Harris Teeter 2011 Annual Report Download - page 23

Download and view the complete annual report

Please find page 23 of the 2011 Harris Teeter annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 116

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116

The table below presents principal cash flows and related weighted average interest rates by expected maturity dates for
the Company’s Senior Notes due at various dates through 2017 (which accounts for 97% of the Company’s fixed interest debt
obligations) (dollars in thousands):
2012 2013 2014 2015 2016 Thereafter Total Fair Value
Senior Notes $- $- $- $- $- $100,000 $100,000 $128,737
Weighted average interest rate - - - - - 7.64% 7.64%
For a more detailed description of fair value of the Senior Notes, see Note 9 to the Consolidated Financial Statements in
Item 8 hereof.
During fiscal 2009, the Company entered into two separate three-year interest rate swap agreements with an aggregate
notional amount of $80 million. The swap agreements effectively fixed the interest rate on $80 million of the Company’s term
loan, of which $40 million is at 1.81% and $40 million is at 1.80%, excluding the applicable margin and associated fees. The
fair value of these derivatives are recorded on the balance sheet at their respective fair value and amounted to a liability of
$565,000 as of October 2, 2011. For a more detailed description of fair value of these agreements, see Note 8 to the Consolidated
Financial Statements in Item 8 hereof.
19