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Table of Contents
The following table sets forth the scheduled maturities of the Company’s debt outstanding at June 27, 2009
(dollars in millions):
The following table sets forth the carrying value and fair value of the Company’s debt at June 27, 2009 (dollars
in millions):
Many of the Company’s subsidiaries, on occasion, purchase and sell products in currencies other than their
functional currencies. This subjects the Company to the risks associated with fluctuations in foreign currency
exchange rates. The Company reduces this risk by utilizing natural hedging (offsetting receivables and payables) as
well as by creating offsetting positions through the use of derivative financial instruments, primarily forward foreign
exchange contracts with maturities of less than sixty days. The Company continues to have exposure to foreign
currency risks to the extent they are not hedged. The Company adjusts all foreign denominated balances and any
outstanding foreign exchange contracts to fair market value through the consolidated statements of operations.
Therefore, the market risk related to foreign exchange contracts is offset by changes in valuation of the underlying
items being hedged. The asset or liability representing the fair value of foreign exchange contracts is classified in the
captions “other current assets” or “accrued expenses and other,” as applicable, in the accompanying consolidated
balance sheets. A hypothetical 10% change in currency exchange rates under the contracts outstanding at June 27,
2009 would result in an increase or decrease of approximately $6.3 million to the fair value of the forward foreign
exchange contracts, which would generally be offset by an opposite effect on the related hedged positions.
The financial statements and supplementary data are listed under Item 15 of this Report.
None.
Disclosure Controls and Procedures
The Company’s management, including its Chief Executive Officer and Chief Financial Officer, have evaluated
the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in
Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)) as of the end of the
reporting period covered by this Annual Report on Form 10-K. Based on such evaluation, the Chief Executive
Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this Annual Report
on Form 10-K, the Company’s disclosure controls and procedures are effective such that material information
33
Fiscal Year
2010
2011
2012
2013
2014
Thereafter
Total
Liabilities:
Fixed rate debt(1)
$
2.1
$
1.9
$
1.2
$
1.1
$
301.2
$
550.3
$
857.8
Floating rate debt
$
21.2
$
—
$
—
$
93.2
$
—
$
—
$
114.4
(1)
Excludes discounts on long
-
term notes.
Carrying Value at
Fair Value at
Carrying Value at
Fair Value at
June 27, 2009
June 27, 2009
June 28, 2008
June 28, 2008
Liabilities:
Fixed rate debt(1)
$
857.8
$
806.6
$
1,166.7
$
1,145.5
Average interest rate
6.2
%
5.1
%
Floating rate debt
$
114.4
$
114.4
$
61.3
$
61.3
Average interest rate
0.9
%
2.5
%
(1)
Excludes discounts and premiums on long
-
term notes.
Item 8.
Financial Statements and Supplementary Data
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9A.
Controls and Procedures