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This excerpt taken from the GIS 10-K filed Jul 11, 2008. Financial
Instruments The carrying values of cash and
cash equivalents, receivables, accounts payable, other current
liabilities, derivative instruments, and notes payable
approximate fair value. Marketable securities are carried at
fair value. As of May 25, 2008 and May 27, 2007, a
comparison of cost and market values of our marketable debt and
equity securities is as follows:
Earnings include insignificant realized gains from sales of
available-for-sale
marketable securities. Gains and losses are determined by
specific identification. Classification of marketable securities
as current or noncurrent is dependent upon management’s
intended holding period, the security’s maturity date, or
both. The aggregate unrealized gains and losses on
available-for-sale
securities, net of tax effects, are classified in accumulated
other comprehensive income (loss) within stockholders’
equity. Scheduled maturities of our marketable securities are as
follows:
Marketable securities with a market value of $12.6 million
as of May 25, 2008 were pledged as collateral for certain
derivative contracts.
The fair values and carrying amounts of long-term debt,
including the current portion, were $4,926.3 million and
$4,790.7 million as of May 25, 2008, and
$4,977.8 million and $4,951.7 million as of
May 27, 2007. The fair value of long-term debt was
estimated using discounted cash flows based on our current
incremental borrowing rates for similar types of instruments.
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