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This excerpt taken from the PBG 8-K filed Sep 16, 2009. Fair Value
Hedges – We finance a portion of our
operations through fixed-rate debt instruments. We effectively
converted $1.1 billion of our senior notes to floating-rate
debt through the use of interest rate swaps with the objective
of reducing our overall borrowing costs. These interest rate
swaps meet the criteria for fair value hedge accounting and are
100 percent effective in eliminating the market rate risk
inherent in our long-term debt. Accordingly, any gain or loss
associated with these swaps is fully offset by the opposite
market impact on the related debt. During 2008, the fair value
of the interest rate swaps increased to a net asset of
$6.1 million at December 27, 2008 from a liability of
$0.3 million at December 29, 2007. The fair value of
our swaps was recorded in other assets and other liabilities in
our Consolidated Balance Sheets.
These excerpts taken from the PBG 10-K filed Feb 20, 2009. Fair Value
Hedges – We finance a portion of our
operations through fixed-rate debt instruments. We effectively
converted $1.1 billion of our senior notes to floating-rate
debt through the use of interest rate swaps with the objective
of reducing our overall borrowing costs. These interest rate
swaps meet the criteria for fair value hedge accounting and are
100 percent effective in eliminating the market rate risk
inherent in our long-term debt. Accordingly, any gain or loss
associated with these swaps is fully offset by the opposite
market impact on the related debt. During 2008, the fair value
of the interest rate swaps increased to a net asset of
$6.1 million at December 27, 2008 from a liability of
$0.3 million at December 29, 2007. The fair value of
our swaps was recorded in other assets and other liabilities in
our Consolidated Balance Sheets.
Fair Value Hedges – We finance a portion of our operations through fixed-rate debt instruments. We effectively converted $1.1 billion of our senior notes to floating-rate debt through the use of interest rate swaps with the objective of reducing our overall borrowing costs. These interest rate swaps meet the criteria for fair value hedge accounting and are 100 percent effective in eliminating the market rate risk inherent in our long-term debt. Accordingly, any gain or loss associated with these swaps is fully offset by the opposite market impact on the related debt. During 2008, the fair value of the interest rate swaps increased to a net asset of $6.1 million at December 27, 2008 from a liability of $0.3 million at December 29, 2007. The fair value of our swaps was recorded in other assets and other liabilities in our Consolidated Balance Sheets. These excerpts taken from the PBG 10-K filed Feb 27, 2008. Fair Value
Hedges – We finance a portion of our
operations through fixed-rate debt instruments. We effectively
converted $550 million of our senior notes to floating-rate
debt through the use of interest rate swaps with the objective
of reducing our overall borrowing costs. These interest rate
swaps meet the criteria for fair value hedge accounting and are
100 percent effective in eliminating the market rate risk
inherent in our long-term debt. Accordingly, any gain or loss
associated with these swaps is fully offset by the opposite
market impact on the related debt. During 2007, the fair value
of the interest rate swap liability decreased from
$13 million at December 30, 2006 to $0.3 million
at December 29, 2007. In 2007, the fair value change of our
swaps and debt was recorded in other liabilities and long-term
debt in our Consolidated Balance Sheets.
Fair Value Hedges – We finance a portion of our operations through fixed-rate debt instruments. We effectively converted $550 million of our senior notes to floating-rate debt through the use of interest rate swaps with the objective of reducing our overall borrowing costs. These interest rate swaps meet the criteria for fair value hedge accounting and are 100 percent effective in eliminating the market rate risk inherent in our long-term debt. Accordingly, any gain or loss associated with these swaps is fully offset by the opposite market impact on the related debt. During 2007, the fair value of the interest rate swap liability decreased from $13 million at December 30, 2006 to $0.3 million at December 29, 2007. In 2007, the fair value change of our swaps and debt was recorded in other liabilities and long-term debt in our Consolidated Balance Sheets. | EXCERPTS ON THIS PAGE:
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