v3.10.0.1

Borrowings | 3 Months Ended
--- | ---
Oct. 27, 2018
Debt Disclosure [Abstract] |
Borrowings | Borrowings
(a) | Short-Term Debt
The following table summarizes our short-term debt (in millions, except percentages):
| October 27, 2018 |  | July 28, 2018
| Amount |  | Effective Rate |  | Amount |  | Effective Rate
Current portion of long-term debt | $ | 7,241 |  |  | 3.06 | % |  | $ | 5,238 |  |  | 3.46 | %
We have a short-term debt financing program of up to $10.0 billion through the issuance of commercial paper notes. We use the proceeds from the issuance of commercial paper notes for general corporate purposes. We had no commercial paper notes outstanding as of October 27, 2018 and July 28, 2018. The effective rates for the short- and long-term debt include the interest on the notes, the accretion of the discount, the issuance costs, and, if applicable, adjustments related to hedging.
(b) | Long-Term Debt
The following table summarizes our long-term debt (in millions, except percentages):
|  |  | October 27, 2018 |  | July 28, 2018
| Maturity Date |  | Amount |  | Effective Rate |  | Amount |  | Effective Rate
Senior notes: |  |  |  |  |  |  |  |  |
Floating-rate notes: |  |  |  |  |  |  |  |  |
Three-month LIBOR plus 0.50% | March 1, 2019 |  | $ | 500 |  |  | 2.88% |  | $ | 500 |  |  | 2.86%
Three-month LIBOR plus 0.34% | September 20, 2019 |  | 500 |  |  | 2.72% |  | 500 |  |  | 2.71%
Fixed-rate notes: |  |  |  |  |  |  |  |  |
4.95% | February 15, 2019 |  | 2,000 |  |  | 5.22% |  | 2,000 |  |  | 5.17%
1.60% | February 28, 2019 |  | 1,000 |  |  | 1.67% |  | 1,000 |  |  | 1.67%
2.125% | March 1, 2019 |  | 1,750 |  |  | 2.87% |  | 1,750 |  |  | 2.71%
1.40% | September 20, 2019 |  | 1,500 |  |  | 1.48% |  | 1,500 |  |  | 1.48%
4.45% | January 15, 2020 |  | 2,500 |  |  | 4.68% |  | 2,500 |  |  | 4.52%
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 |  |  | 3.05% |  | 500 |  |  | 2.86%
1.85% | September 20, 2021 |  | 2,000 |  |  | 1.90% |  | 2,000 |  |  | 1.90%
3.00% | June 15, 2022 |  | 500 |  |  | 3.32% |  | 500 |  |  | 3.11%
2.60% | February 28, 2023 |  | 500 |  |  | 2.68% |  | 500 |  |  | 2.68%
2.20% | September 20, 2023 |  | 750 |  |  | 2.27% |  | 750 |  |  | 2.27%
3.625% | March 4, 2024 |  | 1,000 |  |  | 3.17% |  | 1,000 |  |  | 2.98%
3.50% | June 15, 2025 |  | 500 |  |  | 3.48% |  | 500 |  |  | 3.27%
2.95% | February 28, 2026 |  | 750 |  |  | 3.01% |  | 750 |  |  | 3.01%
2.50% | September 20, 2026 |  | 1,500 |  |  | 2.55% |  | 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 |  |  | 25,750 |  |  |  |  | 25,750 |  |  |
Unaccreted discount/issuance costs |  |  | (112 | ) |  |  |  | (116 | ) |  |
Hedge accounting fair value adjustments |  |  | (74 | ) |  |  |  | (65 | ) |  |
Total |  |  | $ | 25,564 |  |  |  |  | $ | 25,569 |  |  |
Reported as: |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  |  | $ | 7,241 |  |  |  |  | $ | 5,238 |  |  |
Long-term debt |  |  | 18,323 |  |  |  |  | 20,331 |  |  |
Total |  |  | $ | 25,564 |  |  |  |  | $ | 25,569 |  |  |
We entered into interest rate swaps in prior periods with an aggregate notional amount of $6.75 billion designated as fair value hedges of certain of our fixed-rate senior notes. 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 12. 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 us 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 our short-term debt financing program, as discussed above under “(a) Short-Term Debt.” As of October 27, 2018, we were in compliance with all debt covenants. As of October 27, 2018, future principal payments for long-term debt, including the current portion, are summarized as follows (in millions):
Fiscal Year | Amount
2019 (remaining nine months) | $ | 5,250 |
2020 | 6,000 |
2021 | 3,000 |
2022 | 2,500 |
2023 | 500 |
Thereafter | 8,500 |
Total | $ | 25,750 |
(c) | Credit Facility
On May 15, 2015, we 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 our 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. We 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. This credit agreement requires that we comply with certain covenants, including that we maintain an interest coverage ratio as defined in the agreement. As of October 27, 2018, we were in compliance with the required interest coverage ratio and the other covenants, and we had not borrowed any funds under this 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://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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