Short-term Borrowings and Long-term Debt

12 Months Ended

Aug. 03, 2014

Short-term Borrowings and Long-term Debt

Short-term borrowings consist of the following:



	2014		2013
Commercial paper	$	1,406	$	1,162
Current portion of long-term debt	300		700
Variable-rate bank borrowings	47		44
Fixed-rate bank borrowings	17		—
Capital leases	1		2
Other⁽¹⁾	—		1
	$	1,771	$	1,909

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⁽¹⁾	Other includes unamortized net premium/discount on debt issuances and amounts related to interest rate swaps designated as fair-value hedges. For additional information on fair-value interest rate swaps, see Note 14.

As of August 3, 2014, the weighted-average interest rate of commercial paper, which consisted of U.S. borrowings, was 0.27%. As of July 28, 2013, the weighted-average interest rate of commercial paper, which consisted of U.S. borrowings, was 0.19%.

At August 3, 2014, the company had $1,771 of short-term borrowings due within one year, of which $1,406 was comprised of commercial paper borrowings. As of August 3, 2014, $49 of standby letters of credit were issued on behalf of the company. In December 2013, the company renewed its committed revolving credit facilities, combining two previous facilities totaling $2,000 into a new five-year facility totaling $2,200. The new facility matures in December 2018. This facility remained unused at August 3, 2014, except for $3 of standby letters of credit issued on behalf of the company. This revolving credit facility supports the company’s commercial paper programs and other general corporate purposes. The company may also increase the commitment under the credit facility up to an additional $500, upon the agreement of either existing lenders or of additional banks not currently parties to the existing credit agreements.

Long-term debt consists of the following:



Type	Fiscal Year of Maturity	Rate	2014			2013
Notes	2014	4.88%	$	—		$	300
Notes	2014	LIBOR plus 0.30%	—			400
Notes	2015	3.38%	300			300
Notes	2017	3.05%	400			400
Notes	2019	4.50%	300			300
Notes	2021	4.25%	500			500
Debentures	2021	8.88%	200			200
Notes	2023	2.50%	450			450
Notes	2043	3.80%	400			400
Capital leases			3			4
Other⁽¹⁾			(9		)	(10		)
Total			2,544			3,244
Less current portion			300			700
Total long-term debt			$	2,244		$	2,544

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⁽¹⁾	Other includes unamortized net premium/discount on debt issuances.

Principal amounts of debt mature as follows: $301 in 2015; $1 in 2016; $401 in 2017; $1 in 2018; $300 in 2019; and a total of $1,550 in periods beyond 2019.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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