Short-term Borrowings and Long-term Debt

12 Months Ended

Jan. 31, 2021

Long-term Debt, Unclassified [Abstract]

Short-term Borrowings and Long-term Debt

Short-term Borrowings and Long-term Debt

Short-term borrowings consist of commercial paper and lines of credit. Short-term borrowings as of January 31, 2021 and 2020 were $0.2 billion and $0.6 billion, respectively, with weighted-average interest rates of 1.9% and 5.0%, respectively. Short-term borrowings as of January 31, 2020 were primarily outside of the U.S.

The Company has various committed lines of credit in the U.S. to support its commercial paper program and are summarized in the following table:

	January 31, 2021						January 31, 2020
(Amounts in millions)	Available		Drawn		Undrawn		Available		Drawn		Undrawn
Five-year credit facility	$	5,000	$	—	$	5,000	$	5,000	$	—	$	5,000
364-day revolving credit facility(1)	10,000		—		10,000		10,000		—		10,000
Total	$	15,000	$	—	$	15,000	$	15,000	$	—	$	15,000

(1)     In April 2020, the Company renewed and extended its existing 364-day revolving credit facility.

The committed lines of credit in the table above mature at various times between April 2021 and May 2024, 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 has syndicated and fronted letters of credit available which totaled $1.8 billion as of January 31, 2021 and 2020, of which $1.8 billion and $1.6 billion was drawn as of January 31, 2021 and 2020, respectively.

The Company's long-term debt, which includes the fair value instruments further discussed in Note 8, consists of the following as of January 31, 2021 and 2020:

	January 31, 2021				January 31, 2020
(Amounts in millions)	Maturity Dates By Fiscal Year	Amount		Average Rate(1)	Amount		Average Rate(1)
Unsecured debt
Fixed	2022 - 2050	$	35,216	3.9%	$	39,752	3.8%
Variable	2022	750		0.5%	1,500		2.1%
Total U.S. dollar denominated		35,966			41,252
Fixed	2023 - 2030	3,034		3.3%	2,758		3.3%
Variable		—			—
Total Euro denominated		3,034			2,758
Fixed	2031 - 2039	3,682		5.4%	3,518		5.4%
Variable		—			—
Total Sterling denominated		3,682			3,518
Fixed	2023-2028	1,624		0.3%	1,652		0.4%
Variable		—			—
Total Yen denominated		1,624			1,652
Total unsecured debt		44,306			49,180
Total other(2)		3			(104)
Total debt		44,309			49,076
Less amounts due within one year		(3,115)			(5,362)
Long-term debt		$	41,194		$	43,714

(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.

(2)Includes deferred loan costs, discounts, fair value hedges, foreign-held debt and secured debt.

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

(Amounts in millions)	Annual
Fiscal Year	Maturities
2022	$	3,115
2023	3,014
2024	4,721
2025	4,360
2026	1,480
Thereafter	27,619
Total	$	44,309

Debt Issuances

There were no long-term debt issuances in fiscal 2021. Information on long-term debt issued during fiscal 2020, for general corporate purposes, is as follows:

(Amounts in millions)
Issue Date	Principal Amount	Maturity Date	Fixed vs. Floating	Interest Rate	Net Proceeds
April 23, 2019	$1,500	July 8, 2024	Fixed	2.850%	$	1,493
April 23, 2019	$1,250	July 8, 2026	Fixed	3.050%	1,242
April 23, 2019	$1,250	July 8, 2029	Fixed	3.250%	1,243
September 24, 2019	$500	September 24, 2029	Fixed	2.375%	497
September 24, 2019	$1,000	September 24, 2049	Fixed	2.950%	975
Various	$42	Various	Various	Various	42
Total					$	5,492

The fiscal 2020 issuances are senior, unsecured notes which rank equally with all other senior, unsecured debt obligations of the Company, and are not convertible or exchangeable. These issuances do not contain any financial covenants which restrict the Company's ability to pay dividends or repurchase company stock.

Repayments

The following table provides details of debt repayments during fiscal 2021:

(Amounts in millions)
Maturity Date	Principal Amount	Fixed vs. Floating	Interest Rate	Repayment
June 23, 2020	$750	Floating	Floating	$	750
June 23, 2020	$1,250	Fixed	2.850%	1,250
July 8, 2020	$840	Fixed	3.630%	840
July 28, 2020	¥10,000	Fixed	1.600%	95
October 25, 2020	$1,197	Fixed	3.250%	1,197
December 15, 2020	$1,250	Fixed	1.900%	1,250
Total repayment of matured debt				$	5,382

The following table provides details of debt repayments during fiscal 2020:

(Amounts in millions)
Maturity Date	Principal Amount	Fixed vs. Floating	Interest Rate	Repayment
February 1, 2019	$364	Fixed	4.125%	$	364
October 20, 2019	$300	Floating	Floating	300
October 20, 2019	$1,200	Fixed	1.750%	1,200
Various (1)	$43	Various	Various	43
Total repayment of matured debt				$	1,907

(1) Includes repayments of smaller long-term debt as it matured in several non-U.S. operations.