Following is the debt footnote from the Lowes 2011 annual report (In millions): Weighted-Average Interest Rate at
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Following is the debt footnote from the Lowe’s 2011 annual report (In millions):
Weighted-Average Interest Rate at | |||
| February 3, 2012 | February 3, 2012 | January 28, 2011 |
Secured debt: 1 | | | |
Mortgage notes due through fiscal 2027 | 0.05% | $20 | $17 |
Unsecured debt: | | | |
Notes due through fiscal 2016 | 4.61% | 2,070 | 2,068 |
Notes due fiscal 2017-2021 | 4.34% | 1,767 | 1,269 |
Notes due fiscal 2022-2026 | 8.20% | 15 | 15 |
Notes due fiscal 2027-2031 | 6.76% | 812 | 812 |
Notes due fiscal 2032-2036 | 5.64% | 940 | 939 |
Notes due fiscal 2037-2041 2 | 5.94% | 1,585 | 1,089 |
Capitalized lease obligations due through fiscal 2035 | | 418 | 364 |
Total long-term debt | | 7,627 | 6,573 |
Less current maturities | | (592) | (36) |
Long-term debt, excluding current maturities | | $7,035 | $6,537 |
1 Real properties with an aggregate book value of $67 million were pledged as collateral at February 3, 2012, for secured debt.
2 Amount includes $100 million of notes issued in 1997 that may be put at the option of the holder on the 20th anniversary of the issue at par value. None of these notes are currently puttable.
- Assume that the Notes due fiscal 2032-2036 outstanding at the beginning of current the year were 5.64% notes issued to yield 5.8%. At the beginning of the current year, these notes had an unamortized discount of $11 million. What cash interest payment did Lowe’s make for these notes?
- Assume that the Notes due fiscal 2032-2036 outstanding at the beginning of current the year were 5.64% notes issued to yield 5.8%. At the beginning of the current year, these notes had an unamortized discount of $11 million. What interest expense did Lowe’s record for these notes during the current year?
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