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Short-term Borrowings and Long-term Debt
 9 Months Ended
Apr. 26, 2020
Debt Disclosure [Abstract]  
Short-term Borrowings and Long-term Debt Short-term Borrowings and Long-term Debt
Short-term borrowings consist of the following:
April 26,
2020		July 28,
2019
Commercial paper$485  $853  
Notes721  500  
Finance leases3  1  
Revolving credit facility300  —  
Build-to-suit lease commitment —  20  
Other(1)
(5) (3) 
Total short-term borrowings$1,504  $1,371  
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(1)Includes unamortized net discount/premium on debt issuances and debt issuance costs.
Long-term debt consists of the following:
TypeFiscal Year of MaturityRateApril 26,
2020		July 28,
2019
Notes2020Variable$—  $500  
Notes2021Variable400  400  
Senior Term Loan2021Variable—  499  
Notes20213.300%321  650  
Notes20214.250%—  500  
Debentures20218.875%200  200  
Notes20232.500%450  450  
Notes20233.650%566  1,200  
Notes20253.950%850  850  
Notes20253.300%300  300  
Notes20284.150%1,000  1,000  
Notes20302.375%500  —  
Notes20423.800%163  400  
Notes20484.800%700  700  
Notes20503.125%500  —  
Finance leases7  3  
Other(1)
(45) (49) 
Total$5,912  $7,603  
Less current portion721  500  
Total long-term debt$5,191  $7,103  
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(1)Includes unamortized net discount/premium on debt issuances and debt issuance costs.
On January 22, 2020, we completed the redemption of all $500 outstanding aggregate principal amount of our 4.25% Senior Notes due 2021. On January 24, 2020, we settled tender offers to purchase $1,200 in aggregate principal amount of certain senior unsecured debt, comprising $329 of 3.30% Senior Notes due 2021, $634 of 3.65% Senior Notes due 2023, and $237 of 3.80% Senior Notes due 2042. The total consideration for the redemption and the tender offers was $1,765 and the total carrying amount of the purchased notes was $1,691, resulting in a loss of $75 (including $65 of premium, as well as fees and other costs associated with the tender offers) which was recorded in Interest expense in the Consolidated Statement of Earnings. In addition, we paid accrued and unpaid interest on the purchased notes through the dates of settlement.
On April 24, 2020, we issued senior notes in an aggregate principal amount of $1,000, consisting of $500 aggregate principal amount of notes bearing interest at a fixed rate of 2.375% per annum, due April 24, 2030, and $500 aggregate principal amount of notes bearing interest at a fixed rate of 3.125% per annum, due April 24, 2050. On May 1, 2020, we used $300 of the net proceeds to repay outstanding borrowings under our revolving credit facility. The 2.375% Senior Notes due 2030 and the 3.125% Senior Notes due 2050 may each be redeemed at the applicable redemption price, in whole or in part, at our option at any time and from time to time prior to January 24, 2030, and October 24, 2049, respectively. Interest on each of the notes is due semi-annually on April 24 and October 24, commencing on October 24, 2020. The notes contain customary covenants and events of default. If a change of control triggering event occurs, we will be required to offer to purchase the notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the purchase date.