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v3.25.1

Borrowings | 9 Months Ended
--- | ---
Apr. 26, 2025
Debt Disclosure [Abstract] |
Borrowings | Borrowings (a)Short-Term Debt The following table summarizes our short-term debt (in millions, except percentages):
| April 26, 2025 |  | July 27, 2024
| Amount |  | Effective Rate |  | Amount |  | Effective Rate
Current portion of senior notes | $ | 2,247 |  |  | 4.48 | % |  | $ | 488 |  |  | 6.66 | %
Commercial paper | 4,174 |  |  | 4.49 | % |  | 10,853 |  |  | 5.43 | %
Current portion of other debt | 1 |  |  | 1.13 | % |  | — |  |  | — |
Total | $ | 6,422 |  |  |  |  | $ | 11,341 |  |  |
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 26, 2025 |  | July 27, 2024
| Maturity Date |  | Amount |  | Effective Rate |  | Amount |  | Effective Rate
Senior notes: |  |  |  |  |  |  |  |  |
Fixed-rate notes: |  |  |  |  |  |  |  |  |
3.50% | June 15, 2025 |  | $ | 500 |  |  | 5.67% |  | $ | 500 |  |  | 6.66%
4.90% | February 26, 2026 |  | 1,000 |  |  | 5.00% |  | 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% |  | 2,000 |  |  | 4.90%
4.55% | February 24, 2028 |  | 1,000 |  |  | 4.61% |  | — |  |  | —
4.85% | February 26, 2029 |  | 2,500 |  |  | 4.91% |  | 2,500 |  |  | 4.91%
4.75% | February 24, 2030 |  | 1,000 |  |  | 4.73% |  | — |  |  | —
4.95% | February 26, 2031 |  | 2,500 |  |  | 5.04% |  | 2,500 |  |  | 5.04%
4.95% | February 24, 2032 |  | 1,000 |  |  | 4.94% |  | — |  |  | —
5.05% | February 26, 2034 |  | 2,500 |  |  | 4.97% |  | 2,500 |  |  | 4.97%
5.10% | February 24, 2035 |  | 1,250 |  |  | 5.11% |  | — |  |  | —
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% |  | 2,000 |  |  | 5.28%
5.50% | February 24, 2055 |  | 750 |  |  | 5.49% |  | — |  |  | —
5.35% | February 26, 2064 |  | 1,000 |  |  | 5.42% |  | 1,000 |  |  | 5.42%
Other debt |  |  | 3 |  |  | 1.13% |  | 3 |  |  | 1.13%
Total |  |  | 25,253 |  |  |  |  | 20,253 |  |  |
Unaccreted discount/issuance costs |  |  | (146) |  |  |  |  | (133) |  |  |
Hedge accounting fair value adjustments |  |  | (2) |  |  |  |  | (11) |  |  |
Total |  |  | $ | 25,105 |  |  |  |  | $ | 20,109 |  |  |
Reported as: |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  |  | $ | 2,248 |  |  |  |  | $ | 488 |  |  |
Long-term debt |  |  | 22,857 |  |  |  |  | 19,621 |  |  |
Total |  |  | $ | 25,105 |  |  |  |  | $ | 20,109 |  |  |
In February 2025, we issued senior notes for an aggregate principal amount of $5.0 billion. We entered into an interest rate swap in a prior period with an aggregate notional amount of $0.5 billion designated as a fair value hedge of certain of our fixed-rate senior notes. This swap converts the fixed interest rate of the fixed-rate note to a floating interest rate based on Secured Overnight Financing Rate (SOFR). The gain and loss related to the change in the fair value of the interest rate swap substantially offsets the change in the fair value of the hedged portion of the underlying debt that is attributable to the change 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 26, 2025, we were in compliance with all debt covenants. As of April 26, 2025, future principal payments for long-term debt, including the current portion, are summarized as follows (in millions):
Fiscal Year | Amount
2025 (remaining three months) | $ | 500 |
2026 | 1,751 |
2027 | 3,502 |
2028 | 1,000 |
2029 | 2,500 |
Thereafter | 16,000 |
Total | $ | 25,253 |
(c)Credit Facility 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 26, 2025, we were in compliance with all associated covenants and we had not borrowed any funds under our credit agreement.

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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/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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