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Debt | 3 Months Ended
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Apr. 26, 2020
Debt Disclosure [Abstract] |
Debt | Debt Long-Term Debt In March 2020, we issued $1.50 billion of the 2.85% Notes Due 2030, $1.00 billion of the 3.50% Notes Due 2040, $2.00 billion of the 3.50% Notes Due 2050, and $500 million of the 3.70% Notes Due 2060, or collectively, the March 2020 Notes. Interest on the March 2020 Notes is payable on April 1 and October 1 of each year, beginning on October 1, 2020. Upon 30 days' notice to holders of the Notes, we may redeem the Notes for cash prior to maturity, at redemption prices that include accrued and unpaid interest, if any, and a make-whole premium. However, no make-whole premium will be paid for redemptions of the Notes Due 2030 on or after January 1, 2030, the Notes Due 2040 on or after October 1, 2039, the Notes Due 2050 on or after October 1, 2049, or the Notes Due 2060 on or after October 1, 2059. The net proceeds from the March 2020 Notes were $4.97 billion, after deducting debt discount and estimated issuance costs. In September 2016, we issued $1.00 billion of the 2.20% Notes Due 2021 and $1.00 billion of the 3.20% Notes Due 2026, or collectively, the September 2016 Notes. Interest on the September 2016 Notes is payable on March 16 and September 16 of each year. Upon 30 days' notice to holders of the Notes, we may redeem the Notes for cash prior to maturity, at redemption prices that include accrued and unpaid interest, if any, and a make-whole premium. However, no make-whole premium will be paid for redemptions of the Notes Due 2021 on or after August 16, 2021, or for redemptions of the Notes Due 2026 on or after June 16, 2026. The net proceeds from the September 2016 Notes were $1.98 billion, after deducting debt discount and issuance costs. Both the September 2016 Notes and the March 2020 Notes, or collectively, the Notes, are our unsecured senior obligations and rank equally in right of payment with all existing and future unsecured and unsubordinated indebtedness. The Notes are structurally subordinated to the liabilities of our subsidiaries and are effectively subordinated to any secured indebtedness to the extent of the value of the assets securing such indebtedness. All existing and future liabilities of our subsidiaries will be effectively senior to the Notes. The carrying value of the Notes and the associated interest rates were as follows:
|  | Expected Remaining Term (years) |  | Effective Interest Rate |  | April 26, 2020 |  | January 26, 2020
|  |  |  |  |  | (In millions) |  |
2.20% Notes Due 2021 |  | 1.4 |  | 2.38% |  | $ | 1,000 |  |  | $ | 1,000 |
3.20% Notes Due 2026 |  | 6.4 |  | 3.31% |  | 1,000 |  |  | 1,000 |
2.85% Notes Due 2030 |  | 9.9 |  | 2.93% |  | 1,500 |  |  | — |
3.50% Notes Due 2040 |  | 19.9 |  | 3.54% |  | 1,000 |  |  | — |
3.50% Notes Due 2050 |  | 30.0 |  | 3.54% |  | 2,000 |  |  | — |
3.70% Notes Due 2060 |  | 40.0 |  | 3.73% |  | 500 |  |  | — |
Unamortized debt discount and issuance costs |  |  |  |  |  | (41) |  |  | (9) |
Net carrying amount |  |  |  |  |  | $ | 6,959 |  |  | $ | 1,991 |
The Notes require the Company to comply with certain covenants for which the Company was in compliance as of April 26, 2020. Revolving Credit Facility We have a Credit Agreement under which we may borrow up to $575 million for general corporate purposes and can obtain revolving loan commitments up to $425 million. As of April 26, 2020, we had not borrowed any amounts under this agreement. The Credit Agreement governing the revolving credit facility requires the Company to comply with a leverage ratio covenant. As of April 26, 2020, the Company was in compliance with this financial covenant. Commercial Paper We have a $575 million commercial paper program to support general corporate purposes. As of April 26, 2020, we had not issued any commercial paper.

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- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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