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Short-term Borrowings and Long-term Debt | 12 Months Ended
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Jan. 31, 2018
Long-term Debt, Unclassified [Abstract] |
Short-term Borrowings and Long-term debt | Short-term Borrowings and Long-term Debt Short-term borrowings consist of commercial paper and lines of credit. Short-term borrowings at January 31, 2018 and 2017 were $5.3 billion and $1.1 billion, respectively, with weighted-average interest rates of 1.5% and 6.2%, respectively. The Company has various committed lines of credit in the U.S., committed with 23 financial institutions, totaling $12.5 billion as of January 31, 2018 and 2017, respectively. These committed lines of credit are summarized in the following table:
|  | As of January 31,
|  | 2018 |  | 2017
(Amounts in millions) |  | Available |  | Drawn |  | Undrawn |  | Available |  | Drawn |  | Undrawn
Five-year credit facility(1) |  | $ | 5,000 |  |  | $ | — |  |  | $ | 5,000 |  |  | $ | 5,000 |  |  | $ | — |  |  | $ | 5,000 |
364-day revolving credit facility(1) |  | 7,500 |  |  | — |  |  | 7,500 |  |  | 7,500 |  |  | — |  |  | 7,500 |
Total |  | $ | 12,500 |  |  | $ | — |  |  | $ | 12,500 |  |  | $ | 12,500 |  |  | $ | — |  |  | $ | 12,500 |
(1) | In May 2017, the Company renewed and extended its existing five-year credit facility and its existing 364-day revolving credit facility, both of which are used to support its commercial paper program.
The committed lines of credit in the table above mature at various times between May 2018 and May 2022, carry interest rates generally ranging between LIBOR plus 10 basis points and LIBOR plus 75 basis points, and incur commitment fees ranging between 1.5 and 4.0 basis points. In conjunction with the committed lines of credit listed in the table above, the Company has agreed to observe certain covenants, the most restrictive of which relates to the maximum amount of secured debt. Additionally, the Company also maintains other committed lines of credit outside of the U.S. with an available and undrawn amount of approximately $4.0 billion as of January 31, 2018. Apart from the committed lines of credit, the Company has trade and stand-by letters of credit totaling $2.6 billion and $3.6 billion at January 31, 2018 and 2017, respectively. These letters of credit are utilized in normal business activities. The Company's long-term debt, which includes the fair value instruments further discussed in Note 8, consists of the following:
|  |  |  | January 31, 2018 |  | January 31, 2017
(Amounts in millions) |  | Maturity Dates By Fiscal Year |  | Amount |  | Average Rate(1) |  | Amount |  | Average Rate(1)
Unsecured debt |  |  |  |  |  |  |  |  |  |
Fixed |  | 2019 - 2048 |  | $ | 24,540 |  |  | 3.9% |  | $ | 30,500 |  |  | 4.7%
Variable |  | 2019 - 2020 |  | 800 |  |  | 4.1% |  | 500 |  |  | 5.5%
Total U.S. dollar denominated |  |  |  | 25,340 |  |  |  |  | 31,000 |  |  |
Fixed |  | 2023 - 2030 |  | 3,101 |  |  | 3.3% |  | 2,674 |  |  | 3.3%
Variable |  |  |  | — |  |  |  |  | — |  |  |
Total Euro denominated |  |  |  | 3,101 |  |  |  |  | 2,674 |  |  |
Fixed |  | 2031 - 2039 |  | 3,801 |  |  | 5.4% |  | 4,370 |  |  | 5.3%
Variable |  |  |  | — |  |  |  |  | — |  |  |
Total Sterling denominated |  |  |  | 3,801 |  |  |  |  | 4,370 |  |  |
Fixed |  | 2021 - 2028 |  | 1,655 |  |  | 0.4% |  | 88 |  |  | 1.6%
Variable |  |  |  | — |  |  |  |  | — |  |  |
Total Yen denominated |  |  |  | 1,655 |  |  |  |  | 88 |  |  |
Total unsecured debt |  |  |  | 33,897 |  |  |  |  | 38,132 |  |  |
Total other(2) |  |  |  | (114 | ) |  |  |  | 139 |  |  |
Total debt |  |  |  | 33,783 |  |  |  |  | 38,271 |  |  |
Less amounts due within one year |  |  |  | (3,738 | ) |  |  |  | (2,256 | ) |  |
Long-term debt |  |  |  | $ | 30,045 |  |  |  |  | $ | 36,015 |  |  |
(1) | The average rate represents the weighted-average stated rate for each corresponding debt category, based on year-end balances and year-end interest rates. Interest costs are also impacted by certain derivative financial instruments described in Note 8.
(2) | Includes deferred loan costs, discounts, fair value hedges, foreign-held debt and secured debt. At January 31, 2018 and 2017 the Company had secured debt in the amount of $10 million and $14 million, respectively, which was collateralized by property that had an aggregate carrying amount of approximately $101 million and $82 million, respectively.
At January 31, 2018 and 2017, the Company had $500 million in debt with embedded put options. The issuance of money market puttable reset securities in the amount of $500 million is structured to be remarketed in connection with the annual reset of the interest rate. If, for any reason, the remarketing of the notes does not occur at the time of any interest rate reset, the holders of the notes must sell and the Company must repurchase the notes at par. Accordingly, this issuance has been classified as long-term debt due within one year in the Company's Consolidated Balance Sheets. Annual maturities of long-term debt during the next five years and thereafter are as follows:
(Amounts in millions) | Annual
Fiscal Year | Maturities
2019 | $ | 3,733 |
2020 | 1,914 |
2021 | 3,336 |
2022 | 607 |
2023 | 2,934 |
Thereafter | 21,259 |
Total | $ | 33,783 |
Debt Issuances Information on significant long-term debt issued during fiscal 2018 is as follows:
(Amounts in millions) |  |  |  |  |  |  |  |  |  |
Issue Date |  | Principal Amount |  | Maturity Date |  | Fixed vs. Floating |  | Interest Rate |  | Proceeds
July 18, 2017 |  | 70,000 JPY |  | July 15, 2022 |  | Fixed |  | 0.183% |  | $ | 619 |
July 18, 2017 |  | 40,000 JPY |  | July 18, 2024 |  | Fixed |  | 0.298% |  | 354 |
July 18, 2017 |  | 60,000 JPY |  | July 16, 2027 |  | Fixed |  | 0.520% |  | 530 |
October 20, 2017 |  | 300 USD |  | October 9, 2019 |  | Floating |  | Floating |  | 299 |
October 20, 2017 |  | 1,200 USD |  | October 9, 2019 |  | Fixed |  | 1.750% |  | 1,198 |
October 20, 2017 |  | 1,250 USD |  | December 15, 2020 |  | Fixed |  | 1.900% |  | 1,245 |
October 20, 2017 |  | 1,250 USD |  | December 15, 2022 |  | Fixed |  | 2.350% |  | 1,245 |
October 20, 2017 |  | 1,000 USD |  | December 15, 2024 |  | Fixed |  | 2.650% |  | 996 |
October 20, 2017 |  | 1,000 USD |  | December 15, 2047 |  | Fixed |  | 3.625% |  | 990 |
Total |  |  |  |  |  |  |  |  |  | $ | 7,476 |
As described in Note 8, the current year issuances of foreign-currency-denominated long-term debt are designated as a hedge of the Company's net investment in Japan. The Company did not have any significant long-term debt issuances during fiscal 2017, but received some proceeds from a number of small long-term debt issuances by several of its non-U.S. operations. Maturities and Extinguishments The following table provides details of debt repayments during fiscal 2018:
(Amounts in millions) |  |  |  |  |  |  |  |
Maturity Date |  | Principal Amount |  | Fixed vs. Floating |  | Interest Rate |  | Repayment(1)
April 5, 2017 |  | 1,000 USD |  | Fixed |  | 5.375% |  | $ | 1,000 |
April 21, 2017 |  | 500 USD |  | Fixed |  | 1.000% |  | 500 |
Total repayment of matured debt |  |  |  |  |  |  |  | 1,500 |
December 15, 2018 |  | 1,000 USD |  | Fixed |  | 1.950% |  | 276 |
February 1, 2019 |  | 500 USD |  | Fixed |  | 4.125% |  | 136 |
July 8, 2020 |  | 1,500 USD |  | Fixed |  | 3.625% |  | 661 |
October 25, 2020 |  | 1,750 USD |  | Fixed |  | 3.250% |  | 553 |
April 15, 2021 |  | 1,000 USD |  | Fixed |  | 4.250% |  | 491 |
October 16, 2023 |  | 250 USD |  | Fixed |  | 6.750% |  | 98 |
April 5, 2027 |  | 750 USD |  | Fixed |  | 5.875% |  | 267 |
February 15, 2030 |  | 500 USD |  | Fixed |  | 7.550% |  | 412 |
September 4, 2035 |  | 2,500 USD |  | Fixed |  | 5.250% |  | 532 |
September 28, 2035 |  | 1,000 GBP |  | Fixed |  | 5.250% |  | 260 |
August 17, 2037 |  | 3,000 USD |  | Fixed |  | 6.500% |  | 1,700 |
April 15, 2038 |  | 2,000 USD |  | Fixed |  | 6.200% |  | 1,081 |
January 19, 2039 |  | 1,000 GBP |  | Fixed |  | 4.875% |  | 851 |
April 2, 2040 |  | 1,250 USD |  | Fixed |  | 5.625% |  | 499 |
July 9, 2040 |  | 750 USD |  | Fixed |  | 4.875% |  | 372 |
October 25, 2040 |  | 1,250 USD |  | Fixed |  | 5.000% |  | 731 |
April 15, 2041 |  | 2,000 USD |  | Fixed |  | 5.625% |  | 1,082 |
April 11, 2043 |  | 1,000 USD |  | Fixed |  | 4.000% |  | 291 |
October 2, 2043 |  | 750 USD |  | Fixed |  | 4.750% |  | 481 |
April 22, 2044 |  | 1,000 USD |  | Fixed |  | 4.300% |  | 498 |
Total repayment of extinguished debt |  |  |  |  |  |  |  | 11,272 |
Total |  |  |  |  |  |  |  | $ | 12,772 |
(1) Represents portion of the principal amount repaid during fiscal 2018. In connection with extinguishing debt, the Company paid premiums of approximately $3.1 billion during fiscal 2018, resulting in a loss on extinguishment of debt of approximately $3.1 billion. During fiscal 2017, the following long-term debt matured and was repaid:
(Amounts in millions) |  |  |  |  |  |  |  |
Maturity Date |  | Principal Amount |  | Fixed vs. Floating |  | Interest Rate |  | Repayment
April 11, 2016 |  | 1,000 USD |  | Fixed |  | 0.600% |  | $ | 1,000 |
April 15, 2016 |  | 1,000 USD |  | Fixed |  | 2.800% |  | 1,000 |
|  |  |  |  |  |  |  | $ | 2,000 |
During fiscal 2018 and 2017, the Company also repaid other, smaller long-term debt as it matured in several of its non-U.S. operations.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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