Short-term Borrowings and Long-term Debt

12 Months Ended

Jan. 31, 2022

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, 2022 and 2021 were $0.4 billion and $0.2 billion, respectively, with weighted-average interest rates of 2.9% and 1.9%, respectively.

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, 2022						January 31, 2021
(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)	10,000		—		10,000		10,000		—		10,000
Total	$	15,000	$	—	$	15,000	$	15,000	$	—	$	15,000

(1)     In April 2021, the Company renewed and extended its existing 364-day revolving credit facility as well as its five year credit facility.

The committed lines of credit in the table above mature in April 2022 and April 2026, carry interest rates of LIBOR plus 50 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, 2022 and 2021, of which $1.7 billion and $1.8 billion was drawn as of January 31, 2022 and 2021, 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, 2022 and 2021:

	January 31, 2022				January 31, 2021
(Amounts in millions)	Maturity Dates By Fiscal Year	Amount		Average Rate(1)	Amount		Average Rate(1)
Unsecured debt
Fixed	2023 - 2052	$	29,957	3.5%	$	35,216	3.9%
Variable		—			750		0.5%
Total U.S. dollar denominated		29,957			35,966
Fixed	2023 - 2030	2,787		3.3%	3,034		3.3%
Variable		—			—
Total Euro denominated		2,787			3,034
Fixed	2031 - 2039	3,601		5.4%	3,682		5.4%
Variable		—			—
Total Sterling denominated		3,601			3,682
Fixed	2023 - 2028	1,475		0.3%	1,624		0.3%
Variable		—			—
Total Yen denominated		1,475			1,624
Total unsecured debt		37,820			44,306
Total other(2)		(153)			3
Total debt		37,667			44,309
Less amounts due within one year		(2,803)			(3,115)
Long-term debt		$	34,864		$	41,194

(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
2023	$	2,803
2024	4,224
2025	3,565
2026	857
2027	2,757
Thereafter	23,461
Total	$	37,667

Debt Issuances

Information on significant long-term debt issued during fiscal 2022, for general corporate purposes and certain eligible green investment initiatives, is as follows:

(Amounts in millions)
Issue Date	Principal Amount	Maturity Date	Fixed vs. Floating	Interest Rate	Net Proceeds
September 17, 2021	$1,250	September 17, 2026	Fixed	1.050%	$	1,243
September 22, 2021	$1,250	September 22, 2028	Fixed	1.500%	1,244
September 22, 2021 (1)	$2,000	September 22, 2031	Fixed	1.800%	1,981
September 22, 2021	$1,000	September 22, 2041	Fixed	2.500%	994
September 22, 2021	$1,500	September 22, 2051	Fixed	2.650%	1,483
Total					$	6,945

(1)     Represents a green bond issuance for which an amount equal to the net proceeds is intended to fund certain eligible green investment initiatives through the maturity date of the bond.

These 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. There were no long-term debt issuances in fiscal 2021.

Maturities and Extinguishments

The following table provides details of debt repayments during fiscal 2022:

(Amounts in millions)
Maturity Date	Principal Amount	Fixed vs. Floating	Interest Rate	Repayment
April 15, 2021	$510	Fixed	4.250%	$	510
June 23, 2021	$750	Floating	Floating	750
June 23, 2021	$1,750	Fixed	3.125%	1,750
Total repayment of matured debt				3,010
June 26, 2023	$2,750	Fixed	3.400%	470
October 15, 2023	$152	Fixed	6.750%	2
July 8, 2024	$1,500	Fixed	2.850%	510
December 15, 2024	$1,000	Fixed	2.650%	370
June 26, 2025	$1,500	Fixed	3.550%	625
July 8, 2026	$1,250	Fixed	3.050%	451
April 5, 2027	$483	Fixed	5.875%	110
June 26, 2028	$2,750	Fixed	3.700%	1,271
July 8, 2029	$1,250	Fixed	3.250%	517
September 24, 2029	$500	Fixed	2.375%	181
February 15, 2030	$588	Fixed	7.550%	119
September 1, 2035	$1,968	Fixed	5.250%	635
August 15, 2037	$1,300	Fixed	6.500%	262
April 15, 2038	$919	Fixed	6.200%	116
June 28, 2038	$1,500	Fixed	3.950%	925
April 1, 2040	$751	Fixed	5.625%	142
July 8, 2040	$378	Fixed	4.875%	101
October 25, 2040	$519	Fixed	5.000%	125
April 15, 2041	$918	Fixed	5.625%	305
April 11, 2043	$709	Fixed	4.000%	296
October 2, 2043	$269	Fixed	4.750%	38
April 22, 2044	$502	Fixed	4.300%	172
December 15, 2047	$1,000	Fixed	3.625%	566
June 29, 2048	$3,000	Fixed	4.050%	1,317
September 24, 2049	$1,000	Fixed	2.950%	371
Total repayment of extinguished debt(1)				10,000
Total				$	13,010

(1) Represents portion of the outstanding principal amount which was repaid during fiscal 2022. Individual repayment amounts may not sum due to rounding.

The Company recorded a $2.4 billion loss on extinguishment of debt during fiscal 2022, which included payment of $2.3 billion in early extinguishment premiums.

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