v3.5.0.2

Borrowings | 3 Months Ended
--- | ---
Oct. 29, 2016
Debt Disclosure [Abstract] |
Borrowings | Borrowings
(a) | Short-Term Debt
The following table summarizes the Company’s short-term debt (in millions, except percentages):
| October 29, 2016 |  | July 30, 2016
| Amount |  | Effective Rate |  | Amount |  | Effective Rate
Current portion of long-term debt | $ | 4,155 |  |  | 1.08 | % |  | $ | 4,159 |  |  | 0.97 | %
Other notes and borrowings | — |  |  | — |  |  | 1 |  |  | 2.08 | %
Total short-term debt | $ | 4,155 |  |  |  |  | $ | 4,160 |  |  |
The effective interest rate on the current portion of long-term debt includes the impact of interest rate swaps, as discussed further in "(b) Long-Term Debt." Other notes and borrowings consist of the short-term portion of secured borrowings associated with customer financing arrangements. These notes and credit facilities were subject to various terms and foreign currency market interest rates pursuant to individual financial arrangements between the financing institution and the applicable foreign subsidiary. The Company has established a short-term debt financing program of up to $3.0 billion through the issuance of commercial paper notes. The Company uses the proceeds from the issuance of commercial paper notes for general corporate purposes. The Company did not have any commercial paper notes outstanding as of each of October 29, 2016 and July 30, 2016.
(b) | Long-Term Debt
The following table summarizes the Company’s long-term debt (in millions, except percentages):
|  |  | October 29, 2016 |  | July 30, 2016
| Maturity Date |  | Amount |  | Effective Rate |  | Amount |  | Effective Rate
Senior notes: |  |  |  |  |  |  |  |  |
Floating-rate notes: |  |  |  |  |  |  |  |  |
Three-month LIBOR plus 0.28% | March 3, 2017 |  | $ | 1,000 |  |  | 1.18% |  | $ | 1,000 |  |  | 1.03%
Three-month LIBOR plus 0.60% | February 21, 2018 |  | 1,000 |  |  | 1.48% |  | 1,000 |  |  | 1.32%
Three-month LIBOR plus 0.31% | June 15, 2018 |  | 900 |  |  | 1.23% |  | 900 |  |  | 1.03%
Three-month LIBOR plus 0.50% | March 1, 2019 |  | 500 |  |  | 1.40% |  | 500 |  |  | 1.23%
Three-month LIBOR plus 0.34% | September 20, 2019 | (1) | 500 |  |  | 1.24% |  | — |  |  | —
Fixed-rate notes: |  |  |  |  |  |  |  |  |
1.10% | March 3, 2017 |  | 2,400 |  |  | 0.93% |  | 2,400 |  |  | 0.87%
3.15% | March 14, 2017 |  | 750 |  |  | 1.42% |  | 750 |  |  | 1.22%
1.40% | February 28, 2018 |  | 1,250 |  |  | 1.47% |  | 1,250 |  |  | 1.47%
1.65% | June 15, 2018 |  | 1,600 |  |  | 1.72% |  | 1,600 |  |  | 1.72%
4.95% | February 15, 2019 |  | 2,000 |  |  | 4.78% |  | 2,000 |  |  | 4.76%
1.60% | February 28, 2019 |  | 1,000 |  |  | 1.67% |  | 1,000 |  |  | 1.67%
2.125% | March 1, 2019 |  | 1,750 |  |  | 1.14% |  | 1,750 |  |  | 1.08%
1.40% | September 20, 2019 | (1) | 1,500 |  |  | 1.48% |  | — |  |  | —
4.45% | January 15, 2020 |  | 2,500 |  |  | 3.29% |  | 2,500 |  |  | 3.25%
2.45% | June 15, 2020 |  | 1,500 |  |  | 2.54% |  | 1,500 |  |  | 2.54%
2.20% | February 28, 2021 |  | 2,500 |  |  | 2.30% |  | 2,500 |  |  | 2.30%
2.90% | March 4, 2021 |  | 500 |  |  | 1.31% |  | 500 |  |  | 1.24%
1.85% | September 20, 2021 | (1) | 2,000 |  |  | 1.90% |  | — |  |  | —
3.00% | June 15, 2022 |  | 500 |  |  | 1.56% |  | 500 |  |  | 1.51%
2.60% | February 28, 2023 |  | 500 |  |  | 2.68% |  | 500 |  |  | 2.68%
2.20% | September 20, 2023 | (1) | 750 |  |  | 2.27% |  | — |  |  | —
3.625% | March 4, 2024 |  | 1,000 |  |  | 1.42% |  | 1,000 |  |  | 1.36%
3.50% | June 15, 2025 |  | 500 |  |  | 1.72% |  | 500 |  |  | 1.67%
2.95% | February 28, 2026 |  | 750 |  |  | 3.01% |  | 750 |  |  | 3.01%
2.50% | September 20, 2026 | (1) | 1,500 |  |  | 2.55% |  | — |  |  | —
5.90% | February 15, 2039 |  | 2,000 |  |  | 6.11% |  | 2,000 |  |  | 6.11%
5.50% | January 15, 2040 |  | 2,000 |  |  | 5.67% |  | 2,000 |  |  | 5.67%
Total |  |  | 34,650 |  |  |  |  | 28,400 |  |  |
Unaccreted discount/issuance costs |  |  | (150 | ) |  |  |  | (137 | ) |  |
Hedge accounting fair value adjustments |  |  | 289 |  |  |  |  | 379 |  |  |
Total |  |  | $ | 34,789 |  |  |  |  | $ | 28,642 |  |  |
Reported as: |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  |  | $ | 4,155 |  |  |  |  | $ | 4,159 |  |  |
Long-term debt |  |  | 30,634 |  |  |  |  | 24,483 |  |  |
Total |  |  | $ | 34,789 |  |  |  |  | $ | 28,642 |  |  |
(1) In September 2016, the Company issued senior notes for an aggregate principal amount of $6.25 billion. To achieve its interest rate risk management objectives, the Company entered into interest rate swaps in prior periods with an aggregate notional amount of $9.9 billion designated as fair value hedges of certain of its fixed-rate senior notes. In effect, these swaps convert the fixed interest rates of the fixed-rate notes to floating interest rates based on the London InterBank Offered Rate ("LIBOR"). The gains and losses related to changes in the fair value of the interest rate swaps substantially offset changes in the fair value of the hedged portion of the underlying debt that are attributable to the changes in market interest rates. For additional information, see Note 11. The effective rates for the fixed-rate debt include the interest on the notes, the accretion of the discount, and, if applicable, adjustments related to hedging. Interest is payable semiannually on each class of the senior fixed-rate notes and payable quarterly on the floating-rate notes. Each of the senior fixed-rate notes is redeemable by the Company at any time, subject to a make-whole premium. The senior notes rank at par with the commercial paper notes that may be issued in the future pursuant to the Company’s short-term debt financing program, as discussed above under “(a) Short-Term Debt.” As of October 29, 2016, the Company was in compliance with all debt covenants. As of October 29, 2016, future principal payments for long-term debt, including the current portion, are summarized as follows (in millions):
Fiscal Year | Amount
2017 (remaining nine months) | $ | 4,150 |
2018 | 4,750 |
2019 | 5,250 |
2020 | 6,000 |
2021 | 3,000 |
Thereafter | 11,500 |
Total | $ | 34,650 |
(c) | Credit Facility
On May 15, 2015, the Company entered into a credit agreement with certain institutional lenders that provides for a $3.0 billion unsecured revolving credit facility that is scheduled to expire on May 15, 2020. Any advances under the credit agreement will accrue interest at rates that are equal to, based on certain conditions, either (i) the highest of (a) the Federal Funds rate plus 0.50%, (b) Bank of America’s “prime rate” as announced from time to time, or (c) LIBOR, or a comparable or successor rate that is approved by the Administrative Agent (“Eurocurrency Rate”), for an interest period of one-month plus 1.00%, or (ii) the Eurocurrency Rate, plus a margin that is based on the Company’s senior debt credit ratings as published by Standard & Poor’s Financial Services, LLC and Moody’s Investors Service, Inc., provided that in no event will the Eurocurrency Rate be less than zero. The credit agreement requires the Company to comply with certain covenants, including that it maintains an interest coverage ratio as defined in the agreement. The Company may also, upon the agreement of either the then-existing lenders or additional lenders not currently parties to the agreement, increase the commitments under the credit facility by up to an additional $2.0 billion and/or extend the expiration date of the credit facility up to May 15, 2022. As of October 29, 2016, the Company was in compliance with the required interest coverage ratio and the other covenants, and the Company had not borrowed any funds under the credit facility.

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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 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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