XML 35 R21.htm IDEA: XBRL DOCUMENT
v3.24.1.1.u2

Borrowings | 9 Months Ended
--- | ---
Apr. 27, 2024
Debt Disclosure [Abstract] |
Borrowings | Borrowings (a)Short-Term Debt The following table summarizes our short-term debt (in millions, except percentages):
| April 27, 2024 |  | July 29, 2023
| Amount |  | Effective Rate |  | Amount |  | Effective Rate
Current portion of long-term debt | $ | — |  |  | — |  |  | $ | 1,733 |  |  | 4.45 | %
Commercial paper | 11,891 |  |  | 5.42 | % |  | — |  |  | — |
Total | $ | 11,891 |  |  |  |  | $ | 1,733 |  |  |
We have a short-term debt financing program of up to $15.0 billion through the issuance of commercial paper notes. We use the proceeds from the issuance of commercial paper notes for general corporate purposes. 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):
|  |  | April 27, 2024 |  | July 29, 2023
| Maturity Date |  | Amount |  | Effective Rate |  | Amount |  | Effective Rate
Senior notes: |  |  |  |  |  |  |  |  |
Fixed-rate notes: |  |  |  |  |  |  |  |  |
2.20% | September 20, 2023 |  | $ | — |  |  | — |  | $ | 750 |  |  | 2.27%
3.625% | March 4, 2024 |  | — |  |  | — |  | 1,000 |  |  | 6.08%
3.50% | June 15, 2025 |  | 500 |  |  | 6.64% |  | 500 |  |  | 6.38%
4.90% | February 26, 2026 |  | 1,000 |  |  | 5.00% |  | — |  |  | —
2.95% | February 28, 2026 |  | 750 |  |  | 3.01% |  | 750 |  |  | 3.01%
2.50% | September 20, 2026 |  | 1,500 |  |  | 2.55% |  | 1,500 |  |  | 2.55%
4.80% | February 26, 2027 |  | 2,000 |  |  | 4.90% |  | — |  |  | —
4.85% | February 26, 2029 |  | 2,500 |  |  | 4.91% |  | — |  |  | —
4.95% | February 26, 2031 |  | 2,500 |  |  | 5.04% |  | — |  |  | —
5.05% | February 26, 2034 |  | 2,500 |  |  | 4.97% |  | — |  |  | —
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%
5.30% | February 26, 2054 |  | 2,000 |  |  | 5.28% |  | — |  |  | —
5.35% | February 26, 2064 |  | 1,000 |  |  | 5.42% |  | — |  |  | —
Other long-term debt |  |  | 3 |  |  | 1.13% |  | — |  |  | —
Total |  |  | 20,253 |  |  |  |  | 8,500 |  |  |
Unaccreted discount/issuance costs |  |  | (135) |  |  |  |  | (68) |  |  |
Hedge accounting fair value adjustments |  |  | (16) |  |  |  |  | (41) |  |  |
Total |  |  | $ | 20,102 |  |  |  |  | $ | 8,391 |  |  |
Reported as: |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  |  | $ | — |  |  |  |  | $ | 1,733 |  |  |
Long-term debt |  |  | 20,102 |  |  |  |  | 6,658 |  |  |
Total |  |  | $ | 20,102 |  |  |  |  | $ | 8,391 |  |  |
In February 2024, we issued senior notes for an aggregate principal amount of $13.5 billion. We have entered into interest rate swaps in prior periods with an aggregate notional amount of $0.5 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 Secured Overnight Financing Rate (SOFR). 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 13. Interest is payable semiannually on each class of the senior fixed-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 have been issued pursuant to our short-term debt financing program, as discussed above under “(a) Short-Term Debt.” As of April 27, 2024, we were in compliance with all debt covenants. As of April 27, 2024, future principal payments for long-term debt, including the current portion, are summarized as follows (in millions):
Fiscal Year | Amount
2024 (remaining three months) | $ | — |
2025 | 500 |
2026 | 1,751 |
2027 | 3,502 |
2028 | — |
Thereafter | 14,500 |
Total | $ | 20,253 |
(c)Credit Facility On May 13, 2021, we entered into a 5-year $3.0 billion unsecured revolving credit agreement, as amended on April 18, 2023. On February 2, 2024, we entered into an amended and restated 5-year $5.0 billion unsecured revolving credit agreement. The interest rate for the credit agreement is determined based on a formula using certain market rates. The credit agreement requires that we comply with certain covenants, including that we maintain an interest coverage ratio (defined in the agreement as the ratio of consolidated EBITDA to consolidated interest expense) of not less than 3.0 to 1.0. As of April 27, 2024, we were in compliance with all associated covenants and we had not borrowed any funds under our credit agreement.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration