Short-term Borrowings and Long-term Debt

6 Months Ended

Jul. 31, 2023

Debt Disclosure [Abstract]

Short-term Borrowings and Long-term Debt

Short-term Borrowings and Long-term Debt

The Company has various committed lines of credit in the U.S. that are used to support its commercial paper program. In April 2023, the Company renewed and extended its existing 364-day revolving credit facility of $10.0 billion as well as its five-year credit facility of $5.0 billion. In total, the Company had committed lines of credit in the U.S. of $15.0 billion at July 31, 2023 and January 31, 2023, all undrawn.

The following table provides the changes in the Company's long-term debt for the six months ended July 31, 2023:

(Amounts in millions)	Long-term debt due within one year		Long-term debt		Total
Balances as of February 1, 2023	$	4,191	$	34,649	$	38,840
Proceeds from issuance of long-term debt(1)	—		4,967		4,967
Repayments of long-term debt	(4,063)		—		(4,063)
Reclassifications of long-term debt	2,773		(2,773)		—
Other	(4)		(37)		(41)
Balances as of July 31, 2023	$	2,897	$	36,806	$	39,703

(1) Proceeds from issuance of long-term debt are net of deferred loan costs and any related discount or premium.

Debt Issuances

Information on significant long-term debt issued during the six months ended July 31, 2023, for general corporate purposes, is as follows:

(Amounts in millions)
Issue Date	Principal Amount		Maturity Date	Fixed Interest Rate	Net Proceeds
April 18, 2023	$	750	April 15, 2026	4.00%	$	748
April 18, 2023	$	750	April 15, 2028	3.90%	$	746
April 18, 2023	$	500	April 15, 2030	4.00%	$	497
April 18, 2023	$	1,500	April 15, 2033	4.10%	$	1,491
April 18, 2023	$	1,500	April 15, 2053	4.50%	$	1,485
Total					$	4,967

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 and do not restrict the Company's ability to pay dividends or repurchase company stock.

Debt Repayments

Information on significant long-term debt repayments during the six months ended July 31, 2023 is as follows:

(Amounts in millions)
Maturity Date	Principal Amount		Fixed vs. Floating	Interest Rate	Repayment
April 11, 2023	$	1,750	Fixed	2.55%	$	1,750
June 26, 2023	$	2,280	Fixed	3.40%	$	2,280
Total					$	4,030