiscal Year Ended January 31, Annual Maturity
2004 $ 4,538
2005 2,384
2006 2,755
2007 2,056
2008 1,576
Thereafter 7,836
39