Short-term Borrowings and Long-term Debt

Short-term borrowings consist of commercial paper and lines of credit. Short-term borrowings at January 31, 2018 and 2017 were $5.3 billion and $1.1 billion, respectively, with weighted-average interest rates of 1.5% and 6.2%, respectively.

The Company has various committed lines of credit in the U.S., committed with 23 financial institutions, totaling $12.5 billion as of January 31, 2018 and 2017, respectively. These committed lines of credit are summarized in the following table:



	As of January 31,
	2018						2017
(Amounts in millions)	Available		Drawn		Undrawn		Available		Drawn		Undrawn
Five-year credit facility⁽¹⁾	$	5,000	$	—	$	5,000	$	5,000	$	—	$	5,000
364-day revolving credit facility⁽¹⁾	7,500		—		7,500		7,500		—		7,500
Total	$	12,500	$	—	$	12,500	$	12,500	$	—	$	12,500


(1)	In May 2017, the Company renewed and extended its existing five-year credit facility and its existing 364-day revolving credit facility, both of which are used to support its commercial paper program.

The committed lines of credit in the table above mature at various times between May 2018 and May 2022, carry interest rates generally ranging between LIBOR plus 10 basis points and LIBOR plus 75 basis points, and incur commitment fees ranging between 1.5 and 4.0 basis points. In conjunction with the committed lines of credit listed in the table above, the Company has agreed to observe certain covenants, the most restrictive of which relates to the maximum amount of secured debt. Additionally, the Company also maintains other committed lines of credit outside of the U.S. with an available and undrawn amount of approximately $4.0 billion as of January 31, 2018.

Apart from the committed lines of credit, the Company has trade and stand-by letters of credit totaling $2.6 billion and $3.6 billion at January 31, 2018 and 2017, respectively. These letters of credit are utilized in normal business activities.

The Company's long-term debt, which includes the fair value instruments further discussed in Note 8, consists of the following:



		January 31, 2018				January 31, 2017
(Amounts in millions)	Maturity Dates By Fiscal Year	Amount			Average Rate⁽¹⁾	Amount			Average Rate⁽¹⁾
Unsecured debt
Fixed	2019 - 2048	$	24,540		3.9%	$	30,500		4.7%
Variable	2019 - 2020	800			4.1%	500			5.5%
Total U.S. dollar denominated		25,340				31,000
Fixed	2023 - 2030	3,101			3.3%	2,674			3.3%
Variable		—				—
Total Euro denominated		3,101				2,674
Fixed	2031 - 2039	3,801			5.4%	4,370			5.3%
Variable		—				—
Total Sterling denominated		3,801				4,370
Fixed	2021 - 2028	1,655			0.4%	88			1.6%
Variable		—				—
Total Yen denominated		1,655				88
Total unsecured debt		33,897				38,132
Total other⁽²⁾		(114		)		139
Total debt		33,783				38,271
Less amounts due within one year		(3,738		)		(2,256		)
Long-term debt		$	30,045			$	36,015


(1)	The average rate represents the weighted-average stated rate for each corresponding debt category, based on year-end balances and year-end interest rates. Interest costs are also impacted by certain derivative financial instruments described in Note 8.


(2)	Includes deferred loan costs, discounts, fair value hedges, foreign-held debt and secured debt. At January 31, 2018 and 2017 the Company had secured debt in the amount of $10 million and $14 million, respectively, which was collateralized by property that had an aggregate carrying amount of approximately $101 million and $82 million, respectively.

At January 31, 2018 and 2017, the Company had $500 million in debt with embedded put options. The issuance of money market puttable reset securities in the amount of $500 million is structured to be remarketed in connection with the annual reset of the interest rate. If, for any reason, the remarketing of the notes does not occur at the time of any interest rate reset, the holders of the notes must sell and the Company must repurchase the notes at par. Accordingly, this issuance has been classified as long-term debt due within one year in the Company's Consolidated Balance Sheets.

Annual maturities of long-term debt during the next five years and thereafter are as follows:



(Amounts in millions)	Annual
Fiscal Year	Maturities
2019	$	3,733
2020	1,914
2021	3,336
2022	607
2023	2,934
Thereafter	21,259
Total	$	33,783

Debt Issuances

Information on significant long-term debt issued during fiscal 2018 is as follows:

(Amounts in millions)

Issue Date

Principal Amount

Maturity Date

Fixed vs. Floating

Interest Rate

Proceeds

July 18, 2017

70,000 JPY

July 15, 2022

Fixed

0.183%

619

July 18, 2017

40,000 JPY

July 18, 2024

Fixed

0.298%

354

July 18, 2017

60,000 JPY

July 16, 2027

Fixed

0.520%

530

October 20, 2017

300 USD

October 9, 2019

Floating

299

October 20, 2017

1,200 USD

October 9, 2019

Fixed

1.750%

1,198

October 20, 2017

1,250 USD

December 15, 2020

Fixed

1.900%

1,245

October 20, 2017

1,250 USD

December 15, 2022

Fixed

2.350%

1,245

October 20, 2017

1,000 USD

December 15, 2024

Fixed

2.650%

996

October 20, 2017

1,000 USD

December 15, 2047

Fixed

3.625%

990

Total

7,476

As described in Note 8, the current year issuances of foreign-currency-denominated long-term debt are designated as a hedge of the Company's net investment in Japan.

The Company did not have any significant long-term debt issuances during fiscal 2017, but received some proceeds from a number of small long-term debt issuances by several of its non-U.S. operations.

Maturities and Extinguishments

The following table provides details of debt repayments during fiscal 2018:



(Amounts in millions)
Maturity Date	Principal Amount	Fixed vs. Floating	Interest Rate	Repayment⁽¹⁾
April 5, 2017	1,000 USD	Fixed	5.375%	$	1,000
April 21, 2017	500 USD	Fixed	1.000%	500
Total repayment of matured debt				1,500

December 15, 2018	1,000 USD	Fixed	1.950%	276
February 1, 2019	500 USD	Fixed	4.125%	136
July 8, 2020	1,500 USD	Fixed	3.625%	661
October 25, 2020	1,750 USD	Fixed	3.250%	553
April 15, 2021	1,000 USD	Fixed	4.250%	491
October 16, 2023	250 USD	Fixed	6.750%	98
April 5, 2027	750 USD	Fixed	5.875%	267
February 15, 2030	500 USD	Fixed	7.550%	412
September 4, 2035	2,500 USD	Fixed	5.250%	532
September 28, 2035	1,000 GBP	Fixed	5.250%	260
August 17, 2037	3,000 USD	Fixed	6.500%	1,700
April 15, 2038	2,000 USD	Fixed	6.200%	1,081
January 19, 2039	1,000 GBP	Fixed	4.875%	851
April 2, 2040	1,250 USD	Fixed	5.625%	499
July 9, 2040	750 USD	Fixed	4.875%	372
October 25, 2040	1,250 USD	Fixed	5.000%	731
April 15, 2041	2,000 USD	Fixed	5.625%	1,082
April 11, 2043	1,000 USD	Fixed	4.000%	291
October 2, 2043	750 USD	Fixed	4.750%	481
April 22, 2044	1,000 USD	Fixed	4.300%	498
Total repayment of extinguished debt				11,272
Total				$	12,772

(1) Represents portion of the principal amount repaid during fiscal 2018.

In connection with extinguishing debt, the Company paid premiums of approximately $3.1 billion during fiscal 2018, resulting in a loss on extinguishment of debt of approximately $3.1 billion.

During fiscal 2017, the following long-term debt matured and was repaid:



(Amounts in millions)
Maturity Date	Principal Amount	Fixed vs. Floating	Interest Rate	Repayment
April 11, 2016	1,000 USD	Fixed	0.600%	$	1,000
April 15, 2016	1,000 USD	Fixed	2.800%	1,000
				$	2,000

During fiscal 2018 and 2017, the Company also repaid other, smaller long-term debt as it matured in several of its non-U.S. operations.