Short-term Borrowings and Long-term Debt

12 Months Ended

Jul. 30, 2017

Short-term Borrowings and Long-term Debt

Short-term borrowings consist of the following:



	2017		2016
Commercial paper	$	874	$	770
Australian note	152		—
Current portion of long-term debt	—		400
Current portion of Canadian credit facility	—		42
Variable-rate bank borrowings	10		6
Capital leases	1		2
Other⁽¹⁾	—		(1		)
Total short-term borrowings	$	1,037	$	1,219

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⁽¹⁾	Includes unamortized net discount/premium on debt issuances and debt issuance costs.

As of July 30, 2017, the weighted-average interest rate of commercial paper, which consisted of U.S. borrowings, was 1.31%. As of July 31, 2016, the weighted-average interest rate of commercial paper, which consisted of U.S. borrowings, was 0.74%.

As of July 30, 2017, we had $1,037 of short-term borrowings due within one year, of which $874 was comprised of commercial paper borrowings. As of July 30, 2017, we issued $48 of standby letters of credit. We have a committed revolving credit facility totaling $1,850 that matures in December 2021. This U.S. facility remained unused at July 30, 2017, except for $1 of standby letters of credit that we issued under it. The U.S. facility supports our commercial paper programs and other general corporate purposes.

In June 2017, we sold an intercompany note to a financial institution of AUD $190, or $152, with an interest rate of 6.98% that matures on March 29, 2021, but is payable upon demand. Interest on the note is due semi-annually on January 23 and July 23. The net proceeds were used for general corporate purposes.

Long-term debt consists of the following:



Type	Fiscal Year of Maturity	Rate	2017			2016
Notes	2017	3.05%	$	—		$	400
Canadian credit facility	2019	Variable	130			215
Australian note	2019	4.88%	224			—
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	2025	3.30%	300			300
Notes	2043	3.80%	400			400
Capital leases			7			8
Other⁽¹⁾			(12		)	(18		)
Total			$	2,499		$	2,755
Less current portion⁽¹⁾			—			441
Total long-term debt			$	2,499		$	2,314

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⁽¹⁾	Includes unamortized net discount/premium on debt issuances and debt issuance costs.

In July 2016, we entered into a Canadian committed revolving credit facility that matures in July 2019. As of July 30, 2017, the total commitment under the Canadian facility was CAD $170, or $137, and we had borrowings of CAD $162, or $130, at a rate of 2.09% under this facility. The Canadian facility supports general corporate purposes.

In June 2017, we sold an intercompany note to a financial institution of AUD $280, or $224, with an interest rate of 4.88% that matures on September 18, 2018. Interest on the note is due semi-annually on January 23 and July 23. The net proceeds were used for general corporate purposes.

Principal amounts of long-term debt mature as follows: $654 in 2019; $1 in 2020; $700 in 2021; $1 in 2022; and a total of $1,155 in periods beyond 2022.