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Debt Obligations and Commitments | 9 Months Ended
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Sep. 06, 2014
Debt Obligations and Commitments [Abstract] |
Debt Obligations and Commitments | Debt Obligations and Commitments In the first quarter of 2014, we issued:
• | $750 million of 0.950% senior notes maturing in February 2017; and
• | $1.250 billion of 3.600% senior notes maturing in March 2024.
In the second quarter of 2014, we issued:
• | €500 million of 1.750% senior notes maturing in April 2021; and
• | €500 million of 2.625% senior notes maturing in April 2026.
The net proceeds from the issuances of the above notes were used for general corporate purposes, including the repayment of commercial paper. In the 36 weeks ended September 6, 2014, $2.2 billion of senior notes matured and were paid. In the second quarter of 2014, we entered into a new five-year unsecured revolving credit agreement (Five-Year Credit Agreement) which expires on June 9, 2019. In the third quarter of 2014, we increased commitments under this agreement. The Five-Year Credit Agreement enables us and our borrowing subsidiaries to borrow up to $3.7725 billion, subject to customary terms and conditions. We may request that commitments under this agreement be increased up to $4.5 billion. Additionally, we may, once a year, request renewal of the agreement for an additional one-year period. In addition, in the second quarter of 2014, we entered into a new 364-day unsecured revolving credit agreement (364-Day Credit Agreement) which expires on June 8, 2015. In the third quarter of 2014, we increased commitments under this agreement. The 364-Day Credit Agreement enables us and our borrowing subsidiaries to borrow up to $3.7725 billion, subject to customary terms and conditions. We may request that commitments under this agreement be increased up to $4.5 billion. We may request renewal of this facility for an additional 364-day period or convert any amounts outstanding into a term loan for a period of up to one year, which would mature no later than the then effective termination date. The Five-Year Credit Agreement and the 364-Day Credit Agreement together replaced our $2.925 billion five-year credit agreement dated as of June 10, 2013 and our $2.925 billion 364-Day credit agreement dated as of June 10, 2013. Funds borrowed under the Five-Year Credit Agreement and the 364-Day Credit Agreement may be used for general corporate purposes. Subject to certain conditions, we may borrow, prepay and reborrow amounts under these agreements. As of September 6, 2014, there were no outstanding borrowings under the Five-Year Credit Agreement or the 364-Day Credit Agreement. As of September 6, 2014, we had $5.0 billion of commercial paper outstanding and $1.8 billion of non-cancelable purchase commitments. For further information on our long-term contractual commitments, see Note 9 to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 28, 2013.

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