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These excerpts taken from the GIS 10-K filed Jul 11, 2008. Concentrations of Credit
Risk We enter into interest rate, foreign
exchange, and certain commodity and equity derivatives,
primarily with a diversified group of highly rated
counterparties. We continually monitor our positions and the
credit ratings of the counterparties involved and, by policy,
limit the amount of credit exposure to any one party. These
transactions may expose us to potential losses due to the credit
risk of nonperformance by these counterparties; however, we have
not incurred a material loss and do not anticipate incurring any
such material losses. We also enter into commodity futures
transactions through various regulated exchanges.
During fiscal 2008, Wal-Mart Stores, Inc. and its affiliates
(Wal-Mart), accounted for 19 percent of our consolidated
net sales and 27 percent of our sales in the
U.S. Retail segment. No other customer accounted for
10 percent or more of our consolidated net sales. Wal-Mart
also represented 5 percent of our sales in the
International segment and 5 percent of our sales in the
Bakeries and Foodservice segment. As of May 25, 2008,
Wal-Mart accounted for 23 percent of our U.S. Retail
receivables, 4 percent of our International receivables,
and 2 percent of our
Table of Contents
Bakeries and Foodservice receivables. The 5 largest customers in
our U.S. Retail segment accounted for 57 percent of
its fiscal 2008 net sales, the 5 largest customers in our
International segment accounted for 26 percent of its
fiscal 2008 net sales, and the 5 largest customers in our
Bakeries and Foodservice segment accounted for 39 percent
of its fiscal 2008 net sales.
Concentrations of Credit Risk We enter into interest rate, foreign exchange, and certain commodity and equity derivatives, primarily with a diversified group of highly rated counterparties. We continually monitor our positions and the credit ratings of the counterparties involved and, by policy, limit the amount of credit exposure to any one party. These transactions may expose us to potential losses due to the credit risk of nonperformance by these counterparties; however, we have not incurred a material loss and do not anticipate incurring any such material losses. We also enter into commodity futures transactions through various regulated exchanges. During fiscal 2008, Wal-Mart Stores, Inc. and its affiliates (Wal-Mart), accounted for 19 percent of our consolidated net sales and 27 percent of our sales in the U.S. Retail segment. No other customer accounted for 10 percent or more of our consolidated net sales. Wal-Mart also represented 5 percent of our sales in the International segment and 5 percent of our sales in the Bakeries and Foodservice segment. As of May 25, 2008, Wal-Mart accounted for 23 percent of our U.S. Retail receivables, 4 percent of our International receivables, and 2 percent of our
Table of ContentsBakeries and Foodservice receivables. The 5 largest customers in our U.S. Retail segment accounted for 57 percent of its fiscal 2008 net sales, the 5 largest customers in our International segment accounted for 26 percent of its fiscal 2008 net sales, and the 5 largest customers in our Bakeries and Foodservice segment accounted for 39 percent of its fiscal 2008 net sales. | EXCERPTS ON THIS PAGE:
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