beginning of the Company’s fiscal year ending June 30, 2001. Adoption of SFAS 133, as amended by SFAS 138, is not expected to have a material impact on the Com- pany’s consolidated financial statements.  On December 3, 1999, the SEC issued Staff Account- ing Bulletin No. 101 (“SAB 101”), “Revenue Recognition in Financial Statements” which requires adoption during the fourth quarter of fiscal 2001. At this time, the Com- pany does not anticipate that the adoption of SAB 101 will have a material impact on the consolidated financial statements. The Company will continue to analyze the impact of SAB 101, including any amendments or further interpretation, based upon the relevant facts and circum- stances at the time of adoption. The Company is exposed to market risks, which include changes in U.S. interest rates, changes in foreign cur- rency exchange rates as measured against the U.S. dollar and changes in commodity prices. Interest Rates. The Company utilizes a mix of debt maturities along with both fixed-rate and variable-rate debt to manage its exposures to changes in interest rates. The Company does not expect changes in interest rates  to have a material effect on income or cash flows in fiscal 2001, although there can be no assurances that interest rates will not significantly change.  As of June 30, 2000, the Company had total long-term obligations outstanding of $1,495.1 million of which $895.3 million represented Notes and Debentures with fixed interest rates and maturity dates beginning in fiscal 2004. As of June 30, 1999, the Company had total long- term obligations outstanding of $1,235.5 million of which $1,008.0 million represented Notes and Debentures with fixed interest rates and maturity dates beginning in fiscal 2004. The average interest rate related to these obliga- tions was 6.7% and 6.8% as of June 30, 2000 and 1999, respectively. The majority of the remaining outstanding long-term obligations and credit facilities have variable interest rates that fluctuate with the LIBOR or prime rates. As of June 30, 2000 and 1999, the fair value of the  total long-term obligations was $1,455.9 million and $1,233.3 million, respectively. Maturities of long-term obligations for future fiscal years are: 2001 – $9.3 mil- lion; 2002 – $568.1 million; 2003 – $2.9 million;  As of June 30, 2000, the notional amount of the for- ward exchange contracts outstanding was $17.2 million and the related fair value gain on these contracts was $0.1 million. As of June 30, 1999, the Company did not have any material foreign currency options or forward exchange contracts outstanding. As of June 30, 2000  and 1999, the notional amounts of the commodity hedge contracts were $3.9 million and $9.6 million and the fair value gain/(loss) on these contracts were $0.1 million and $(0.3) million, respectively. The unrealized gains or losses on these options or contracts represent hedges of foreign exchange gains and losses on a portion of the Company’s foreign earnings, cash flows and selected transactions.  As a result, the Company does not expect future gains and losses on these contracts to have a material impact on the Company’s consolidated financial statements. In addition, the Company uses commodity contracts  to hedge raw material costs expected to be denominated in foreign currency. These contracts generally cover  a one-year period and all gains and losses are deferred and recognized in cost of goods sold with the underlying product costs.  Foreign Exchange.  The Company conducts business  in several major international currencies. The Company periodically uses financial instruments, principally foreign currency options, to attempt to manage the impact of for- eign exchange rate changes on anticipated sales. In addi- tion, the Company periodically enters into forward foreign currency exchange contracts to hedge certain exposures related to selected transactions that are relatively certain as to both timing and amount. The purpose of entering into these hedge transactions is to minimize the impact  of foreign currency fluctuations on the results of opera- tions and cash flows. Gains and losses on the hedging activities are recognized concurrently with the gains and losses from the underlying transactions. The Company does not enter into forward exchange contracts or foreign currency options for trading or speculative purposes. The Company periodically enters into interest rate swap agreements when existing conditions and market situa- tions dictate. The Company does not enter into interest rate swap agreements for trading or speculative purposes. The impact of interest rate swaps is not significant. See Note 5 of “Notes to Consolidated Financial Statements”. 2004 – $201.2 million; 2005 – $1.6 million and 2006 and thereafter – $712.0 million. Quantitative and Qualitative Disclosures  about Market Risk Cardinal Health, Inc. Annual Report 2000 31