2. Borrowing and Credit Agreements
Following is a summary of the Company’s borrowings as of the respective balance sheet dates:
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| In millions | December 30, 2000 |
January 1, 2000 |
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| Commercial paper | $ 589.6 | $ 451.0 |
| ESOP note payable(1) | 240.6 | 257.0 |
| 5.5% unsecured senior notes | 300.0 | 300.0 |
| Mortgage notes payable | 16.6 | 17.3 |
| Capital lease obligations | 1.2 | 1.5 |
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| 1,148.0 | 1,026.8 | |
| Less: Short-term borrowings |
(589.6) | (451.0) |
| Current portion of long-term debt | (21.6) | (17.3) |
|
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| $ 536.8 | $ 558.5 | |
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The Company's commercial paper program is supported by a $670 million, five-year unsecured revolving credit facility, which expires on May 30, 2002 and a $995 million, unsecured revolving credit facility, which expires on May 25, 2001 (collectively, the "Credit Facilities"). The Credit Facilities require the Company to pay a quarterly facility fee of 0.07%, regardless of usage. The Company can also obtain up to $35.0 million of short-term financing through various uncommitted lines of credit. Interest paid totaled $98.3 million in 2000, $69.0 million in 1999 and $70.7 million in 1998. The weighted average interest rate for short-term borrowings was 6.9% as of December 30, 2000 and 6.2% as of January 1, 2000. In February 1999, the Company issued $300 million of 5.5% unsecured senior notes due February 15, 2004. The proceeds from the issuance were used to repay outstanding commercial paper borrowings.
The Credit Facilities and unsecured senior notes contain customary restrictive financial and operating covenants. The covenants do not materially effect the Company’s financial or operating flexibility.
As of December 30, 2000, the aggregate long-term debt maturing during the next five years, excluding capital lease obligations, is: $21.6 million in 2001, $26.3 million in 2002, $32.1 million in 2003, $323.3 million in 2004 and $28.0 million in 2005.
